Choosing the "Right" Property Management Software

Choosing the “Right” Property Management Software

As a consultant in the manufactured housing industry, I often get asked about the best Property Management Software (PMS). The reality is that there are many different vendors to choose from, each offering unique features and benefits. Some companies even specialize in helping you find the “best” solution. However, after extensive research, I can confidently say there is no one-size-fits-all or “best” solution. Each PMS has its strengths and weaknesses, and the “right” choice depends on your specific needs.

Here are some key factors to consider when selecting a property management software solution:

Ease of Use and Mobility

The software should be intuitive and user-friendly to minimize training time and boost productivity. Mobile access is crucial, allowing you and your team to manage properties on the go. Consider the interface design: Can you perform tasks quickly, or do you need to click multiple times to get where you need to be? The system should save time, not make tasks take longer.

Comprehensive Features

Look for software that offers a robust set of features including accounting, rent collection, leasing (with electronic lease generation and signing), resident screening, maintenance, utility billing, utility rate management, and reporting. Integration with other tools and automation capabilities can streamline your operations.

Additional features to consider for your community or portfolio of communities include:

• Make Ready / Construction Management

• Prospect or Lead Management (CRM)

• Tour Scheduling

• Resident Portal (Mobile App and/or Web App)

• Resident Communication (Texting, Emailing, Notices)

• Storing Resident Documents (current and former residents)

• Violations and Inspections

• Work Orders

• Interactive Property Maps

• Renters Insurance and Compliance Tracking

• COI Tracking

• Dashboards

• Website Design and Hosting

• Implementation and Training Fees

• Implementation Timeline

Add-Ons and Integrations

In addition to core features, you may need to consider add-ons or supplemental software solutions that integrate with your property management software. These can include tools for advanced reporting, customer relationship management (CRM), marketing automation, vacant site and inventory management, capital expense management, or specialized maintenance management. Ensuring that your property management software can seamlessly integrate with these additional tools can enhance your overall efficiency and effectiveness.

Be sure to inquire about costs associated with add-ons or integrations you need. Additionally, ask about the process and timeline for implementing these add-ons or integrations in the future.

Support and Training

Reliable customer support and training resources are essential. Ensure the provider offers ongoing support, such as live chat, forums, and how-to guides, to help you navigate any issues. It's also important to understand the company's grasp of your business. Property management in the manufactured housing industry is unique, so make sure they understand your specific needs.

Scalability

Choose a solution that can grow with your business. Whether you manage a few properties or a large portfolio, the software should handle your current needs and scale as your business expands. Ask about the number of users you can have. As your business grows, the team will likely grow too, and you don’t want to get stuck paying fees for additional users.

Upgrades

When was the software built? What enhancements have been made over the last few years? What's on their roadmap for the future? These questions can help you gauge the software's longevity and relevance. Additionally, consider how frequently updates are released and whether they address user feedback and industry trends.

Security and Compliance

Data security is paramount. Ensure the software complies with industry standards and regulations to protect sensitive information. Check the permission settings to see who can access the data and whether there are built-in approval workflows. Also, inquire about data encryption, backup procedures, and how the software handles compliance with regulations such as GDPR or CCPA.

Customization and Flexibility

The ability to customize the software to fit your specific workflows and requirements can be a significant advantage. Look for solutions that offer flexibility in their features and settings. Ask yourself: Do the workflows suit your needs? If not, can they be customized? Are there fees associated with customizations? The right software should adapt to your business, not the other way around.

Cost

Consider your budget and the total cost of ownership, including any hidden fees for additional features or support. Compare the pricing models of different solutions to find one that offers the best value for your needs. Remember, the cheapest option isn't always the best. Look for a balance between cost and the features that will truly benefit your business.

Conclusion

Choosing the right PMS doesn’t have to be difficult. Start by making a list of your specific needs. Get feedback from other manufactured home community owners and operators on what they are using and why. Compile a list of your top vendors and ask for a demonstration.

Always ask for a demonstration, even if you think you know the system. It's also okay to request multiple demonstrations. Meet with different parts of the vendor's team to understand the implementation process, including who will provide training and support once you go live.

Ask the vendor for references from similar and larger-sized companies. Inquire about what they like and dislike about the software and how it has impacted their business.

By focusing on these key areas, you can find a property management software solution that aligns with your business goals and helps you manage your properties more efficiently. If you have any specific requirements, questions, or want to learn more about the research I have done on various solutions, feel free to reach out!