How Much Should You Pay for Property Management Software?

Let's discuss how much is the right amount to pay for a Property Management Software. Know the features these software offer and how you can evaluate its worth.

The right piece of property management software can make your life as a real estate investor much easier. It can automate certain features of your property management, streamline communication, organize all your documents, and even help you fill your vacancies faster.

All these features are quite valuable, but how valuable are they? Are they worth the cost of the platform?

How much does it make sense to pay for property management software?

Hiring a Property Management Company

If you're interested in saving time and streamlining your property management, hiring a Houston property management company like GreenResidential.com, or a company in your area, could be the solution.

Most property management companies already use a property management platform, and they already have significant experience using it. It's a way to bypass the perspective problem of choosing the right platform for your needs while simultaneously getting access to a perfect fit.

Additionally, the property management company will handle almost everything on your behalf, reducing your property management strategy to a passive income-generating machine. In exchange, you'll pay a monthly fee based on a percentage of your gross generated revenue.

Core Features of Property Management Software

Property management software is designed to streamline the process of managing rental properties, with features like the following:

Tenant applications. Most platforms assist you with managing and collecting tenant applications. It can make it easier for tenants to apply to your rental properties and give you unlimited, streamlined access to those applications on the back end.
Tenant screening. As any experienced landlord can tell you, effective tenant screening makes a huge difference in rental income consistency and tenant reliability. This type of platform makes tenant screening almost entirely automated, giving you quick access to all the stats you need to make a decision.
Rent collection. Rent collection is also handled with the platform. You can quickly and easily produce reports on previous rent payments and make it easier for tenants to pay you directly.
Tenant communication. Tenant communication is much easier when using property management software. Tenants can create maintenance requests as needed, you can give tenants advanced notice when touring the property, and you can all exchange messages in a streamlined, centralized way.
Maintenance scheduling. Need to schedule some maintenance or repairs? This platform allows you to do it easily and keep track of progress. It can expedite finding and deploying contractors while creating a paper trail to prove your efforts.
Marketing. Most property management software platforms also allow you to market and advertise your available properties. When vacant, you can work diligently to fill them. You may need to use other platforms and channels, depending on your goals, but this is a great place to start.
Online tenant portals. Some platforms offer entire online tenant portals, where tenants can log in and see virtually any information they want about the property, including past maintenance requests, past rent payments, and more.
Automated reminders.Both you and your tenants can gain access to automated reminders. For example, tenants will receive notice when rent is coming due, and you can create reminders for yourself, alerting you of the need for seasonal maintenance and similar items.
Documentation. Many landlords appreciate property management software for its ability to keep all documents organized. This is especially important during tax season when you'll be required to report your income, expenses, and tax obligations.
Mobile apps. Finally, most modern software platforms of this type also come with a mobile app that you can download on a smartphone or tablet. This means you'll have access to all your property management information, 24/7, even when mobile, making the platform extremely convenient.

The Benefits of Property Management Software

Ultimately, property management software is designed to make your life as a property investor easier. It gives you access to more functions, saves you time with automation and simplified workflows, and even saves you money in some contexts. How much this is worth is ultimately up to you; how valuable is it to save hours of time? How valuable is it to greatly reduce your stress?