Propertyware Pricing - why 7/10?

Propertyware Review
ITQlick Score: 96/100
ITQlick Rating: (3.6/5)
Pricing: 7/10 - high cost
Category: Property Management -> Propertyware -> Propertyware pricing
Ranking:Ranked 2 out of 124 Property Management systems
Company: RealPage, Inc.
Pricing: starts at $1 per month
Typical customers: Small, medium and large size businesses
Platforms: Desktop, Cloud
Links: Propertyware review, Propertyware alternatives

Shlomi LaviShlomi Lavi / Apr 29, 2021

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What is Propertyware's cost rating? (7/10)

Propertyware is available for $80 per month and there are flexible subscriptions offering annual and monthly plans. You can adjust the services of Propertyware according to the size of your business.

If your business starts growing, you can use their additional services to make your service more successful. All the subscription comes with customer support.

When comparing Propertyware to their competitors, on a scale between 1 to 10 Propertyware is rated 7, which is more expensive than the average Property Management software cost, read the article below in order to calculate the total cost of ownership (TCO) which includes: customization, data migration, training, hardware, maintenance, updgrades, and more.

Property Management Software Price Ranges

Property Management software has subscriptions whose price points are within $10 and more than $100 a month. Some of the software vendors also include additional charges such as API access, installation fees, implementation service, and training. The price model is typically in per month/unit format, but the vendors can state other models in their pricing. Some of the analysis of Property Management software are as follows:

  • Small businesses can expect to pay between $0 and $55 a month for Property Management Software products. For example, Hemlane Basic plan goes for $37 a month for each unit, Propertyware pricing starts at $250 per month and Buildium for $50 monthly. Furthermore, FantasticStay is free, with another Pro plan, which goes for $55 a month. TenantCloud has a Standard subscription that costs $9 a month, with an advanced plan which costs $35 per month.
  • Medium-sized companies would have to pay up to $1000 a month for Property Management Software units. For illustration, TOPS ONE pricing starts at $350 per month, PayHOA Professional cost price at $150 a month, and Storage Commander Cloud pricing goes for $80 monthly. Other vendors charge one-off licenses for their products, an example of such vendors are SKYLINE software, which costs $1000. iRent begins at $200 per month and Spacebase at $400 monthly. Bluebox Modules for the USA and other countries cost $360 a month, and Cirrus8 pricing goes for $450 a month.
  • Large corporations can expect to pay up to $7500 for Property Management Software products. Re-Leased pricing, for instance, goes for $7500 a year, PropertyMe Pro plan can reach up to $6600 per month for multiple properties, and PropertyTree Premium Plus for $1200 a month.

Some of the best of breeds have individual pricing as well, and the analyses are as follows:

  • Apartment Management systems Users can expect to pay between $1 and $129 a month for this software. For instance, ComVibe Pro pricing starts at $1 a month, ADDA ERP at $2 per month, and ClientLook at $129 monthly for each user. Rentredi Monthly plan costs $20 a month, with 3-month and Annual plans going for $15 and $9 per month, respectively. Other vendors charge annually, such as RISSOFT, whose non-cloud based subscription costs $750 a year for one user, and its cloud-based plan going for $1,850 annually. NestEgg pricing starts at $5 per month and Landport at $45 a month.
  • Lease Accounting Software Lease Accounting Software products generally have prices that fall within $50-$300 a month. For instance, iLeasePro has a cost price of $50 per month, ZenTreasury pricing starts at $99 a month, and InfoSite pricing goes for $300 a month. Also, some Lease Accounting software has one-time license charges; for instance, users can outrightly purchase UGAAP for $3600, and Lease4000 for $7,000.
  • Self-Storage Software Self-storage software products typically fall in the price range of $0 to $50 per month. Users can have Unit Trac from 50 cents a month for each unit. Other vendors include 6Storage, which has a starting price of $30 per month for each facility; Yardi Breeze, which costs $1 monthly, and Easy Storage Solutions Software, which goes for $29 a month. Furthermore, Self-Storage Pro charges annually, at the rate of $105 per year.
  • Rental Property management Software These products have cost prices that could be up to $210 monthly. TheHouseMonk, for instance, has a variable cost price that starts at $210 a month for a maximum of 175 units; PropertyZar has a Basic plan which starts at $25, and a Standard and Enterprise plan which users can get for $45 and $130 respectively.
  • Commercial Property Management Software CPM software products have prices that lie within $0 and $179 a month. For illustration, Total Management has a cost price of $1 a month for each unit, Soft4RealEstate pricing starts at $179 per month and UnitConnect for $34 monthly. Users would have to pay $350 a month for PropertyMatrix, and $250 monthly for Yardi Voyager Property Management. Also, PropertyTree has its pricing starting at $129 monthly and AppFolio Property Manager at 80 cents a month per unit.

What is the cost breakdown of Property Management implementation?

When it comes to selecting Property Management tools, buyers are primarily concerned about its cost. In fact, it is the cost that determines whether a potential buyer would go with the product. True, there is no one-size-fits-all formula to determine the “worth” of a business application, but as a software buyer, you want to make sure you get the best value for your money, without having to dig a big hole in your pocket.

Understanding the exact price of Property Management system isn't easy as The overall cost of software includes the cost of license, subscription fees, training, customization, hardware, maintenance, support and other related services. It's essential to take into account all of these costs to gain an understanding of the system's "total cost of ownership."

What are the typical Property Management pricing models?

There are primarily three common pricing models – Perpetual License, Subscription, and Commercial open source.

