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.
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.
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.
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.
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.
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.
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 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.