Property Management Buyer's Guide

Pricing property management systems

There are three main factors that determine how much you'll pay for property management software: how many units you need to manage, how many locations will be using the software, and how many employees will be using it.

Of these three, how many units you need to manage is the most significant. Entry level property management systems with limited feature sets can be had for under $500 – but they max out at around 20 to 30 rental units.

Mid-level systems, good for managing 100 to 1,000 units or more, vary from just under $2,000 to $5,000. Add-ons for remote access, online bill pay, or other optional features can push the total price up. These are the most commonly purchased systems: they provide all the features you'd expect and the capacity to handle medium to large rental portfolios.

Massive commercial systems – for the largest property management companies and real estate investment trusts (REITs) – can cost up to $40,000 or more. These systems are usually heavily customized and integrated with enterprise management software like PeopleSoft or SAP.

Pricing for hosted systems is usually per user per month. That figure can range from $50 to $300, depending on the number of units and which modules you select, but is most commonly around $150 to $200. You can also expect a one-time setup fee, typically around $200 to $500. View what other BuyerZone customers have paid for their property management software.

Don't buy on price alone
Choosing the right property management software should involve careful consideration of your needs, evaluation of features and capabilities, and comparisons of dealers. More specifically, it's about more than just price.

If you're comparing three solutions with fairly similar price tags and a fourth that's half the price of the others, you can bet there is something lacking from the discount package. Placing an undue emphasis on price can lead to a purchase that ultimately fails to deliver the benefits you should expect.

Support and training costs
Make sure the pricing information you get from each vendor details what training and customer support is included – and how much additional help costs. Some vendors provide unlimited telephone and online support; others charge by the minute or per incident after a set amount of free support.

Training sessions for your employees are more commonly priced separately. You may be able to choose from on-site, off-site, web-based, or video training, all at different price points. It's usually worth having at least some training to get your staffers up and running – but often, more advanced training can wait until you see how the system is working.

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