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.
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.
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.
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?
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.
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.
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.
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.
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 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.