Navigating Today’s Property Management Software Options
Deciding on a PropTech Solution
Property management companies are faced with overwhelming technology options today. While you may be trying to reacting to customer requests or responding to the capabilities of the competition or taking the initiative to make organizational improvements, it is critical to consider which solution best suits your company’s needs and situation. Each technology solution brings with a host of specifications that need to be evaluated. These include the cost, time commitment, onboarding process, reliability, integration, security, support, scalability, technological requirements and more.
You can find a side-by-side comparison of the competitive software products you are exploring elsewhere on the Internet. I’d like to share my perspective on how I classify the proptech options available today and discuss the pros and cons.
The Proptech Stack Options
All-in-One Solution — One application for all tasks
Multi-Component Solutions — A separate technology for every task
Targeted PropTech Stack Solution — Targeted solution for specific tasks
Once a company has identified its needs, priorities and its current shortcomings, they can begin identifying which solution is best for them. Before jumping on board with the best-looking presentation, evaluate what each technology offers and how it can solve your company’s issues.
· How does it affect your current software? Will it conflict with existing tech?
· How does it integrate if at all?
· Will it provide a different set of competing data?
· Can it be tested before you buy? Is there a Free Trial?
· What does onboarding entail?
· How much effort will it take to begin using?
· What is the time commitment on your team? Who will need to be involved?
· What is the total cost of ownership?
· Depending on cost, what is the value?
· Is it scalable?
You don’t want to pay for software with features you’ll never use and over complicate and confuse your team. But you also don’t want software that does one small task and then sits alone all by itself.
The PropTech Stack- which solution is for you?
›· Multi-Component Solutions: Many technologies cobbled together.
Companies often add one software after another over time as the need arises. We need online applications, we need online payments, we need digital leasing signing, etc. Responding to consumer demands, the competition or just the business environment in this way creates a motley crew of applications that work independently or together to get the job done. The advantage of this arrangement means that a company can select the ideal solution for each aspect of their operations. They can custom-build applications, buy products off-the-shelf and add more as they see fit. This patchwork quilt approach however is also proven to be the most difficult to maintain. Companies can find themselves with communication delays and failures, security vulnerabilities, limited data sharing, excessive costs, overly complicated training, and more.
›· All-in-One Solutions: One technology for every task.
Take the flip side approach and select a large platform that claims to do it all. I’m not naming names here, but you probably are familiar with a few. While the all-in-one-solution simplifies some of your technology concerns and reduces some of the risk associated with communication failures, it can also severely hamper your ability to grow. These software packages tend to be generalists: Good at most things, not great at anything. They often lack critical features and only introduce new features once the technology has matured. They tend to be insular, not offering an open integration. This means you may be restricted on using other software providers as they prefer that you use their software for everything.
›· Targeted Solutions: A select group of applications
When you can find a solution that can simplify the stack, it is worth investing your time to learn more. A targeted solution aggregates several of the functions in your business to simplify the stack. It is a hybrid solution that combines several of the functions that can only really be found by purchasing separate applications. These systems focus on one particular aspect of the real estate industry’s needs by reducing many of the problems associated with the other PropTech stack solutions, such as integrations, multiple user experiences, simplified workflows, reporting and more.
About RentTango
RentTango is a targeted PropTech stack solution designed to simplify the property management industry’s listing to lease process. Our software targets the activities that surround the marketing functions and leasing transaction. It is designed to solve many of the problems the industry faces today.
We are razor-focused on helping property managers close deals. We understand that your business is unique and our software was built to be flexible and customizable to cater to each business’ individual needs.
We offer an innovative balance of standardization and customization: We standardize branding, emails, contracts, and other critical elements to give you the confidence that your operations are running correctly. Simultaneously, customizations and the ability to select preferences to tailor your workflows means that your team can adjust to the volatility of market demands and customer trends. Our software can grow and evolve with you.
RentTango delivers:
Listing Marketing — Get better at marketing. We score each listing to ensure images, floor plans, pricing, offers, open houses, etc., are included to ensure we deliver quality leads from the most popular listing websites. Use RentTango to send out customizable emails and place our customizable lead widget on your site, so inquiries get automatically dropped into RentTango.
Lead Management — Stop wasting time digging through your inbox to follow up with leads. RentTango puts all of your leads right in front of you. Neatly organized and prioritized with a clear progress bar, so you know exactly what to do next. Throw in our built-in marketing automation, and you’ll quickly see the power RentTango delivers.
Resident Screening — Reduce fraud and risk with our proprietary evaluation technology while remaining compliant. We use A.I. to reveal document inconsistencies, saving you time. We evaluate every tenant’s trustworthiness, financial stability, and identity, incorporating guarantors when necessary, and also give your executive team the ability to adjust the acceptance criteria and branding for each property.
Leasing and & Renewals — Close faster. Our leasing-specific deal flow helps your team know exactly what it takes to close the next deal. Use our innovative renewal process to expedite this arduous job by sending out individualized renewal offers in batches with unique pricing and offers. Get quick confirmation of your tenant’s vacating status so that you can begin pre-leasing.
Contract Management — The right document every time. With RentTango, there’s no waiting for docs to be updated. Manage the digital versions of your contracts and riders and make instantaneous changes anytime. All of the data gets injected into the document, limiting errors and reducing input time. Plus, our unique Document Tags ask custom deal-specific questions at signing.
E-Signing — Secure and easy to use. Your tenants will appreciate the convenience of our online, mobile-friendly platform. Send docs to sign, obtain payments and countersign contracts in the proper order. Check leasing activity to know each contract’s exact progress and send reminders to help close the deal sooner.
Analytics & Reporting — Gain more visibility to your operations with on-demand daily, weekly, monthly, and custom period reports. Get Insights in real-time– visualized in graphs and charts, or in a typical grid view which you can export to Excel. Dive deep into traffic, operations & performance statistics by the property, employee, or portfolio-wide.
Secure Robust Technology — We take security seriously. We use military-grade, national standard security frameworks to ensure your data is protected at all times. We utilize SSL encryption, multi-factor authentication and have obtained the latest certifications.
Made with ❤️ in NYC