  • Subscription/Software-As-A-Service: - Relevant for Propertyware
    Under this pricing model, the system is accessed over the Internet, as opposed to installed on-premises. The payment is made either on a per user basis or subscription basis. Ideally, customers are required to pay a recurring monthly fee until a specific period for using the tool. Subscription pricing model is more common with Software-as-a-Service (SaaS) apps.
  • Upfront cost for customization and integration is less compared to perpetual license cost because there is not much flexibility with SaaS systems in this area.
  • Recurring cost is greater as customers are required to make monthly payments as subscription fee. Additionally customers using premium support services must pay an extra fee.
  • All in all, the total cost of ownership in the both cases is almost the same and may span over a period of 7-10 years, though you may have to pay a higher perpetual license fee upfront. The total cost may vary from starter to mid range to enterprise level apps in both cases.
  • Perpetual license: - Relevant for Propertyware
    A common pricing model for on-premise applications, perpetual license requires a customer to pay an upfront sum to own the tool or other intellectual property on-premises for a fixed term.
  • Upfront cost involves the fee for installation, customization, integration with existing systems, besides perpetual license fee.
  • Recurring cost is low in this pricing model and may include cost for updates, maintenance, upgrades, and patches. Some vendors do offer premium support services, which come for an extra price.
  • Commercial open source: Not relevant for Propertyware
    The customer can acquire the system free of cost without having to incur any upfront license fee. As a customer, you’re solely responsible for the ongoing maintenance, upgrading, customization, and troubleshooting of the application to meet your specific needs. You are on your own for providing end-user support, since you are not locked in with a vendor-supplied system solution.

How much it would cost to customize Propertyware? (and is it relevant)

If you need specific features in your system catering to your specific business requirements, the vendor will charge customization cost, depending on your needs and feature requirement. Ideally customization cost is more complex to calculate compared to licensing cost.

Some apps allow you to easily combine data from multiple sources, without any complicated query requirements, while some others can be embedded into different applications to provide enhanced reporting. If you seek products that support customizable dashboards and predictive analysis to identity possible trends and facilitate decision making, you may have to pay higher for all the customization features.

Additionally, the following factors may affect the cost of customization:
  • User interface changes
  • Configurable dashboards
  • Data elements required for tracking
  • Forms to collect additional data
  • Dashboard, management and operational reports that are needed.
  • Workflows and how complex they are.
  • Forms to collect additional data.
Here are some questions to answer: How much customization is needed? How many system you want to integrate to? Does your company work like industry standars or has it's own customize processes? What kind of special reports are needed?

In order to calculate the cost of customization you can use the following estimates:

  • Minimal customization - integrate with 1-2 systems: $2,500
  • Standard customization - integrate with 3-5 systems: $10,000
  • Fully customized system - integrate with more than 5 systems: $25,000

Cost of data migration when migrating to Propertyware? Relevant for Propertyware

Most companies opt for data migration services from a vendor, which raises the cost of product ownership. If you choose to transfer data on your own, you can avoid paying the cost of data migration.
Data migration cost depends on the amount of data to be transferred, your current software, availability of migration tools, complexity of data, and gaps between the existing system and the new system.

If your data is stored in excel spreadsheets, then it may incur you a lot of time and money to migrate data from excel.
By involving a business services provider in data migration, you are asking them to offer additional services, for which you may have to pay extra.

As a rule of thumb the cost of data migration depents on how many records you want to migrate. Records can include number of Customers, invoices, financial transactions, products, versions, etc. Here is a list you can use as a rule of thumb:

  • 1,000 records: $500
  • 10,000 records: $2,500
  • 100,000 records: $10,000
  • 1,000,000+ records: $25,000

What is the cost of training for Propertyware? Relevant for Propertyware

As a buyer, you are required to pay extra for in-person training, though some vendors offer web-based solutions as part of the package. the cost may involve end-user training, video/self, group, department, and train the super users.

The cost is mainly derived from the approach that you select for your organization:
  • End-user training
  • Group/Department
  • Video /self
  • Train the trainer/super user

Here are some questions to answer: How many groups (different departments, usages, type of users) are needed?

In order to calculate the cost you can use the following estimates:

  • 1-2 Sessions: $500
  • 3-4 Sessions: $1,500
  • 5-7 Sessions: $2,500
  • 8-10 Sessions: $5,000

How Propertyware pricing compared to alternarive Property Management solutions?

When comparing Propertyware to alternative systems, on a scale between 1 to 10 Propertyware is rated 7, which is more expensive than the average Property Management cost.
Some of the key competitors for Propertyware are RenTec and Point2 Property Manager.

RenTec can address the requirements of property managers, landlords and homeowners associations for residential units. The product is available as a cloud based solution and provides portals for residents to manage their leases, payments & service requests, along with owner portals to track the profitability of properties under management. Additional features include financial management, work order management, vacancy marketing and reporting as well.

Propertyware on the other hand is also cloud based but also supports bank-owned properties which have come under receivership due to financial issues. The product includes many of the same core features as RenTec, but allows significant customization of its product. Mobile Apps are available to handle online booking & leasing, with a marketing module to develop prospects and analytics to determine the best lead sources.

Then there is Point2 Property Manager which does not include its own accounting system and instead exports its transactions to Quickbooks for financial management. Other features include tenant portals & screening services, property diagrams & layouts storage, as well as unit maintenance & renovation management. There is also a structured review process to handle tenant moves both for unit occupation & vacation purposes.

While Propertyware supports most of these features, it can also handle financial management internally. However customers still have the option to synchronize their accounting with Quickbooks if required. Additionally there is a contact center which can be used to handle new & current leasing enquiries, as well as the processing of service management requests.

How can the team at ITQlick help?

The science of TCO (total cost of ownership) may not be easy to calculate. If you seek to get a detailed info about the TCO, get in touch with ITQlick experts. Contact us today and get up to date, detailed quotes.

Shlomi Lavi - admin

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.