Back in the 90’s, when the use of a professional consulting firm to help a company choose the right property management software system was pretty much the standard, it amused me that the cost of the consulting project was typically three to four times the cost of the software being purchased. I used to joke, “Why doesn’t the company simply purchase and compare the top three programs and throw away the ones that don’t work out? It would actually cost them less money.” Now of course, it was a joke, since the reasoning behind the need for the project was valid. All of the top products looked the same on the surface, so it was hard to tell what was really there unless you reviewed the software.
Well today, we have newer platforms (online property management systems), lower cost delivery choices (using the web browser on one’s desktop computer), better and more sophisticated databases (SQL Server), but has the actual problem of choosing a system gone away? Actually I believe it has. Let me explain.
Yes, in many ways, the top products still look the same on the surface, which is not surprising since they are addressing the common needs of the residential property management industry. However the differences are there and make a big difference in the productivity of the users and ROI received from using the software. So what is different today? It is the Internet.
I promised my wife a new dishwasher for Christmas. I know, very romantic. So how do we determine which one is best for our family? We go online, do a simple comparison by browsing a few popular websites, and narrow the selection by price, features, and customer reviews. By looking at pictures, checking out colors, and specifications we find the one we are looking for.
Today, you can do the same thing for web based rental property software. You can look at features and benefits, check out pricing, look at online software demos, and even try out a free trial version. The good news is that with this method of comparing software, the cost of the solution is reduced. It allows the software companies to deliver enterprise level systems to smaller organizations for a fraction of the cost. So now, lower cost does not mean poorer quality, but a more efficient method of delivery of the software. The key is what is in the product and how does it make the user’s job easier and more productive.
Since software support is also a key component, using a free trial allows you to test the water on customer service. You can see how timely the support is, how they understand your issue, and are they able to answer the questions. I have found that this may be one of the biggest differentiators of products today.
So how do you pick the right property management software? You use it. It can’t get better than that.
Rob Crichlow
DIY Real Estate Solutions
You know this is how some see it. Thanks for a insightfull posting.
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