By Bob Risk
When it comes to real estate investment and property management software, Yardi Technology is the Cadillac of products on the market. Few can compete with Yardi’s scope of offerings, from commercial real estate and construction management to residential rentals and investment partnerships. And while Yardi is one of the longest-standing companies of its kind, it’s also an innovator: It was one of the first such software brands to offer a total cloud-based product.
Yardi is priced like a Cadillac, as well. All that functionality doesn’t come cheap, leading some small business owners to believe that Yardi is out of reach. Yet that isn’t necessarily the case: While the software can be expensive, Yardi offers a variety of pricing models that enable small companies to purchase its products economically, then scale up as the business expands. Such solutions can be a valuable resource for growing businesses that want the best in real estate oversight and accounting tools, without delivering a huge blow to the bottom line.
Large property management companies typically opt for Yardi’s user-based pricing model for access to its core product, Voyageur 7S. At $3,000 per user per year, the user-based model is pricey, but it’s the most logical option for property managers who are overseeing hundreds or even thousands of units. Yet for smaller-scale operations, Yardi offers a unit-based fee model, which costs just $30 per unit per year. Each 100 units comes with three user log-ons, granting the same Voyageur 7S access as the per-user model — but at a more feasible price point for companies with fewer units.
In addition to the core Voyageur 7S product, Yardi offers a variety of modules tailored to niche real estate management needs. Because they’re sold separately, companies large and small have the option to purchase these modules as needed, avoiding the costs associated with paying for unnecessary features. These modules offer powerful, highly specialized tools for a wide range of property types, including multifamily, senior living, public housing, condominiums, retail, student housing and office space.
For help managing rentals, Yardi also offers access to a web-facing portal called Rent Café. Sold separately on a per-unit subscription basis, Rent Café is a one-stop shop for streamlining interactions with tenants and improving both workflow and cash flow. There, tenants can pay rent, schedule future payments, view past bills, apply for a unit and even sign a lease. Property managers can also use Rent Café to communicate important messages to tenants and market available units on social networks, rent.com and other platforms.
To simplify managing your units and offer your tenants a hassle-free way to interact with you, consider Yardi for all of your property management needs.
Robert Risk is Director of Technology Advisory Services at Wiss & Company, LLP. If you would like to contact Bob, you may reach him at firstname.lastname@example.org or at 973.994.9400.