The real estate industry has started embracing software for seamless management and productivity. However, technology selection has not always been as easy. There are many software out there that are making their mark in real estate, but every business is different, and no two shoes fit two different feet. So, the strategy and leadership at your real estate business need to find out which particular property management software works best for you.
From getting customized software features to hiring the right tech expert to guide you through the integration process, you need to have all of it for a holistic SaaS integration. Our team at Assetsoft has provided real estate businesses with technology implementation advice and plans for decades.
How to Choose Your Property Management Partner
Even if you have a property manager on board, it may not be possible to manage all of your properties and units and manage tenants independently. You need the right technology selection in project management to streamline the whole process.
From tedious back office work doing accounting work to onboarding tenants, property management software can do a lot for your business. It will help you manage your properties efficiently and positively impact your ROI in no time. Modern property management software offers a wide array of features that can come to your use. Here’s a closer look at what the MRI software and Yardi software can do to help you choose.
A closer look at MRI software
MRI Software offers property management services that can transform the way communities live. Here’s how.
MRI Living
MRI Living is MRI software’s residential property management solution. This is the perfect software solution for property managers handling multi-family properties and has features to help you in every step of the tenant life cycle. From attracting prospective new tenants to handling their lease work or even automating the maintenance work, they have a solution for it.
MRI@Work
MRI@Work has a larger focus on commercial properties and office workplaces. This software solution can handle the bulky data work and commercial business and space management of places like retail properties, shopping malls, warehouses, etc. The commercial real estate market is volatile, especially after the pandemic, and MRI services can help you beat the pandemic blues.
Exclusive MRI software features
MRI is a property management software, but it has some exclusive features.
Online application management
The MRI software services help you open up a waitlist system for your online applications. This will help you filter through bulks of data, shortlist applicants without long phone calls, and do lots of data entry work. It can even flag duplicate or fake applicants and save time for your business by streamlining the whole process. Choosing tenants or your office staff can all be done by customizing this feature into your existing system.
Voucher management
Managing affordable housing work can be a daunting task, but MRI has a solution for all kinds of properties. MRI voucher management helps PHAs administer Section 8 Housing Choice Vouchers to keep track of program participants, collect their data, and manage payments and minor leases to speed up the process.
A closer look at Yardi software
Yardi software can be used for all kinds of real estate properties, from senior living homes, affordable housing, and multi-family homes to shopping malls and parks. Here’s a deep dive into its features.
Yardi Breeze
Yardi Breeze is fairly easier to integrate and use. They do not have very high-end technical solutions. At times, it is better suited for real estate companies just starting out on their PropTech journey. This is cheaper and has all the features for basic property management.
Yardi Voyager
Yardi Voyager needs software support and staff training to use; they have customized features and solutions for specific property management needs. This version of Yardi works best for bigger commercial real estate businesses.
Exclusive Yardi software features
Like MRI, Yardi too has its own exclusive features.
Automated CAM reconciliation
They offer a quick CAM reconciliation feature, they tall estimated CAM charges against actual CAM charges to avoid any discrepancies and charge tenants accordingly. CAM experts generally do this work, but Yardi offers a software solution to this.
Resident screenings
Yardi can help filter and run background checks on all tenants before onboarding. You no longer have to go through files of every prospective tenant and screen them before onboarding saving your team a lot of time.
Top Features of MRI and Yardi software
The top property management features are similar in MRI and Yardi.
Asset management
Each real estate property has numerous assets, and keeping track of their maintenance, conditions, and tenant feedback can get automated and save your property manager a lot of time.
Back office accounting
Back office accounting can be a tedious task with invoice checking, verifications, and matching all transactions to close books at month-end can be a lot of work. Yardi or MRI property management software can easily automate the back office accounting work.
Tenant portals
The property management software will offer you easy-to-use tenant portals where you can interact with your tenants, collect rent, look at their grievances, and provide immediate solutions to make their time feel valued and improve relations.
Real estate budgeting and forecasting
Budgeting and forecasting are crucial in any business, and the right property management software has proper analytic tools and finances and accounts tracking services that help them with your budgeting and forecasting plans. It will help you understand your current financial conditions and also plan your way ahead.
How can Assetsoft help in choosing the right property management software?
At Assetsoft, our team will take a closer look at your business process overview and can provide you with a wholesome assistive technology implementation plan. We will advise and guide you about which property management works best for you and also integrate the software into your system and help train your staff for optimized use.
Talk to us to find out how we can help!