4 Myths About Property Management Software

Property management software is increasingly popular among all types of landlords. Its versatile features, flexible packages, and automated convenience are attractive and successful.

However, you may have heard some myths about property management software. Everyone has a different relationship with technology, and prior poor experiences or fears have the power to sway beliefs about cloud-based software.

Despite the prevalence of some of these myths, most are easily debunked. Property management software platforms certainly aren’t perfect, but that’s why there’s more than one—the weaknesses of one platform are often the very strengths of another.

Here are four myths about property management software.

1. It’s Too Expensive

The price of property management software is a common complaint. 

A tool you’ll use long-term needs to be lucrative for your business. If your software costs more than it’s worth, you’re only hurting yourself in the long run.

If you find that this is the case, you may be using the wrong platform or plan for your business. There are many affordable property management software options available. You don’t have to pay hundreds of dollars.

In fact, you don’t have to pay anything. Innago and Cozy are two companies that offer property management software at no cost to landlords. 

Before you switch platforms, you should also check your current plan and the features it includes. Are you using all the available features? If not, you may not need to pay a premium price for those extra features. 

What about large rental businesses with many units? If you’re experiencing high fees, your pricing plan might be unit-based. With this model, you pay more for adding more units. If you want to decrease costs, look for a platform with feature-based pricing.

2. It’s Only a Digital Payment Portal

You may believe that property management software is only for online rent collection. While rent collection is one of the most fundamental features, software platforms can do much more than this.

Property management software is also your hub for tenant communication, maintenance management, tenant screening, lease signing, and many other functions. Software takes a holistic approach to rental management. It allows you to integrate features and data to centralize all the facets of your rental business on one platform.

Some software platforms even go beyond managing your current tenants. Listing syndication software is a popular feature on many platforms, allowing you to work on rental advertising directly from your software. With certain integrations, you can also link your website or social media accounts to your software to smoothly incorporate all your marketing assets.

3. It Can’t Be Customized

While you don’t “own” a copy of cloud-based software like you would a locally based application, that doesn’t mean it isn’t customizable. Many landlords believe that they are paying for many features and functions that can’t be manipulated or tweaked to suit their individual business.

This is a myth; actually, property management software platforms are highly customizable. For instance, you can customize your integrations and connect your software with applications you already use, such as QuickBooks or Zillow. 

You can also customize and automate regular messages, use multi-user management to add your team members, and design your own late fee infrastructure.

Property management software is intentionally flexible to accommodate the range of landlords and rental businesses it serves. 

4. It’s Not Secure

Finally, you may have heard that all cloud-based platforms are insecure. How do you know where your data is saved and stored? What if your information gets stolen?

While cybersecurity concerns are valid, keep in mind that software developers have considered these issues and implemented safe solutions. For instance, any data stored on your software platform is encrypted, meaning that someone without your user credentials and email address cannot access your account. 

Automated backups are another way property management software prioritizes security. Instead of risking the many accidents or disasters that could happen to your hard drive, entrusting property management software means your files are always saved on the cloud.

Finally, digital lease signing is far more secure than the traditional pen-and-paper approach. While it’s relatively easy to forge a wet signature, eSignatures are stamped with the signer’s email address, IP address, and time stamp. You always have objective evidence of every detail in the lease-signing process.

Property Management Software Myths: Debunked

While many of these myths stem from broader beliefs about technology and trust, most are simply uninformed. Landlords have much to gain from embracing a cloud-based property management software platform. By embracing key features and choosing a pricing plan you’re satisfied with, you can use property management software to achieve even your most ambitious rental goals.

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