Which Is The Best Property Management Software: Yardi vs. RAAMP

With the many property management softwares available on the market today, it can be confusing to understand the differences between them all. Which one is the most useful for you? Which is the most cost effective? Today, we will compare the Yardi family of products and RAAMP.

What is Yardi?

Yardi property management software was released in the ’90s, so many companies have been using it for quite some time. With clients in North America, the Middle East, Asia, Europe, and Australia, Yardi has quickly gained influence across the globe. Yardi’s mission statement is: “Take care of our clients, take care of our employees, take care of our communities, stay focused, and grow.” Yardi has tried to live up to its mission by evolving its software. The software has evolved to include more features, although some are less frequently used. Yardi offers a few different programs for users: Yardi Voyager, Yardi Breeze, and Yardi Breeze Premiere. Yardi Voyager is their full-featured, original product, while Yardi Breeze is a scaled back version of the software intended for lower-end users.

When is Yardi a possible solution?

When is it best to implement Yardi solutions for your business? Yardi is best for those working in the real estate industry. Yardi was designed for property managers with 100-plus properties to manage. This software would be ideal for property managers that evaluate commercial operations and basic property management. This web-based platform for the real estate industry helps with accounting, resident management, property management, workflow automation, alerts and notifications, and a centralized database.

Pros

Yardi was designed to be used for any size business, whether you are running a family business or a corporate operation Yardi was designed to help residential management run a residential portfolio of any size.

Those who have used Yardi as their property management software often reported how easy to use the software was once it had been properly configured. This is a major pro for the company because they have created software that is user-friendly. However, many users also reported that there was a steep learning curve when it comes to learning how to use the Yardi systems. This can be a bit of a downfall for the users due to how much time it takes to learn how to use the software. 

Cons

The downside to selecting Yardi as your property management software is the annual contract. When you sign up for the program you are locked in for a year. This would not be ideal for someone that just wants to see if the software is suited for their company.

In addition, many users were disappointed that Yardi does not allow unlimited users. Not allowing unlimited users is a major inconvenience for businesses that want to purchase rent management software and have multiple people utilizing the program at the same time. This can cause many frustrations for users considering the price they are paying for the software. Not allowing multiple users does not allow for easy access to shared documents that your whole team might need. Another downfall of Yardi is that they don’t offer a variety of different types of services. For example, Yardi does not offer lease abstracts, dynamic rent rolls, CRM, or unlimited users.

Overall, Yardi users from their global client base reported they had a “real struggle” making the program work for their company. Many users have reported that it is a very time-consuming process to learn the software, understand how to configure it to one’s liking, and is overall a quite stressful experience.

Yardi Pricing

Pricing varies depending on what Yardi program is used. For example, Yardi Voyager costs $250 per user per month plus additional setup fees. Yardi Breeze charges $1 per unit per month for residential properties; $1 per unit per month for manufactured homes; $.50 per unit per month for associations; and $2 per unit per month for affordable housing and commercial properties. Both of these programs have a monthly minimum of $100. The monthly minimum for self-storage is $200. With all of this being said, the Yardi cost can range anywhere from $100 a month or $250 a month plus additional setup fees. Additionally, Yardi Voyager can range anywhere from $250 to $10,000 or more per month, plus setup fees. 

Software Lease Abstract Dynamic Rent Rolls CRM File Mgmt. Notebook & Task mgmt. Unlimited Users Tenant Portal Property Analytics Accounting Insurance Compliance
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Yardi Voyager - - - - - -
Yardi Breeze - - - - - - -

What is RAAMP?

RAAMP is an innovative property management software. RAAMP is a lease-centered operational suite that offers a number of services giving customers the ultimate experience. For example, RAAMP offers tools for property management, accounting, customer relationship management (CRM), lease abstracts, lease docs, rent tolls, accounting, and insurance compliance. All of these robust features that RAAMP offers helps them to stand out among competitors. RAAMP single connected solution works as a valuable tool for those who manage multiple properties and want to keep all of their information in one place.

RAAMP is built to increase revenue, help meet customer needs, and provide a seamless, affordable, and easy-to-understand experience. By integrating RAAMP into the day-to-day operations of your property management business, you’ll be sure to see how the software acts as a vehicle to drive revenue. RAAMP works as a flexible workspace solution for all of its users, helping to increase efficiency by removing the excess manpower required for typical tasks such as accounting. RAAMP does a great job of using cutting-edge software to knock down any obstacles you are facing and improve your property management business.

