Property management comes with a lot to juggle.
So, it simply makes sense to organize the workload with software dedicated to the task and which reduces the heavy lifting.
Reporting, accounting, communications — these are just a few things that have to be managed on a day-to-day basis. But that’s where a software solution can step in to increase efficiency and govern success.
But how much is property management software? Is it worth the cost?
If you’re looking to get started with your first software choice or compare your current system, we have all the details you need. This guide will explain what property management software does, the different types to choose from, and how much you can expect to pay on average.
What Does Property Management Software Do?
Property management software is designed to handle the work involved with managing new developments, communities, and homeowner associations so that business and community services can run smoothly.
This means software-based accounting, communication, payments, databasing, file storage, website/community portal integration, and more.
Ultimately, by organizing the entire workload with a well-chosen digital option, the most significant advantage for property managers and property management companies alike is increased efficiency, and therefore the saving of time and energy.
But a software solution doesn’t just save time and energy, it also saves money. We go into detail on this below.
The Benefits of Managing with Well-Designed Software
So, property management software can save time, energy, and money. But how? And what exactly are the benefits that it brings to the table?
There is a lot that comes with managing multiple properties at a time. Payments have to be systemized, accounting has to be 100% error-free, and communication has to be professional and transparent in a way that keeps everyone — from tenants to board members — in the loop and on the same page.
Software designed to the task alleviates the pressures and demands by unifying the workload into one automated, collaborative, and customizable system to meet any purpose.
Put simply, property management software can boost productivity and efficiency across the board, which can determine the success, happiness, and profitability of any development or homeowner association.
How Much is Property Management Software?
Now for the central question: how much does property management software cost?
The simple answer is that it depends. You will need to examine different software and solution packages to see which fit your needs and requirements.
In addition, industry software options can be either subscription-based or a one-off payment. Which you choose will be determined by the size of your organization, the number of properties you manage, and how you like to run things.
In general, however, property management software subscriptions can be anything up to a few hundred dollars per month, while one-off payments can cost up to a few thousand dollars if you manage a large number of properties.
How Property Management Software Can Save You Time and Money
Don’t let the costs scare you, as your choice is likely to save you money in the long run.
First of all, measure how much time you spend on individual work processes — such as answering queries, accepting payments, and sending out emails and letters — on a weekly and monthly basis.
The fact is, a carefully-selected piece of software can effectively eliminate these time-consuming tasks with real-time payment processing and accounting, automated communications, third-party service management, and even offsite customer support.
We don’t have to tell you that time is money and how saving time will enable greater productivity and efficiency in other areas that you might be unintentionally neglecting due to having too much on your plate.
Thankfully, property management software simply handles everything. And that means not spreading your workload across multiple software applications — and subscriptions — that reduce your productivity and increase your expenses.
What to Look for in Property Management Software
Whether you are looking to get started on property management software or using it already, it’s always worth knowing the features which are most commonly supported.
Of course, the core components include communication management, accounting, secure payments, online file storage, and customer service.
These are the main features to have. But the best property management software will give you more by providing cloud-based collaboration, real communication templates, responsive design for a range of devices, customization tools, and even an integrated website or portal for members to access 24/7.
You should always choose the right property management software to suit your purpose. If you manage an HOA, for example, it’s best to select software designed to support your needs, as well as the needs and functions of your entire community.
The Advantages of TOPS [ONE] — Award-Winning HOA Software
TOPS [ONE] is award-winning HOA management software designed exclusively by property managers and accountants — backed by over thirty years of development — to provide an all-in-one solution to successful community management.
Powerful features — such as TOPS Accounting, TOPS Pay, TOPS Mailroom, VendorAlly, and Homepage CMS — handle the hard work for you, driving productivity and success to keep one or multiple communities running smoothly.
TOPS [ONE] is fully automated, secure, and user-friendly, giving you the confidence you need to take control of your workflow.
It comes with a complete library of professional communication templates at your disposal, unlimited cloud-based file storage, a personalized owner access portal and HOA website, plus on-demand customer support for board members and homeowners.
No matter the size of your community, TOPS [ONE] offers upfront costing priced on the number of properties you manage. You’ll benefit from every tool you need to efficiently manage your community while reducing your overall costs at the same time.
Download a FREE eBook “The Ultimate Guide to Purchasing Property Management Software”
This eBook discusses every aspect you must consider when selecting the right vendor for your property management organization.
This guide will help you:
- Understand what to look for in a reputable vendor to ensure they can support your needs as a property manager
- Discover the features you’ll want the property management software to include
- Gain an understanding of when it’s time to switch systems
This is the resource you’ve been waiting for.