Best Property Management Software: 5 Myths That You Should Know

Technology in real estate is big business. In fact, it’s bigger than you think. There are more than 6000 real estate tech businesses in the US.

Despite lots of property management companies still doing things the old way, ambitious companies are beginning to embrace the benefits of tech.

Here’s why we embrace property management software for our business and landlords, as we debunk five outdated myths you might have heard about the best property management software.

1. It’s Only for Big Companies

Anytime you see the phrase “management software,” you probably think of big corporations.

There was a time a few decades ago when that was probably the case. Business software was complex and expensive, and you needed a sizeable budget (and a dedicated team) to install it in your organization.

However, times have changed. And software like Buildium is far more advanced and flexible than it was a few decades ago. It doesn’t need hefty, expensive servers to run, and it doesn’t need a complicated installation project lasting months.

In today’s world, anyone can see property management software benefits.

Thanks to web-based software, you can have an enterprise-level tool at your fingertips without owning anything more sophisticated than a web browser.

You could even say that technological advances have helped to level the playing field between corporate giants and small startups.

So whether you are a property agency or landlord, don’t ignore the power of management software to help transform how you run your business. And never believe the myth that you’re too small.

2. It’s Pricey

When running a property management business, costs will never be far from your mind. The market has its ups and downs, and you don’t want to spend money on things unless necessary.

Many assume property management software is too pricey to fit their budget. It’s nice to have, not a necessity.

But is that a fair assessment?

The reality is that management software is like any other technology of the modern age. There are expensive options, and there are low-cost options. In other words, a property management solution can fit any budget.

Moreover, many modern systems are modular, so you can only pay for the features you need rather than paying high prices for something too advanced and complex to help you in your day-to-day role.

Ultimately, it makes financial sense if software saves your business more money (and time) than it costs you. So always run a cost-benefit analysis when considering whether to invest in software.

3. It’s Complex

If you’re busy managing properties, you probably aren’t spending too much time at your desk contemplating training for a new piece of software.

But that scenario assumes that software is a complex system requiring training and several weeks of on-the-job learning before you can see any benefit.

However, that’s not feasible for most property management staff. Fortunately, modern software has made giant leaps in usability.

Intuitive layouts and stylish interface designs mean this software is much easier than something you might have seen in the past.

It’s worth pointing out, too, that most of us are far more tech-savvy nowadays than we used to be since we live our lives through smartphones, tablets, and laptops.

Most modern property management software, such as the one we use, Buildium, is easy to understand and navigate. It won’t be overly complex, whatever your technical background.

If in doubt, always pick software with an excellent support system. That way, you’ll always have someone to contact if you encounter problems.

4. We Already Have an Effective Manual Process

Perhaps you think software only gives you the added benefit of collecting rent via an automated system.

And if you already have an excellent manual rent collection system, do you need to invest extra money in new software that does the same thing?

The simple answer is that leading software like Buildium can help you become more efficient. But the comprehensive answer is that property management software does much more nowadays than collect rent.

You can use this software to help manage and maintain your properties. You can also use it to organize essential paperwork, such as tenant contracts.

Good software will help improve the existing processes you already have in place. For example, you can automate and set reminders for property inspections and notify tenants via the system.

That helps you with the smooth day-to-day running of your business.

You can start small with property management software and gradually use it in more parts of your business. And by doing so, you’ll quickly see that it becomes the central system of a professional operation.

5. It’s Not Flexible

Here’s the dilemma for many businesses that contemplate new software. On the one hand, you want something flexible and perfectly managed for your unique business.

On the other hand, you don’t want to go down the route of trying to create something custom, as that takes time and comes with complexities and risks.

But is this dilemma that clear-cut? You won’t need serious customization to get modern software to do what you want.

Modern systems have flexibility built into them. You don’t need complicated coding. You can tailor the software with a few simple admin settings so that it’s better suited to what your business needs.

That means you get more out of the platform, and the timeframe from purchase to using it is short.

Nevertheless, always take the time to review the proposed software, such as the Buildium platform we have in place for owners. And use this property management software guide as a reference point.

Gaining an Advantage With the Best Property Management Software

Anyone working in property management will know the day-to-day demands.

So instead of thinking that you don’t have time to embrace the best property management software, consider that perhaps you don’t have time to ignore this tech support for your business.

Learn more here about how we use technology as part of our property management services in Raleigh, Durham, and North Carolina, and discover how it sets us apart from our competitors.