When is RAAMP a possible solution?

Who is RAAMP best for? RAAMP would work best for any commercial real estate (CRE) professionals. This software is best suited for someone with many properties because it will help CRE professionals keep all of their information organized. RAAMP will help your business resolve issues faced in the day-to-day of your company.

Pros

RAAMP offers a robust set of features for its users by helping their businesses generate revenue. The first pro is the dynamic lease abstraction. Dynamic lease abstraction is an important part of what RAAMP has to offer. Lease abstraction allows a space for leases to be reviewed and uploaded. Leases can often take a lot of time when it comes to completing day-to-day tasks, so the lease abstractions feature can save you hours. Leases are the driving force behind increasing revenue so it is critical that space is provided for these important documents.

Portfolio size and portfolio types are other benefits of using RAAMP. RAAMP offers an integrated platform for all portfolio sizes and types as long as the property manager has a minimum of 10 properties.

Property management is a very critical tool that can be helpful when looking for property management software. RAAMP’s property management software is extremely useful. The property management feature on RAAMP’s software can be used to manage documents such as maintenance requests or seeing when rent was last collected from a tenant.

File management can be very useful when one is managing multiple properties. Having the file management feature that RAAMP offers allows for all files to be stored to make them accessible and easy to locate.

Customer Relationship Management (CRM) is another important feature that RAAMP offers. CRM is what will help drive revenue for the business. Maintaining relationships with tenants is a critical piece of driving revenue for those who manage properties.

The accounting feature on the RAAMP provides users with a valuable asset when a business is looking to drive revenue. This feature will not replace a company’s accountant but will allow accountants to focus their attention on other day-to-day tasks. When it comes to the day-to-day tasks RAAMP also provides a task management feature. This feature allows your team to stay on task when it comes to working with clients.

Smart notifications and reminders can be very useful when looking for property management software. These notifications and reminders can be helpful for the whole property management team when it comes to tasks such as remembering to submit a lease agreement or paperwork.

Property analytics play a critical role in property management so it is great that RAAMP makes having a space for property analytics a priority. Property analytics allows the property management team to see how each property is doing when it comes to rent payments, lease agreements, or even making sure their property is insured.

All of these solutions increase efficiency for businesses that manage multiple properties including commercial, multi-family, student, or even single-family housing.

Cons

The one con of RAAMP is that it is not well-suited for short-term lease operations like vacation rentals and storage units. With that being said, RAAMP would be a great software to revisit in the future if you begin to expand your property management business with longer-term tenants. 

RAAMP pricing

RAAMP believes in being fully transparent with its customer base when it comes to pricing which is a nice surprise compared to competitors. RAAMP’s pricing starts at $98 a month for unlimited users. RAAMP does not require businesses to pay for each user, meaning that a business with 50 people can all use the software and still only pay $98 a month. RAAMP is also different from its competitors because they do not apply any additional fees for installation, etc. RAAMP stands out among competitors when it comes to offering the best service for the best price. These lower costs are some of the best you will get and it can help lower expenses for your company.

Which property management software is best for you?

Figuring out what property management software is the best entirely depends on your business goals, but for companies interested in maximizing their profitability, RAAMP is the only solution built to solve the key issues surrounding finances. Incorporating property management software won’t be an immediate fix for your business, but it is a step in the right direction to help generate revenue. RAAMP will offer key insights about leases, option periods, property analytics, and dynamic rent rolls to name just a few of the key features that are tied directly to revenue. RAAMP will help save your company time on tasks that would normally be a manual process. Additionally, there are savings in the form of reduced payroll costs due to increased staff productivity and overall increased job satisfaction for team members in the ease of completing their day-to-day tasks.

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The Importance Of A Rent Roll

A rent roll report is an in-depth report that landlords, owners, and property managers use to interpret the revenue of one or more properties they own. Tenants and Franchisees use a rent roll to understand their obligations under their leases. For those new to property management, it may be a bit difficult to fully understand what a rent roll is and how it functions. Today, we will review the importance of a rent roll. 

What is a Rent Roll?

