Property Management Software Review - 2005

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• January-March 2005 Issue
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The role of a good property management software product can vary from company to company, depending on their needs. For instance, the software requirements of a small company that manages single-family homes distinctly varies from those of a multi-national corporation that handles residential, retail and commercial property management. The products reviewed here vary in much the same way. That's why rating these products can often prove to be difficult.

For every product I evaluate, I try to put myself in the shoes of someone looking for a property management software product. I think about features that I absolutely need, features that would be nice but aren't necessary, and features that I will never use. A solid Tenant module is a necessity, no matter what type of property you're managing. What are your musts? Do you have to have a built-in accounting module, or do you prefer a product you can run concurrently with your current accounting software? Do you need a strong CAM module? HUD management tools? The ability to track and calculate percentage rent?

One of the toughest things to do when reviewing a product is to assign a rating. If these products were rated based on direct comparison (is product A better than product B, but not as good as Product C?) some of the products might receive average ratings at best. But if they are rated based on what they claim to do, instead of comparing them to other products, they do quite well. Which is the purpose of reviewing products in the first place. A product that is designed specifically for smaller management companies should not be rated by comparing it to a product designed for Fortune 500 companies. While both would be considered property management products, the similarities stop there.

In today's market, software choices abound. Whether you are managing 200 units or 20,000, you can find a property management software product designed specifically for your needs. Chances are you'll find it in the product reviews that follow.