How to Decide Which Real Estate Software Is Right For You
But you don't want the piles of paperwork, time consuming formulation of documents and all the other headaches that come with spread sheets and physical filing.
If this is you then the next and most important step is deciding which software is right for you.
There are many real estate software programs out there. But deciding which one will be right for your situation is the key to saving you more time, money and making your business more profitable.
When choosing the right software for your situation you'll be able to manage bills and rental income more effectively, keep track of legal documents, effectively manage your tenants and create positive cash flow.
Here are some things to consider when deciding which property software is right for you.
PriceSoftware of any kind are naturally pricey and payment may come in a monthly subscription or depending on the number of units.
Some property management software may even have hidden fees. So before making a decision, take a closer look on how expensive a software is and how it can affect the business in general.
If the usability of a software can justify the cost, then it might be a good investment for you.
Software TypeWhat type of software are you looking for? Do you want to have a cloud-based or traditional one? You need to determine what your business needs when it comes to this.
Most providers offer a cloud-based ERP system because it is much easier to use and you won’t need to have it installed on every computer in your office.
Others offer traditional software which are expensive and may take a while to be fully functional because of the time it requires in the installation process.
Technical SupportAll ERP software providers offer technical support to their clients. However, you should still find out if the service is rendered free or not.
Another thing to look out is the availability of the supports. Buying a software that is poorly functioning and no support available is a surefire way to break a business.
Accounting FunctionOnline accounting is one of the advantages of using a property management software. So make sure to not only check if a system has this feature, but how it can help in making accounting tasks more efficiently.
Other ConsiderationsWith so many options out there it can sometimes become difficult deciding which real estate software to invest in. So here is a few elements you need to consider before making your buying decision.
Are you a Landlord?If you manage property casually then you may not need a full system which can handle a high number of properties.
More than likely you would just need a basic system consisting of features such as general ledger accounting, secure online access, secure online payment facilities, creation of work orders and printing checks.
Are you a Property Manager?If you are a manager or own a property investment business then you need to consider investing into a program that will not only accept rent payments.
But also lets you track income and expense for tax time, advertise your rental listing online, track property upkeep and repairs and enable you to run tenant credit and criminal checks.
Are you part of an association?If you're part of a condo association, or homeowner association you will probably need software that allows for a secure online access point, ability to create budgets, make secure online payments and print checks yourself or have the program mail them for you.
As mentioned earlier the key before investing any money is knowing what your situation is and then buying the real estate software best tailored to your situation.