Rent rolls are used by property owners and managers to track, analyze, and plan for rental income. It can be constructed for any type of income-producing real estate, such as single-family homes, multifamily buildings, office buildings, shopping centers, and land leased for agricultural use. Essentially, a rent roll shows the rental income from a real estate asset. This information can be used to calculate data such as net operating income (NOI), internal rate of return (IRR), gross rent multiplier (GRM), and cap rate to see the profit and viability of properties. 

How a Rent Roll Works

A rent roll breaks down the rent per unit and/or suite. It also gives a total rent amount for the entire investment property. It collects rent data from each individual tenant’s lease agreement and puts it into one easy-to-read document. There are property-specific rent rolls as well as rent rolls for an entire property portfolio. These allow you to view not only one particular property, but everything you manage. 

In the world of real estate, time is money, and rent rolls help to save both. The landlord doesn’t have to waste time digging up each tenant’s lease to determine rent amounts or lease start and end dates. With all the data in a single, intuitive report, they are able to see profitability at a glance.

Example of a Rent Roll

A rent roll for a single-family rental property can easily be created using spreadsheet software like Microsoft Excel or Google Sheets. For multi-family and commercial properties, things can become a bit more complicated. That’s where property management software like RAAMP comes in. RAAMP takes the hassle out of finding all of the data yourself and instead provides it in one easy-to-access place.

 

Where Does This Data Come From?

The data for a rent roll comes from a few sources: county tax assessors, MLS listing information, appraisal reports, lease agreements, and tenant files. The data on a rent roll can vary by property type, but most will include the following:

  • Monthly and annual rental income summaries, which include any extra amounts paid monthly.
  • Lease details, such as the lease term, monthly rent, security deposit, and additional fees.
  • Tenant information, including their name and contact details.
  • Information on each unit, such as the unit number, square footage, the number of bedrooms and baths if it is a multifamily property, and any other features or notes.
  • Property information, such as the owner or management company, address, and property type.

Who Uses a Rent Roll?

The rent roll is an all-purpose document that can be used by buyers and sellers, property managers, real estate investors and landlords, and lenders. It can provide a surprising amount of detail on a single page, such as the information listed in the previous section. Rent rolls can be used to increase profitability by increasing rents, renovating, tenant screening, etc.

Buyers & sellers practicing due diligence

  • Rent rolls are used to see the property’s income potential and if the property has been generating stable income.
  • Rent rolls can be used to determine if a property is a good investment.
  • A quick look at the rent roll will tell a buyer and seller whether the property has been generating stable gross rental income.
  • If a tenant’s lease is coming up for renewal in the next few months, a seller who proactively extends the lease may be able to sell the property at a higher price since the tenant has been “stabilized” for another 12 months.

Mortgage brokers & lenders evaluating a property or portfolio

  • Lenders can review the rent roll to anticipate the future income-generating potential of the property.
  • The rent roll is used to evaluate the potential risk of making a loan, a cash-out refinance, or opening a home equity line of credit (HELOC).

Real estate investors analyzing potential deals

  • The rent roll can help an investor learn if there could be a problem with cash flow in the future.
  • Comparing the fair market rent to the rent the tenant is currently paying indicates the possibility of increasing the value of the property simply by raising the rent.
  • By comparing the rent roll to the income line on the profit and loss statement, an investor can immediately see if the gross income is being accurately reflected on the P&L.
  • Real estate investors can use a rent roll to verify the current rental income, search for upside potential in the rental property, and to anticipate problems with future cash flow.
  • A rent roll can be used to pre-market a property for lease in order to reduce the amount of down time due to vacancy and repairs.

Property managers and landlords

  • The rent roll document provides landlords with a quick snapshot of their tenant base and income.
  • Information gleaned from a rent roll includes tenant turnover, rent growth, and occupancy rate which can help calculate future profits.
  • If a tenant begins to pay the rent late, or if a tenant is a habitually slow payer, then it could be a big red flag that the tenant may need to be evicted.
  • After receiving a comparative market analysis (CMA), the rent roll will show whether the rent a tenant is paying is a fair market rent or has room for an increase.

Rent Rolls are a Path to Profitability

Rent rolls are a useful, efficient tool across real estate professions. They streamline information, help you see data at a glance, assist in calculations, and more. While rent rolls may seem confusing at first, they are intuitive spreadsheets that are easy to understand and assist in making a profit. Time is money, and a rent roll can help you gain an edge on both.

 

Which Is The Best Property Management Software: Rent Manager vs. RAAMP

Don’t miss this side-by-side comparison of two top solutions for real estate professionals – Rent Manager and RAAMP. Which is best for your business?

