Property Management Buyer's Guide

Property management software basics

Although they may both manage properties, a residential landlord with 20 units and a commercial property management company with 2,000 units have vastly different needs.

Because of this, many property management companies offer multiple versions of their products or have different modules to choose from. Packages vary in their emphasis on several areas:

• Number of units managed
• Types of properties (residential, commercial, shopping center)
• Long-term vs. short-term (vacation) rentals

With dozens of property management software programs to choose from, you can narrow your search by focusing on programs optimally designed to handle the number of units you need to manage. Also, verify that the software handles your type of tenants and rental durations.

You can help your search by going a step further and deciding what specific problems you're trying to solve. Is simplifying your accounting processes most important to you? Or giving access to employees in remote offices or in the field?

If your employees are a bit computer-shy, getting a system that's extremely easy to use could be your focus. And if you have trouble dealing with overlapping federal, state, and local housing laws, a system that helps you stay on top of appropriate regulations might be the most important.

Whatever the most critical issues are, make sure you let them drive your purchasing decision. Running an evaluation based on a laundry list of required features is likely to cause more confusion than it solves. A short list of your "must-haves" is the most effective way to get a system that you'll be happy with long after installation.

Database matters
Regardless of the property management solution you choose, it will be built on a database that does much of the real work: storing and organizing all the data on your properties, leases, activities, and more.

Take the time to investigate what database the software is built on: it can have an impact. You don't have to become a database expert – but you should become familiar with some of the most popular examples. If you have an IT staffer you can ask, all the better.

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