Management Software Options for SMIPOs
Whether you manage just one property, or hundreds, there are plenty of property management software solutions at a variety of prices and features. This list is not exhaustive, but provides some insight on your options:
– The minimum you should have is this software. As long as you classify each credit or debit properly, you can track every financial aspect of your rental. It is not software designed for property management, but fills the bill nicely for a do-it-yourselfer.
– Here is the best aspect of this software: it is free! That is right, free. It does not have all the bells and whistles (why would it, it is free), but has features that make property management easier: contact information, online payments, online application and many features. They make their money on the application fee they charge the tenants who apply for the rental. Did I mention it was free?
– Also free up to a certain number of units (75) they make their money on the application fee from tenants and a vendor portal they charge to owners ($35/month).
– This is the management software that started it all. It started out managing big commercial buildings and retail but now services the residential sector. Yardi is like drinking from a fire hose. It is user friendly for those who know how to use it. Very robust and can handle any type of property. It is less intuitive and user friendly for tenants.
– A relatively newcomer, Buildium seems to be more cost effective and popular for companies that manage fewer than 200 units. I used Buildium in the past but when audited, learned that it was not BRE compliant.
– This management software company has excelled in the property management space. A bit more expensive that Buildium, it is more mobile friendly, easy to use for staff and tenants, and they are constantly improving the software. We use Appfolio and must receive 5 to 10 updates and improvements each month. They offer a solution, at a cost, for every property management issue.
There are websites you can visit to get reviews, pricing and details about each software solution. There is a software for every budget and portfolio size and no reason for an owner not to take advantage of these great programs.