In the world of modern real estate and the rental market, property managers and real estate professionals have a lot to contend with- and technology is helping make life a little easier. Finding software that assists with the ins and outs of property management in the 21st Century can be game-changing- as long as it is the right fit for your business.
PayProp is one possibility. The following overview takes into account the features, costs, and benefits based on verified user Payprop reviews and the general details of the platform. Hopefully, it helps people decide whether or not it is the choice for them- and if not, we have provided a few alternatives.
What Is PayProp Property Management Software?
In short, PayProp is a type of property management software that specializes in all things payment and finance related. The key management usage revolves around transaction handling in and out- and the reports and procedures that go along with it.
It is primarily aimed at small to mid-size business owners handling rental properties- but can also be used by real estate agents who want a better way to manage rent payments.
Accounting and Payment Service
Akin to having professional accountants preparing statements- PayProp applies leading technologies and amazing software to handle all your accounting needs. It works with a wider network of bank accounts to streamline the process and make it easier for tenants to pay.
Keep track of relevant tenant activity with the PayProp tenant management features. Monitor lease dates, upcoming payments, late fees, and more.
As well as managing current tenants, you can also keep track of the progress on your unoccupied properties.
The accounting tools go beyond the usual systems to include full tracking, monitoring, and budgeting of your expenses.
There is no public information shared regarding the exact costs for PayProp. Based on the request form for people scheduling a demo, it seems that prices are customized to specific plans.
That said, the overall rating for affordability based on user reviews is quite good- so it may be worth asking for a quote.
Does PayProp Offer Anything Free?
Yes- there is a free demo and product tour for prospective clients to try before they buy.
PayProp Pros and Cons
To help you decide if PayProp is a good fit for your property management team, we have highlighted below the top pros and cons of the system.
PRO: Fully Automated Payment Processing
There is no denying that the PayProp rent collection process is highly efficient and streamlined. Everything is automated from beginning to end- cutting down on your workload. It also lowers administrative costs- and PayProp eliminates inefficiencies in the process.
PRO: Great Remote Working Possibilities
Being able to work remotely is a major advantage for any small business- especially for property management teams. Some traditional software vendors offer limited mobile access- but PayProp works on the go from multiple devices.
CON: The Statements Provided are Very Complex
Some users reported that even professional accountants took some time to figure out the statements on more complicated tasks such as clients' annual block accounts. It does seem like these reports and block management usage can be customized, however, so it could be an easily avoided issue.
CON: Lengthy Setup Process
It takes a while to get PayProp fully integrated and up and running within your business. There is support available to help get things started, but it is not the most straightforward procedure.
CON: Some Limitations in Customer Service and Ease of Use
Several user reviews repost slow responses to customer requests for support- and given that parts of the system are not quite so user-friendly, it can lead to delays in getting things done.
That said, other users loved the customer service- so it could depend on when you contact them.
Top Three PayProp Alternatives
PayProp has some stiff competition- particularly in the field of accounting for property managers. Here are three alternative options that come highly recommended and offer excellent features in this category.
We understand what property managers need from their software- because we provide it all. DoorLoop is a robust program with top-rated features that make every element of the job a little easier.
- DoorLoop has a full suite of advanced accounting tools- and offers integrations with QuickBooks.
- Communication is easy through mobile devices or desktops. Speak with clients, connect with the team, and stay in contact with vendors.
- There is also an excellent online rent collection and payment portal.
DoorLoop is a highly affordable platform- at just $49 per month. At this price, you can work with up to 20 properties- and there are higher price plans for a large volume of units. What's more- you can try it for free by scheduling a demo.
In second place is Propertyware- another program that predominantly focuses on accounting and payments.
- The platform offers excellent and varied accounting tools- including automated payment reminders, report building, and management of outgoing payments and incoming payments.
- It also has a dedicated owners' portal where you can manage everything from online maintenance requests to move-out inspections.
Propertyware is a bit pricey compared to some platforms. The subscription costs range from $1-$2 per unit per month- but there is a monthly minimum spend of between $250 and $450- depending on the plan you choose.
Our third choice alternative is Innago- a budget-friendly software package that offers accounting tools alongside other things to help property owners manage their rentals.
- There is a decent accounting package.
- Your tenants have a portal they can use for all communication and requests.
- Manage maintenance work quickly and easily through the platform.
Innago is party free with some additional paid services. The subscription itself doesn't cost anything- but some of the fees include 2.75% of all debit payments made and a $2 fee per ACH payment.
The PayProp logo shows up time and time again in the search for a great accounting program for property management, and it is a leading choice for handling rental payments.
Property professionals who want a more complete package for their daily tasks should consider DoorLoop. Affordable, user-friendly, reliable, and advanced- DoorLoop ticks all the boxes for accounting, tenant interactions, and the complexity of managing rental property in 2023.
You can try it out through a scheduled system demo- arrange yours now!