RENT Magazine Q1 '22


With the right feature set, property management software can save you a lot of time and money.

It can also make your tenants happier too, which in turn, will help you retain better renters.

But in order to realize these benefits, the property management software you choose must have the right feature set for your business.

Last quarter (RENT ’21 Q4), we discussed the features and bonuses you should consider when choosing your new software. Now that you have an idea of what your ideal property management software platform should look like, the next question is, how much will it cost you? PRICING There are a variety of pricing models for property management solutions. It’s important to become familiar with these pricing structures so you can choose the best property management software for your needs - without any surprise costs. Unit-Based Pricing

Feature-Based Pricing In the property management software niche, this is by far the most widely used pricing plan. This type of pricing setup requires you to pay for specific features you want to use. These features can range from online rent collection, tenant screening, lease signing, customer service, listing syndication, and other critical features. This pricing structure can be a monthly fee, an annual fee, or a one-time fee. Unfortunately for landlords, this pricing structure is also primarily used by companies with multiple pricing models. This means that when you see this pricing structure, you are most likely going to have to pay multiple ways.

This structure is based on how many units you own or manage. Software programs using this structure will charge you on a unit-by-unit basis or when you reach certain thresholds (10 units, 25 units, 50 units, and so on). This type of pricing becomes more significant as you grow your business since each threshold or unit brings on more costs. Monthly Subscription This is the most common pricing layout across all software companies and is seen frequently in the property management software space as well. In this structure, you are paying a monthly fee to access the platform. These monthly fees can come in different plans, which typically allow you to use more features on the platform.

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