Are you thinking of using Property Matrix as your property management software?
It's a decent solution for residential property managers, but there are many options on the market.
How much does Property Matrix software cost compared to the competition? What are the pros and cons of it? What features are available? Should you choose this one, and what do other property management companies say about it?
We will dive deeper into these questions and get a comprehensive look at Property Matrix in our review. Whether you're shopping around or want an alternative, you'll find it here. Let's get started!
What Is Property Matrix Property Management Software?
Property Matrix is considered a user-friendly and easy-to-use property management platform. It was created to make people's lives easier, especially for property managers and owners, though tenants will like it, too.
The property management tool is equipped with tons of automation capabilities and powerful features, so it helps companies save time, work faster, grow the business, and increase efficiency.
Likewise, the property management software can deliver online payment processing options so that users can collect fees and rent from tenants by check, credit card processing, and ACH without worrying about processing and transaction fees.
Plus, users can scan checks and automatically deposit money into the bank account or print checks as needed.
There's an enterprise accounting solution from Property Matrix that will handle complex or tedious accounting tasks and processes. Users can quickly enter and track their transactions or manage various sets of books.
Likewise, transactions are broken down into line items that you can edit, allowing users to track the transaction history based on categories and more.
Overall, the accounting solution can process multiple payments from vendors and tenants, set up different leases for units, manage multiple tenants from one lease, and send customizable and easy-to-read owner statements.
You can easily gather different information from your staff, applicants, and tenants using Property Matrix. Plus, it's easy to track through custom fields. Likewise, you may create automated workflows and tasks to generate actions based on specific conditions.
For example, you may automatically create maintenance requests when a tenant moves out or email notifications when tenants make payments. This software provides document management features, such as creating various forms and automatically filling them in with information.
There's also check scanning, bill scanning, and electronic signatures. Plus, you can track conversations and notes from staff.
Most people like that Property Matrix is a communications hub that also organizes your important documents and keeps everything in one place. Likewise, users can design websites and post vacancies, capture prospective tenants, get information from them, and handle online applications.
The software features online portals that let owners look at financial statements, lease documents, and other information related to the properties. Likewise, tenants can submit maintenance requests and pay rent.
Property Matrix Features
Whether you're a rent manager or property manager, you want all the features you can get for a fair price, and Property Matrix offers this to you. Here are some of the features you'll enjoy:
Enterprise Accounting for Property Management Companies
Property Matrix has an enterprise-class accounting solution that makes it more powerful as property management software. The software helps you manage your complex processes and eliminates the need for third-party accounting tools or workarounds. It doesn't matter how many units you handle; the solution will ensure it takes care of the accounting tasks for you.
Automatic Actions and Triggers
Customization is what Property Matrix is all about. There's one interesting feature you should know about that will automate your property management tasks. The built-in trigger-condition-action option lets you create conditions that take specific actions automatically when those criteria are met.
Through the system, you can automatically get emails when tenants pay rent online, send late payment emails to tenants who are past due, and generate maintenance request tickets when tenants move out. Overall, this is considered an enterprise-class accounting and maintenance system that does it all!
Comprehensive Document Management
Most users need a comprehensive management system for their documents. This will help you organize, generate, and send documents to vendors, owners, and tenants. For example, you could attach a document to an email message and send it directly within the tool.
Plus, Property Matrix makes it easier to search for your documents because you can tag them when you upload them to the software. Then, you may preview them in different formats.
Create Custom Reports and Forms
The document management system from this property management platform allows you to create various forms that you can then customize. They include leases, notices, contracts, and legal documents. Plus, users of Property Matrix can generate forms with the built-in editor and customize the designs or use formatting that matches their company's branding.
Overall, the office and maintenance guys will be able to get documents with ease, and you can make them look professional effortlessly.
Using Property Matrix will help you prepare bills and invoices while collecting payments for your recurring transactions. You'll create recurring invoices for vendors and tenants, making adjustments whenever you want. For instance, when you add a rent increase, you can adjust your bills and apply the changes to any future invoices.
With this function, you can also send payment reminders and schedule them while you prepare recurring bills and invoices. Scheduling these things can be useful to help tenants avoid extra charges. However, when they are incurred, you may add them to the bill effortlessly.