What is Rent Manager?

Rent Manager is a software tool that helps you manage your rental properties. The Rent Manager software has been around for three decades and helps to manage leasing, accounting, contact management, maintenance, and marketing. The program creates individualized reports that manage properties and offers each customer an individualized portfolio. Reports are available in several formats, including downloadable, exportable, or viewable online. 

Best For

Rent Manager is a solution for a property management company or companies that manage a multitude of multi-family, single-family, and commercial properties. The software provides property managers with a place to keep their information organized. Rent Manager works with customers who own/manage anywhere from 100-50,000+ units.

Pros

Like any software, there are pros and cons to Rent Manager. One pro for Rent Manager is that the software offers a customizable dashboard that allows users to move boxes and add different reports for each. These reports include financial reports which can allow property managers to see how their money is being spent. The program is extensive, cloud-based, and there is some level of safety and security for tenant information. Having a cloud-based program means that all the information will be online and can be accessed if the user experiences technical difficulties on their personal computer. Another pro for Rent Manager is that they offer web design which could be a valuable tool if the property manager was looking to build a new website for their business.

Cons

User Experience

Users have expressed frustrations when it comes to user-friendliness. The first problem users mentioned was that drop-down menus are narrow on the Rent Manager program. This means that if you don’t remember the property account number, you have to scroll down to “find” the account. This could become a nightmare and a time-consuming activity if you manage many properties.

Another common complaint among users was that the upload and download feature has many faults when it comes to using the Rent Manager program. The upload and download feature was a major inconvenience that users experienced, costing them both time and money. Having something as simple as the upload and download feature not working can cause huge problems. What is the point of having a place to store lease agreements when you can’t even upload the lease to the program?

Features

Additionally, users said the apps associated with the software were not made well, and there is little mobile functionality. Limited mobile functionality is a major con for those who might constantly be on the go or to those who want the option to use high-quality mobile apps. An additional downfall for the Rent Manager program is that to date, Rent Manager has lost 18 homes due to technical issues with their software (email, etc). This is a significant and irreparable loss. Losses such as these can cost property managers thousands of dollars.

Rent Manager Pricing

When it comes to the pricing of Rent Manager, they do not publicize the pricing of their program. This lack of transparency can cause some problems for customers especially when it comes to doing research and comparing what property management software they will use. But according to third-party sources, the company charges $75 per user per month plus a setup fee. For example, if your business wanted five employees to use the software you would pay a total of $375 a month to use the software, in addition to the setup fee.

Software Lease Abstract Dynamic Rent Rolls CRM File Mgmt. Notebook & Task mgmt. Unlimited Users Tenant Portal Property Analytics Accounting Insurance Compliance
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RentManager - - - -

What is RAAMP?

RAAMP is a lease-centered operational suite for property management, accounting, customer relationship management (CRM), lease abstracts, rent rolls, accounting, and insurance compliance. Those are just a few functions of this amazing software. RAAMP can be a valuable tool for those who manage multiple properties and want to keep all of their information in one place. Having software such as RAAMP is extremely important, especially in managing leases because eases are the source of revenue in commercial real estate. RAAMP is the only software solution built around this key revenue driver to help meet customer needs. By integrating RAAMP in the day-to-day operations of your property management business you’ll be sure to see how the software acts as a vehicle to drive revenue. All of these program options help RAAMP stand out among competitors. 

Best for

Who is RAAMP best for? RAAMP would work best for any commercial real estate (CRE) professionals. This software is best suited for an individual or a team with many properties because it will help CRE professionals keep all of their information organized by property. 

Pros

There are many pros and advantages that come with selecting RAAMP as your property management software. The first pro is the dynamic lease abstraction. Dynamic lease abstraction is an important part of what RAAMP has to offer. Lease abstraction allows a space for leases to be reviewed and uploaded. Leases can often take up a lot of time when it comes to completing day-to-day tasks, so the lease abstractions feature can save you hours. Leases are the driving force behind increasing revenue making it critical that space is provided for these important documents.

Property management is a very critical tool that can be helpful when looking for property management software. RAAMP’s property management software is extremely useful. The property management feature on RAAMP’s software can be used to manage documents such as maintenance requests or things such as seeing when rent was last collected from a tenant.

