Keeping expenses as low as possible is the name of the game in most businesses, and property management is no exception. Sometimes, however, taking the cheaper way out can actually end up costing you more in the long run. This is frequently the case with property management software. Budget-friendly solutions may seem ideal on the surface, but they often come with a number of unexpected and unpleasant surprises. Here are just a few of the hidden costs to beware of.

Multiple Point Solutions

The cost of your basic property management software may be attractive in and of itself, but if you have to invest in dozens of other point solutions in order to run your business, then it really isn’t that affordable after all. For instance, if you have to rely on separate tools to manage different areas of your business, like accounting, maintenance and communication, not only are you lacking efficiency, but you’re probably spending way more than you need to.

Instead, the most important functions of your business should all be available in one centralized platform. This will ultimately be a more cost-effective option and will enable your team to be more productive, which will be better for your bottom line.

Lack of Support

Lower-priced solutions rarely come with much (if any) support after the purchase. You may get help with initial implementation and maybe some onboarding, but once that’s complete, you and your team will likely be left to fend for yourselves. And what about product upgrades and improvements? Software that comes with little to no support also often lack ongoing research and development, which means that solution that works great today may very well end up obsolete a year from now.

Investing in a more robust property management software platform will ensure that your team receives dedicated, ongoing support. It will also mean that the product will continue to deliver value through feature upgrades and additions. Long-term, this will more than pay for itself.

Sub-Par Client Experience

The third, and perhaps most important way budget solutions can cost your business in the long run is customer churn. The truth is, property management software isn’t just there to support your team and help optimize how your business operates. It’s also something that your customers will routinely interact with. Will their experience be a positive one? If not, you could end up losing them to a competitor.

This is becoming increasingly important as more and more tech-savvy property owners enter the market. Your prospects will be looking for a partner who can make their lives as easy as possible, and that requires advanced software capable of providing an intuitive, seamless and mobile-friendly experience. Simply put, cutting corners on technology will almost certainly end up costing you customers.

At the end of the day, the old adage “you get what you pay for” rings true. Investing in a more robust solution may cost a bit more upfront, but the long-term value it will deliver in terms of efficiency, productivity and customer satisfaction make it well worth the expense.

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