Organize and Track Your Transactions with Line Items
The accounting functions from Property Matrix have a line item feature. This lets users organize transactions and break them down into line items. Therefore, you can drill down and get to the details of your management fee, bill, invoice, and much more.
You can categorize the line items and the information contained to edit them, as well. For example, line items might be associated with other companies, sets of books, different accounts, or multiple properties.
If the tenant sends the rent payment, this software applies it to the many income accounts. When vendors send a bill for services on multiple buildings, users can use line items to apply the bill to the right locations. Therefore, it's easier to streamline tasks, but you also increase productivity and track finances more efficiently.
Manage Book Sets
The accounting tools from Property Matrix allow property managers to handle different sets of books for multiple properties and companies. You can create them, and each owner or company has a separate balance in their accounts. Plus, it's easy to generate individual reports for each set of books or multiple sets as needed.
Custom Fields to Give a Tenant Tracking Function
Property Matrix offers another customization feature that many people like. You can easily track and collect important information relating to units, leases, prospective tenants, and buildings. It lets you set different custom fields, which are used to specify the data entered or included in reports, forms, and notes.
Overall, the information you select or add in the custom fields will trigger automatic actions. If you want to track the conversations or notes from your staff, the custom fields will help you do that. This ensures you can see what was written, by whom, and when.
Collect Your Electronic Signatures
Within the document management system, you'll find a great document signing option. Owners, vendors, and tenants can electronically sign their documents immediately. Plus, you can set up automated actions and conditions, allowing you to send the information from the online platform quickly.
Once the documents are signed, you're notified with the same automation feature. Those signed documents get stored in the profiles matching the signatures and are also available in the communications hub. Therefore, it's easy to retrieve or access them as needed.
Automatically Fills in Data
When you choose the Property Matrix product, you can use the existing documents, customizing them to create whatever forms you want. It's possible to scan a PDF document, upload it, and drag/drop data fields into it. When they're placed, the software will automatically insert data into the fields while the form is sent.
That can be quite helpful because it will fill in the data, such as building and unit numbers or whatever custom fields you set up.
Property Matrix Pricing Plans
Before you can become a Property Matrix user, you must choose a package. Standard, Ultimate, and Enterprise are your options.
With the Standard plan, you'll pay $450/month and can have 225 units. You'll get various features, such as enterprise accounting, maintenance, custom reports, unlimited phone customer support, marketing, and portals. Likewise, there's automatic action, custom labels and fields, and much more.
Then, there's the Ultimate plan, which costs $550/month for 225 units. You'll receive the Standard features and also check scanning, e-signatures, a mobile app, and credit card/ACH.
Finally, you have the Enterprise plan from Property Matrix. You'll pay $1,400/month and get 800 units. However, you'll only pay $1.60 more for each additional one. Likewise, you'll receive all the features and unlimited customer support by phone.
Does Property Matrix Offer a Free Trial?
It doesn't appear that Property Matrix offers a free trial at this time. However, you can request a demo of the service, and there's a money-back guarantee if you're not happy.
Property Matrix Pricing: An Overview
Overall, Property Matrix is a great software option, and you'll get a wonderful customer support team on your side. However, the price is extremely high. Though there's an accounting tab and lease tracking, there are likely better options.
Property Matrix Review: Pros and Cons
Now that you know what Property Matrix offers and the price you'll pay, it's important to review the pros and cons. These were taken from user reviews, so you get peace of mind knowing that these people already chose Property Matrix, and these are their words.
Pro: Great Customer Support for Property Managers
When you choose Property Matrix, you'll have a customer support team on your side. Many people have said they received help, and it's always the same person, though that's not likely for every user. Still, the technical support is decent, and you can ask questions and get feedback about the entire process.
Generally, there will be a few minor nuances you'll have to add if you're part of a small management company, but you'll get the hang of things quickly.
Pro: Very Thorough Software That's User-Friendly
Property Matrix stands apart from the crowd because it does so many things. Whether you deal with property maintenance or need credit-screening software, this product does it all and is user-friendly to boot. Still, you may need to talk to someone, but they respond in a timely manner.