File management can be very useful when one is managing multiple properties. Having the file management feature that RAAMP offers allows for all files to be stored in a way that makes them accessible and easy to locate.

Customer Relationship Management (CRM) is another important feature that RAAMP offers. CRM is what will help drive revenue for the business. Maintaining relationships with tenants is a critical piece of driving revenue for those who manage properties.

The accounting feature on the RAAMP provides users with a valuable asset when a business is looking to drive revenue. This feature will not replace a company’s accountant, but will allow accountants to focus their attention on their other day-to-day tasks. When it comes to the day-to-day tasks RAAMP also provides a task management feature. This feature allows your team to stay on task when it comes to working with clients.

Smart notifications and reminders can be very helpful when looking for property management software. These notifications and reminders can be beneficial for the whole property management team when it comes to things such as remembering to turn in a lease agreement or paperwork.

Property analytics play a critical role in property management so it’s great that RAAMP makes having a space for property analytics a priority. Property analytics allows the property management team to see how each property is doing when it comes to paying rent, lease agreements, or even making sure their property is insured.

Cons

The one con of RAAMP is that it is not well-suited for short-term lease agreements, such as those for vacation rentals or storage units. With that being said, RAAMP would be a great software to revisit in the future if you begin to expand your property management business. 

RAAMP pricing

RAAMP believes in being fully transparent with its customer base when it comes to pricing. RAAMP’s pricing starts at $98 a month with unlimited users. RAAMP does not require businesses to pay for each user, meaning that a business with 50 people could all use the software and still only have to pay $98 a month. RAAMP is also different from its competitors in the sense that they do not apply any additional fees for installation, etc. RAAMP stands out among competitors when it comes to offering the best service for the best price. 

Which property management software is best?

Incorporating property management software won’t be an immediate fix for your business, but it is a step in the right direction to help generate revenue. Discovering what property management software is the best fit entirely depends on what your business goals are, but for companies interested in maximizing their profitability, RAAMP is the only solution built to solve the key issues surrounding revenue. RAAMP offers insights about leases, option periods, property analytics, and dynamic rent rolls to name just a few of the key features that are tied directly to revenue. Additionally, there are savings in the form of reduced payroll costs through increased staff productivity and overall increased job satisfaction for team members in the ease of completing their day-to-day tasks.

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The Comprehensive Guide To Property Management Software

What Is Property Management Software and What Can it do for You?

Property management software is designed to replace outdated and analog processes that are time-consuming and fraught with the risks of human error. It allows property owners to manage leasing, invoicing and payments, maintenance requests, repairs, files, and more. Depending on what you’re looking for, the software you choose can cost you anywhere from a couple of hundred dollars to a couple thousand, based on the level of features and ease of use you need. If you manage more than one or two properties you really need to take this decision seriously. Key functions of Property Management Software solutions include lease abstracts, dynamic rent rolls, customer relationship management, file management, task management, a tenant portal, property analytics, accounting, and insurance compliance tools. This information is stored in a team-shared environment designed to replace disparate spreadsheets and cumbersome legacy accounting software. Incorporating this modern software will allow expenses to be better managed and could lead to increased revenue. But what businesses would benefit from investing in Property Management Software?

Property Management Firms

Property management firms can utilize Property Management Software to provide property owners with a portal, keeping track of property analytics.

Independent owners

Independent owners with multiple properties would also benefit from implementing Property Management Software for a handful of reasons. The first being the amount of time and money it would save. Being an independent owner with multiple properties often leaves people feeling overwhelmed and easily unorganized. With the help of Property Management Software, independent owners will have the opportunity to have a one-stop-shop to access all of their files, leasing, invoicing and payments, expense management, and so much more.

Real Estate Investment Trusts

Real Estate Investment Trusts would benefit from investing in Property Management Software because it would allow them to keep all of the information on their properties organized and they would be able to access all of the information in one spot.

Businesses that have already implemented Property Management Software in their daily operations have used it to help with their lease abstraction, CRM, accounting, property management, notifications, file storage, and more. Not all Property Management Software is the same, however, some property management software does not include: CRM, file management, e-signatures & task management, SO if buying anything other than RAAMP you will need to purchase these solutions as well to run a business.

