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Property managers of affordable housing programs face tons of obstacles when managing their properties.
To assist with this, property management software has been tailored specifically for Section 8 and other subsidized programs.
In this post, we discuss why such specialized software is necessary to handle the complexities involved, what features are essential in choosing a program, list popular solutions on the market today, plus offer tips about selecting an appropriate one based on individual needs.
The Importance of Software
Affordable housing properties require a special type of approach to efficiently manage them.
Property management companies now have access to cloud-based affordable housing software, or property management software, which simplifies operations, reduces costs, and enhances tenant satisfaction.
This type of affordable housing property management tool doesn't need the user to own or maintain any computer hardware, making it extremely cost-effective for all types of businesses related to managing these kinds of homes.
Challenges in Affordable Housing Management
Affordable housing management comes with many difficulties, including adhering to regulations and tracking tenant income information. Property managers must know fair housing laws, tenant rights, and landlord-tenant protocols to prevent legal problems.
Streamlining the process for gathering data, such as pay stubs and bank statements, can take up time, but using property management tools helps ease this burden.
Tenants can submit maintenance requests via renter portals, allowing landlords to promptly address any necessary repairs or cleaning. This streamlined process minimizes inconvenience for both parties.
Benefits of Specialized Software
Using affordable online property management software, property managers can gain numerous advantages, like automating rental/leasing processes, accounting duties, building upkeep tasks, and communication and marketing activities.
This provides significant time-saving opportunities for the ones managing real estate properties.
With such management software, they can keep up with regulations while at the same time offering tenants a greater level of services which then leads to higher satisfaction levels among them all!
Key Features to Look For
When shopping for affordable housing property management solutions, it is important to look into the features that will help tackle issues specific to property management, such as the following:
- Expense tracking
- Maintenance requests/work order organization
- Online rent collection
- Financial reporting
- Tenant and owner portals
These features are all necessary components that allow the proper functioning of operations within your business.
Now that you understand the needed functions of property management software, let's discuss the top software solutions in the next section.
Top Affordable Housing Property Management Software Solutions
DoorLoop
DooorLoop is an affordable housing property management solution that helps make overseeing your properties easy. It allows you to:
- Track rent payments and subsidies.
- Connect any bank account to collect and reconcile payments all in one place.
- Send announcements to all tenants at once or communicate individually via email, phone, or your secure tenant portal.
- Receive maintenance requests, store files safely, and run custom reports to stay more organized than ever.
- Collect rent and other fees online and in cash
- ... and so much more
Pricing
DoorLoop's pricing starts at just $59 monthly for your first 20 units!
Schedule a free demo today to see what it's all about.
MRI Affordable Housing
MRI Affordable Housing is an online platform that simplifies managing affordable housing units, helping property managers stay on top of local, state, and federal compliance requirements.
It offers efficient tools such as dashboards for improved management with tenant services with housing assistance.
Pricing
MRI Affordable Housing does not display its pricing online, so you'll have to contact the company for that information.
RealPage Affordable Property Management
RealPage Affordable Property Management is for those dealing with affordable housing.
It has tools that assist in the process of rent collection, tenant subsidies, and certification simplification, which all help ensure tenants abide by regulations whilst ensuring high satisfaction levels.
Its other features include:
- Facilities Management
- Spend Management
- Utility Management
- Sustainability Services
Pricing
RealPage is another company that does not display its prices publicly, so contacting them directly is the best way to get pricing information.
Rent Manager
Rent Manager is a good affordable housing property management due to having great accounting features and a convenient smartphone app.
Some of their features include:
- Good accounting features
- Tenant portal
- Smartphone app
Rent Manager pricing
Rent Manager doesn’t list their pricing online (which generally means they offer higher-end, enterprise pricing), so you’ll need to contact them directly to learn more.
AppFolio
Appfolio is a well-rounded property management tool for residential and commercial properties with a few unique features, such as smart bill entry.
However, you’ll pay a higher-than-average price for those features, as it comes with a $250 monthly minimum.
Some of their features include:
- Automated late fees
- Good reporting tools
- Owner and tenant portals
- Smart bill entry
Appfolio pricing
Appfolio offers anywhere from $1.40 to a higher-than-normal $3.00 per unit per month. However, they have a $250 minimum monthly payment, making it one of the lease budget-friendly options on the list if you have less than 250 properties.
Tips for Choosing the Right Software
For selecting suitable and cost-efficient property management software for affordable housing, here are some handy tips.
First, evaluate the property portfolio you manage to understand your specific requirements.
Second, create a reasonable budget plan to ensure it is financially viable in the long run.
Then establish what features should take priority according to their value when using this software solution.
To try out how simple or user-friendly the platform may be and if it suits your purpose, go ahead with demoing as required before the purchase decision-making stage completes.
Assess Your Property Portfolio
Assessing your property portfolio is the key to finding software that meets all of its unique demands.
Investigate what features you require and study available solutions for comparison purposes.
Keywords such as pricing or functionality should be taken into account when analyzing each option. This way, it'll become easier to decide upon a solution suitable for your needs in terms of property management.
Determine Your Budget
When selecting affordable housing property management software, creating a budget is key.
Establishing this will aid in preparing for the future and making sure that you can afford the chosen system while effectively controlling income/expenses through predictions and appraisals.
To construct your financial plan accurately, start by evaluating your rental portfolio, and choosing which capabilities are necessary to have an informed decision avoiding wasting money on unacceptable programs.
Prioritize Essential Features
Choosing affordable housing property management software requires that you determine the essential features and prioritize them accordingly.
Ensure that these are provided by a particular vendor before settling on one, to avoid spending extra for unnecessary features.
Consider compliance management, tenant income tracking, maintenance requests, and work order management when searching for such a solution; this will guarantee your business finds exactly what it needs in terms of suitable software.
Request a Demo
Prior to taking the final call on selecting affordable housing property management software, it is wise to obtain a demonstration or trial in order to get an accurate feel of how the software operates and its functions.
This helps you verify if this particular tool suits your needs, along with making comparisons between different products available.
When asking for such demo/trial access, be sure to make a list of questions ahead so they can easily be posed during discussion time.
Once beginning either a demo or trial period, take notes to ensure the maximum benefit from the experience.
Bottom Line
Now that you know how to choose the best property management software for your needs, you're ready to start your journey!
With a comprehensive accounting suite, streamlined cash and online payments, in-app communication options, easy work order management, tenant and owner portals, screening and marketing tools, and additional features, we believe DoorLoop is an all-in-one solution that can work for you.
Regardless of which rental property management software you choose to support your business, we hope this guide helps you in your property management journey!
Check out DoorLoop's features, determine its cost with a handy pricing comparison calendar, and schedule a free demo today to see how it can benefit you!
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