Con: No How-to Briefs
A few people found Property Matrix to be lacking in training manuals and how-to briefs. You may have to research online to understand the system. However, others did say they had such an awesome instructor who handled their concerns quickly and efficiently. If you're pretty tech-savvy, you shouldn't have any problems, but there could be a learning curve.
Con: Can Cause Miscommunication
One user claimed that there is still much to be developed on Property Matrix. Though the messaging feature is nice, it could lead to miscommunication with tenants. In fact, you might come across as unprofessional, so it might be wise to use another system and integrate it with Property Matrix.
Overall, messages won't bounce back if you use an incorrect email address. Plus, you won't receive notifications of a reply and must go and check to see if the tenant responded.
Con: Time-consuming to Upload Information to the Property Matrix System
While Property Matrix can keep all the information in one spot, it will take time to upload it all into the system. Many users have complained about the slow speed, though this somewhat depends on the internet connection and other factors.
3 Competitors to Consider
It's important to understand what Property Matrix can do for you, and you've focused on that up until this point. Though it's a great option, it can be pricey. Therefore, you may want to consider a few Property Matrix alternatives that might be cheaper and have more training to help you ease into using the software. Let's check them out now!
If you are looking for something user-friendly with excellent customer support and a fair price, you should consider DoorLoop as your property management software. You'll receive the best services possible, and it's an all-in-one tool that offers everything you could possibly want.
With DoorLoop, you'll get:
- Automation for Rent Collection and Rental Management - If you're tired of demanding rent and collecting late fees, you need DoorLoop. Tenants can automatically pay you when rent is due, which takes the hassle out of rent collection. Plus, they can pay by cash, check, ACH, debit card, and credit card. You will also be able to track overdue and paid rent or send automated reminders.
- Accounting - DoorLoop might be the best rental software because you can run customized reports, track cash flow, and use various accounting features. Plus, you may connect it to your bank or sync it with QuickBooks to make life easier.
- Handle Vendors and Maintenance Requests - Receive maintenance requests from tenants online with DoorLoop. Plus, you can assign work orders, issue 1099s, and automatically send payments to the vendors!
DoorLoop doesn't require a significant start-up fee like Property Matrix, and you can get started with 20 properties for just $49/month. If you're ready, consider scheduling a free demo to see what this property management software can do for you!
SimplifyEM is designed primarily for small and medium-sized companies. You'll find reminder features, and the accounting tools are pretty decent. Therefore, it's a great choice if you're focused on accounting and like to remind people about rent payments to avoid confusion.
However, it's not a full-service option for accounting because it lacks key features. Still, you can integrate with QuickBooks and others. Overall, we would say the customer support team isn't the easiest to get in touch with, but it's possible.
Here are a few features to love from SimplifyEM:
- Vendor management
- Document and lease tracking
- Basic accounting features
- Scheduling and reminder tools
The basic plan for SimplifyEM costs $25/month for 10 units, and it goes up from there. Overall, you pay based on how many rentals or units you have.
Rentmoji is an excellent choice if you want something simple to collect rent and track payments. It's a mobile app that delivers basic accounting tasks, such as rent tracking. However, it offers tons of integrations, so you have more capabilities. Plus, the customer support team is excellent!
Here are a few Rentmoji features to consider:
- Tons of integrations
- Maintenance management
- Tenant communication through the app
- Manage, track, and automate your rent payments
Though Rentmoji is only a mobile app, it's still pretty expensive for what you get. The brand doesn't offer public pricing, so you must contact the company directly to see what you might pay. However, there is a free demo!
If you've been purchasing rental properties as a way to make passive income, it's crucial to choose the right property management software possible. While Property Matrix software is an excellent solution, it is quite expensive, though you get tons of features, such as great customer support. However, those who want a reasonable price will likely prefer DoorLoop.
- Excellent customer support from a team dedicated to you
- Full maintenance order management system
- Full accounting suite
- Automatic rent payments
- Easy communication tools
- Tenant portal
- Fast UI that's easy to use
- Owner portal for reports and check printing
- Much more
It's time to take things to the next level, and DoorLoop will help you streamline the process. You'll save time and money, get peace of mind, and have an online business partner to ensure you grow and expand. Are you ready to see what it can do? Schedule your free demo today!