Benefits of Property Management Software

45% of property managers want to improve efficiency and Property Management Software solutions solves that very problem. Property Management Software can help organizations save time and money. The Return on Investment through time saving and less employee oversight allows for fewer people to work on the project. Before implementing Property Management Software you might be relying on a single individual for answers about a property. Now with Property Management Software, you can have more input that will allow your business to grow. Property Management Systems gives you answers; removing the burden on your key employees, allowing them to do their jobs, and saving money on expenses. The Return on Investment also prevents lost revenue.

Property management software solutions can help relieve organizations from the day-to-day stress allowing employees to do their jobs. Property management software also helps ensure that organizations are not missing out on potential revenue. Property Management Software significantly decreases the amount of time to abstract a lease and cuts the time from abstracts to rent-roll down to zero. Once a lease is abstracted, dynamic rent-rolls are instantaneous.

Features

What should you be looking for in Property Management Software? Well, that depends on what kind of software you’re looking for. No two software programs are created the same. 

Some important features for residents include a tenantcloud giving residents access to tools such as maintenance requests.

Important features for landlords include a place to collect rent for residents and manage rental properties.

When looking for a Property Management Software, you’ll want to keep in mind all of the features that come along with it. For example, some software might include lease abstracts while others might include insurance compliance tools. Another valuable feature is a free demo. Some property management software solutions will come with a free demo for users to show different functions of the software

Comparing the Most Popular Property Management Software Companies:

Software Lease Abstract Dynamic Rent Rolls CRM File Mgmt. Notebook & Task mgmt. Unlimited Users Tenant Portal Property Analytics Accounting Insurance Compliance
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Yardi Voyager - - - - - -
Yardi Breeze - - - - - - -
MRI - - - - -
Propertyware - - - - - - -
Appfolio - - - -
Released - - -
CoStar - - - -
PropertyBoss - - - - - -
RentManager - - - -
Leasecake - - - - - -
Buildium - - - -

Yardi

Yardi was initially released in the 90s, so many companies have been using it for quite some time. The software has evolved over time to include more features, although some are less frequently used. Yardi Voyager is their full-featured original product, while Yardi Breeze is a scaled-back version of the software intended for lower-end users.

Yardi Voyager

The best way to think about Yardi Voyager is as accounting software that also does property management. That is how the product was designed and has evolved over time. Yardi can be used for all kinds of commercial real estate businesses and use cases. They also address a global market

Yardi Breeze

The Yardi Breeze product is mostly a skin of the more robust Yardi Voyager product. It has a more simplified feature set and user experience for use by smaller enterprises.

Pros

  • A very diverse selection of available add-ons (at additional cost)
  • Primarily an accounting platform with property management features
  • Robust reporting (requires somewhat complex setup)

Cons

  • Not built for integrations with other apps and software
  • Poor functionality for lease abstractions
  • Limited rent roll functionality
  • Insurance tracking only available on their most expensive plans

MRI

Also released in the 90s, MRI has been around for quite some time. Their platform has largely grown through acquisitions and they have many industry partners. Most users find MRI less user-friendly than Yardi and other competitors.

Pros

  • offer lease abstractions
  • partner with AvidXchange for accounts payable

Cons

  • outdated technology on the backend
  • no true integrations, most partnerships involve linking out to other apps
  • long-term contracts
  • dated and confusing user experience

Propertyware

Propertyware is a part of RealPage, a publicly-traded company. It is less robust than RealPage and users often upgrade to RealPage to get the functionality they desire.

Pros

  • reputation for good customer service
  • a recently updated user interface that is easy to use

Cons

  • the rent rolls are very basic
  • no lease abstraction
  • cannot handle multiple tenants in a single space, so users have to do a workaround for student housing or assisted living

Appfolio

Appfolio is a publicly-traded company that originally was an abbreviation for “Application Portfolio” their software is best known for its focus on multi-family units.

Pros

  • ideal for multi-family operators that do not have other property types in their portfolio
  • exceptional tenant contact system
  • offer easy webpages that are prebuilt

Cons

  • no rent rolls
  • no lease abstractions
  • cannot handle multiple tenants in a single space, so users have to do a workaround for student housing or assisted living

Released

Released is primarily for Office and Multi-Family, they are more of a task management system and a Re-Tenanting organizer.

Pros

  • integrates with Xero and QuickBooks online
  • good automation of workflows

Cons

  • Is an add-on system rather than a standalone system
  • does not handle any delinquency, Percentage Rents, CAM recs.
  • no lease abstraction
  • no bank-ready rent rolls

CoStar Property Manager

Part of the CoStar family, they incorporate their data from LoopNet to offer more insightful property management software. They are mainly focused on large corporate investment firms.

