Property management software is no longer a luxury. The majority of property managers and management companies would agree that it is now a necessity.

Condo and HOA software has evolved so much over the past few years. SaaS companies have paid close attention to the needs of property managers, and the trends impacting community associations. As a result, software systems are far more thoughtful, comprehensive, and user-friendly.   

Table of contents

• Myth #1 – Property management software is too expensive
• Myth #2 – Property management software is only for big companies
• Myth # 3 – Property management software will be too hard to use
• Myth #4 – Property management software will compromise security
• Myth #5 – Property management software will become less useful as it ages

But, some managers and management companies are still without software. Maybe it’s because you’ve tried a program in the past and didn’t see results. Or, perhaps there’s just not enough money for another expense.

We’d like the opportunity to change your mind about property management software. Let’s start by unraveling some common myths.  

Myth #1 – Property management software is too expensive

Money is already tight, and your communities won’t agree to cover more costs. Property management software just isn’t worth it.

Truth

The right property management system is absolutely worth the annual fees you pay.

We get it. Spending money is hard right now, and the best platforms are not free. But there is real evidence to show that when used correctly, property management software can pay for itself.

A large self-managed HOA in Maryland decided to switch to Condo Control after the work involved with using multiple software solutions proved to be too much. Not only did the team reduce its workload, but the HOA saved more than $100,000 by sending notices and communications electronically.

A property management company operating out of Illinois reduced labor costs by 50% and increased maintenance completion rates to 99% with the help of Condo Control. The software supported the company’s sustainability goals while also enabling it to provide a high level of customer service, all without breaking the bank.

Software makes it easier for managers to stay organized and keep up with workloads. The physical paper records and manual tasks are drastically reduced, giving managers time to focus on more significant tasks. Plus, customer satisfaction goes up, and that is certainly worth the money.  

Ironically, it’s free software that ends up costing you more. While there are some good free tools out there, free management software is either ineffective, slow, and/or full of ads. No one wants to use a system like that.

Myth #2 – Property management software is only for big companies

While you are busier than ever, you’re not sure that property management software will actually make a difference for your company or your clients. Plus, it’s harder to justify a big expense when there aren’t 5,000 people using the platform.  

Truth

Property management software is beneficial for companies and communities of all sizes. It can actually give a smaller company the boost it needs to scale operations successfully. Plus, when used correctly, software can give you a competitive edge over larger companies that have less comprehensive technological tools.

Many software companies offer smaller clients a more competitive rate because they understand that financial constraints exist.  

Myth # 3 – Property management software will be too hard to use

You don’t describe yourself as tech-savvy and there is no way that residents in your communities will get the hang of a software program.  

Truth

Unfortunately, some property management programs won’t do what they said they could do, creating frustrations and new problems for everyone. However, other platforms do prioritize the user experience. And the results are fantastic.

Managers are relieved by how simple it is to share an announcement or update an account balance, and many actions can be completed on a mobile app.

Moreover, if you do run into trouble, you should be able to reach out to a support team for help.

As for owners and residents, if they can use social media, they can use property management software. The mobile app is always a big hit with residents, and most self-serve tools are available to them there.

When shopping for software, make sure to ask to see how it works, as well as what happens when something doesn’t work.

Myth #4 – Property management software will compromise security

While paper records, physical letters and traditional voting methods are cumbersome and inconvenient, at least they are safe. When these things are brought online, they are more vulnerable to cyberattacks or data breaches.  

Truth

There is always a chance that a malicious person will tamper with electronic votes, emails or data.

However, physical records and ballots have other vulnerabilities. For example, it’s probably easier for someone to submit fraudulent paper ballots than it is for them to cast electronic ballots. Similarly, natural disasters could wipe out your entire archive in minutes.

Papers get lost or misplaced all of the time. That’s not the case when documents are stored online. Cloud-based storage also allows authorized admins to access information from any computer, making it more convenient and accessible.

It’s generally safer to cast ballots and store records using property management software, but it’s crucial to choose a reputable provider and implement robust security measures, as sensitive tenant and financial data is handled.

SaaS companies take security very seriously. They know that if their clients’ data is jeopardized, they may not get a second chance to make it right. Check to see if the companies you have shortlisted employ these safeguards:

• Encryption – encryption transforms or protects information so that only authorized parties can decode it
• Firewalls – Firewalls are network security devices that let non-threatening traffic in and keep dangerous traffic out
• Minimum password lengths and password lockouts – The software should require all users to create passwords with certain security qualities. Furthermore, accounts should lock after a certain number of incorrect attempts
• Activity notifications – Every time an account is used on a new computer, an email notice should go out to the user. This way, they will be alerted to suspicious activity if someone has signed into their account without their permission
• IP tracking – Whenever an end-user logs into their account, the company records the IP address so that it can identify where the request came from. This can be useful if a security-related investigation is required
• Two-factor authentication – Two-factor authentication requires the user to submit two different passwords or codes in order to access their account. This extra step creates an additional protective layer

Myth #5 – Property management software will become less useful as it ages

The platform is great now, but what happens if your communities face new challenges or your client base expands?

Truth  

Property management isn’t stagnant, and your property management software shouldn’t be, either.  

Great software systems anticipate your future needs and continue to evolve. Condo Control adds new features every year, and improvements are made on a monthly basis. This keeps the software fresh and relevant, and ensures our clients always have a positive user experience.

We are currently incorporating AI so that residents and managers can interact more naturally with the platform.

The software also scales, so if your client base increases, the software will keep up.

Conclusion

Property management software has become an essential resource for property managers and property management companies.

By streamlining operations, organizing data, providing self-serve options to residents, and unlocking opportunities for additional revenue, management can expand their portfolios while taking client care to the next level.