Choosing a Condo Management Software There is currently a vast amount of property management systems on the market to help you run and maintain your properties.
Which Condo Management Software do I Choose? The Problem with Free
Date Published: Oct 26th, 2018
Choosing a Condo Management SoftwareThere is currently a vast amount of property management systems on the market to help you run and maintain your properties. At first glance, it can be very overwhelming and daunting when trying to decide which condo management software to choose. It may even be tempting to pick one of the various free management systems on the market. It's easy to see why, especially for a new building. The added cost and inconvenience of weighing the options may seem like it's a task that can be pushed to a later date. However, taking the time to pick the management system that will work best for you and your building is a wise decision that could save you tons of time and money (not to mention headaches) in the future. Let's start with the basics; there are two types of property management systems that you need to be aware of, premised based software and web based software. The difference between these two types of software are as follows:
Premise Based Condominium SoftwarePremise based software costs more upfront, but you ultimately own the software. All the information collected by the software is stored locally in the management office.
Web Based Condo SoftwareWeb-based Software is faster and has a lower initial cost. You don't own the software; however, this software is continually being upgraded with no hardware or software maintenance required. Information is stored remotely off site in the cloud, which means it can be accessed from anywhere using a smart device. Training and ongoing technical support are included as part of the package.
Why Should I Invest in Condo Management Software?Investing in the proper management system for your building can help streamline your efforts by keeping your documentation and records organized and within reach. This is vital for the sustainability of any company. By taking the steps to move towards a paperless office (or at least use less paper), you will maximize efficiencies and cut administrative costs. Besides, taking action to be more environmentally friendly can only strengthen your image and creditability with both your existing and potential clients. Depending on your needs, the right management system will produce detailed reports and charts seamlessly and provide you with accurate information that will help you run your building efficiently. By choosing to go with a less reputable, or even free management system, you run the risk of not complying with condo laws. This could ultimately cost you thousands of dollars in fines, penalties or legal costs. Even more critical than staying current is finding a management system that is reliable. Nothing is more frustrating, for both the staff and the tenants then to have a system that crashes or is unavailable. Customer service is one of the most important factors to consider when investing in a property management system. Out-dated and poor customer service can be frustrating and can cost you a lot in time and money. This is especially true if the software is complicated and hard to use. Saving money upfront, only to find that most of your time is spent on the phone with poor service, isn't much of a savings in the long term. Reputable Management systems may cost more, but their well-educated support and training staff will quickly pay for itself. Again, it's understandable that free software will attract even the best manager. And to be fair, it may be a quick solution when focusing on the immediate situation. However, be sure that whatever software you decide to use it can grow with you, or you may be forced to switch down the road, which will incur costs that weren't anticipated at the outset. The following are some of the standard costs that are often associated with free software:
- Add-on Modules
- Upgrade Fees