Pros

  • designed for larger firms

Cons

  • costly
  • limited integrations

PropertyBoss

PropertyBoss specializes in student housing and is designed to be a rental property management software.

Pros

  • integrates with Quickbooks
  • offer website building, accounting, and IT services

Cons

  • no commercial management features
  • no lease abstraction
  • cannot handle multiple tenants in a single space, so users have to do a workaround for student housing or assisted living

RentManager

RentManager is best suited for residential properties and offers accounting, reporting, and business operations features.

Pros

  • offers a large number of possible integrations
  • offers accounts payable through PayLease/ZEGO and AvidXchange

Cons

  • not well-suited to commercial properties
  • poor user experience makes it difficult to use

Leasecake

The main focus of Leasecake is managing leases. The software includes notifications for key dates.

Pros

  • Easy to use notifications
  • Tool for managing lease dates

Cons

  • is very costly
  • has a limited feature set

Buildium

Buildium is designed for use with residential properties in particular.

Pros

  • Simple to use
  • Gives notifications for key dates

Cons

  • no commercial management features
  • no lease abstraction
  • cannot handle multiple tenants in a single space, so users have to do a workaround for student housing or assisted living

RAAMP

RAAMP is the only property management software platform that is lease-centered and serves as a complete operational suite for commercial real estate (CRE). The source of revenue in CRE is the lease, thus RAAMP is designed to help real estate professionals capitalize on what matters most, revenue.

Pros

  • dynamic lease abstraction
  • dynamic rent rolls
  • property management
  • file management
  • CRM (customer relationship management)
  • Accounting
  • Smart notifications and reminders
  • insurance compliance
  • property analytics
  • task management
  • GIS mapping

Cons

  • Not well-suited to companies with less than five properties/leases to manage

Pricing

Property Management Software is priced based on the kind of package and features your business needs. For example, buying a higher tiered package might be best for someone who manages multiple properties or types of properties. It’s also key to pay attention to the services offered. If the software suite doesn’t meet all your needs there will be additional costs in the form of add-on products or additional software applications from other vendors. It’s important to know how different software packages are hosted. Some applications exist only on your own server or local computer, while others exist entirely in the cloud. Many of these Property Management software platforms come with apps that are on only available as cloud-based software. This software allows you to access the app from any web browser.

It’s important to keep an eye out for the hidden costs. Some software requires additional fees to maintain the software meaning you might have to pay just to update the software in order to keep using it. In addition, the software might not come with customer service depending on the package you purchase. This could leave you on your own to troubleshoot the software and any problems you might encounter.

FAQs

What Questions Should I Ask Vendors When Evaluating Property Management Products?

    • Is a premium subscription right for me?
    • How will this improve my business?
    • Does this come with unlimited users for my team and me?
    • What features does this product come with?

What Are Some Drawbacks I Should Watch Out For?

    • Drawbacks to watch out for include the lost time and revenue resulting from selecting the wrong solution.
    • Unexpected Fees.
    • Software is only helpful when it’s actually being implemented. Is this software difficult to use? Will you and your team leverage the features?

How Does Property Management Software Work?

    • Property management software is a one-stop-shop for your business. You’ll be able to use the property management solution software to keep track of lease abstracts, dynamic rent rolls, customer relationship management, file management, task management, a tenant portal, property analytics, accounting, and insurance compliance tools.

How Much Does Software Cost?

    • Software costs depend on who you’re purchasing the software from. Prices vary based on the provider.
    • It’s important to look out for additional fees from the provider. These fees might include a monthly fee or a setup fee.

Does QuickBooks have property management software?

    • Yes and No. QuickBooks Desktop allows you to set up a company file that lets you run your property management business and do tasks such as receiving and tracking rent from tenants, paying property owners and management companies, fees, and overhead charges for property maintenance. That said, it lacks functionality for unearned revenue or CAM reconciliations.

How do I Choose The Right Software For Me?

    • Choosing a software is a personal choice and should be based on the needs of your business. Be sure to research all your options!

Conclusion:

Businesses actually need more than just property management software. In reality, you need a full operational suite. You could cobble together a dozen different apps or pieces of software along with spreadsheets and cabinets full of paper files, OR you could have everything in one place–ONE single source of truth.

What You Need To Know Before Purchasing Property Management Software

Purchasing Property Management Software: What You Need To Know

We’ve all been there: you have a million things to do and you decide to purchase a property management software suite to make life easier for you and your organization, but you’re not sure what to get. You do a little Googling, and you’re no closer to knowing where to even start. These are the things you need to know.

What property management software can do for you (and what it can’t)

Property management software is designed to replace outdated and analog processes that are time-consuming and fraught with the risks of human error. It allows you to manage tenants, leasing, invoicing and payments, maintenance and repairs, manage files, and more. The software you choose can cost you anywhere from a couple hundred dollars to a couple thousand, depending on the level of features and ease of use you need. If you manage more than one or two properties you really need to take this decision seriously.

Here’s what we recommend: a lease-centered approach to property management software. After all, the very source of your revenue are the leases, EVERYTHING ties back to the lease. All the leases for the properties you manage need to be tracked, understood, and leveraged intelligently, and this is where RAAMP comes in. We have the ONLY software that understands this critical profit center in your business.

The right property management software will save you and your company time and money while ensuring you spend less time on crisis management and more time focusing on growing your business. While it can’t “put out fires” for you, it will help prevent those fires from starting. That is best accomplished with an all-in-one platform providing you and your business with one single source of truth.

Understanding the different types of property management software available

When it comes to your finances, choosing the right property management software matters. There are several options to consider, and you must choose the right one for your individual needs. Below are some of the different types of property management software.

  • Some property management software is focused on only parts of the business such as collecting rent and maintenance requests while having no features for accounting or insurance compliance.
  • Retrofitted Residential software: These software products have been retrofitted to accommodate commercial leases, and often they don’t have bank-ready rent rolls and often simply show occupancy as a ratio rather than by a percentage of occupied SF.
  • Legacy Enterprise solutions that typically are no longer updated or supported in any way.
  • The new approach, being pioneered by RAAMP, is lease-centered and is a complete operational suite rather than a stand-alone tool or set of tools.

How to choose the right type of property management software for your needs

When choosing a property management software solution it’s smart to think about your day-to-day challenges. What things are taking up lots of time or causing lots of stress? Are there repetitive tasks that software can take off your plate? What are your business goals? Do you have time to work toward them, or are you so busy working in your business that you don’t have time to work on your business? Here are some key things to look at as you make this decision:

  • How many leases you manage and what you do to keep up with them.
  • What types of properties are in your portfolio? How are you accommodating for the unique demands of each type?
  • How do you track insurance compliance for your vendors and tenants? Are you using a spreadsheet or do you have something your whole team can rely on?
  • How are you managing your documents? Can you find what you need quickly? Is it searchable, or are you sifting through file folders?
  • What are your accounting challenges? Do you really understand your complete financial position?

Why you need to think about scalability when choosing a system that will grow with you as your business grows

Consider this: your business has changed. Everything has. Have your operations and processes been able to keep up? The truth is this — we all are bound by one, immovable limitation: TIME. While your business adapts, grows, and progresses you still have 24 hours every day, and you’d probably like to spend some of those hours doing something outside of work. Your business can grow without the growing pains if you have the right tools. You should be thinking about scalability when choosing a system that will grow with you as your business expands. Ask yourself these questions as you evaluate your options:

  • Think about what the platform is intended for, does that align with your business now, and in the future?
  • Are you willing to go through a migration process in the future to save a few dollars today?

Is your software going to help you do the right thing?

Whether you’re renting, or managing rentals, you want to make the most of your time and money, and property management software will help you do just that. After all, managing a property is a full-time job, so you can’t afford to invest in an inferior system that requires more work and has hidden costs. The wrong property management suite can put you at risk rather than helping you avoid it. Some potential pitfalls include:

  • Inaccurate rent rolls that cost you money and lead to maligned tenant sentiment
  • Not tracking insurance for Vendors, Tenants, and Properties, taking the liability from the insurer and placing it on you. Subrogation is never a good word to hear.
  • Fire, water, or blood. You need to have an accurate Contact at the property and tenant level. If you don’t have an integrated CRM you might not know who to call.  

Conclusion

The good news is that there is a better way to help property managers and owners run their businesses more efficiently. So, whether you need to take on a new project, create new processes or just update your current setup, let us help you choose the right software for your needs.