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What do you need in a property management software solution? Security? Positive reviews? Excellent customer service?
If you need one, open your browser, and look for a solution for your business, MDS is one of the options you can find.
According to the information on its website, MDS is the best solution for managing any property portfolio in New York.
However, before putting your hard-earned money into this product, you must be sure that it's right for your property management business. Therefore, it's essential to analyze different aspects, such as its features, pricing, pros, and cons.
There are many things to consider! Fortunately, you can find what you need here. This MDS review contains all the key details you should know about this property management software solution to determine if it's worth your investment. Read on!
What Is MDS Property Management Software?
MDS stands for Multi Data Services. It's a property management software product designed to help New York real estate experts and investors manage their portfolios.
The developers behind MDS describe this tool as the most robust and fully-integrated property management software with a one-of-a-kind set of features to make your job easier.
Unlike other solutions, MDS helps users navigate local laws and overcome obstacles, helping their property management businesses succeed in this competitive state.
Additionally, MDS has over 40 years of experience in the New York real estate market and is fully committed to helping property managers handle all their tasks, maximize productivity, boost efficiency, and increase profits.
MDS property management software is ideal for monitoring different rental units, including the following:
- Commercial properties
- Multi-family residential homes
- Cooperatives and condominiums
MDS Features
If you want to know if a property management tool is good for your business, you should take a look at its features.
MDS takes pride in offering a state-of-art software solution with innovative features. Although it's focused on the local market, this product offers all the tools national competitors have.
In this regard, this is the comprehensive collection of features that MDS offers:
- DHCR Lease Renewal Packages
- Preferred Rent Management
- Bed Bug Infestation – Local Law 69
- Annual Apartment Rent Registrations
- Annual Notice Tracking
- RPIE Reporting Worksheets
- MCI Calculations & Billing
- Individual Apartment Improvement (IAI) Tracking
- Cooperative Management Tools
- Section 8 Management
- Mitchell Lama Surcharge Calculation & HPD Reporting
- Local Knowledge
- And more!
Let's go over a few main features to determine if MDS property management software is what you need to improve your business's efficiency.
DHCR Lease Renewal Packages
MDS includes a RapidFile Document Management System you can use to scan and store multiple documents related to your business using barcodes.
Preferred Rent Management
Do you have preferential rent tenants? With MDS, maintaining communications with these residents and handling related tasks is easier than ever.
Bed Bug Infestation – Local Law 69
As one of the best features MDS offers, this property management software also tracks bed bug infestations, generating notices throughout the process.
This feature allows the user to create bed bug infestation reports, which are often included in Vacancy Leases and Lease Renewals to help them remain compliant with local regulations.
Annual Apartment Rent Registrations
As mentioned, MDS developers promise to make your property management job easier with this tool. Therefore, it allows users to generate electronic rent registrations.
These registrations are based on transactional history, and you can submit them directly to the DHCR using the ARRO website.
Annual Notice Tracking
Do you have to track notices that need annual responses from your tenants? There's a way to complete this task easily and efficiently! MDS includes everything you need to do so.
RPIE Reporting Worksheets
This software solution helps you complete your annual RPIEs by generating reports with all the information you need.
Section 8 Management
With this tool, you can also track subsidies and charges, as it creates and maintains intuitive alternate ledgers automatically without duplicating units.
Mitchell Lama Surcharge Calculation & HPD Reporting
This software also includes features to track demographic information, helping users calculate related charges accurately while managing Mitchell Lama-type cooperatives.
Local Knowledge
MDS has a team of experts who know the New York real estate market and are ready to help users manage their local properties efficiently.
New York has a competitive market with many opportunities and challenges for both experienced real estate agents and novice investors. However, MDS specialists are willing to help customers make better decisions and find the right solution for them.
MDS Pricing
Unfortunately, there's no pricing information on the MDS website. If you're interested in using this software solution, you should contact the customer support team for more information on plans and add-ons.
Does MDS Offer a Free Trial?
The MDS website doesn't reveal if there's a free trial available. However, you can schedule a demo if you're interested in trying this product.
MDS Reviews: Pros and Cons
Do you want to know if MDS is the right property management software for your business? Check out its pros and cons to get a better idea of how this solution can help you!
Pro: Comprehensive Collection of Features
Although MDS has been designed for New York property managers, this software solution has all the features you can find in a national competitor.
Also, they're all innovative and really work if you want to give your property management company a boost.
If you need tools focused on the local market, MDS also offers many, which is great for those who don't have extensive experience managing New York properties.
Pro: Exceptional Support Team
Previous users have praised the MDS support team, saying that its representatives are always willing to help them solve their issues or provide the information they need.
Many property managers also say that MDS works efficiently and timely to offer solutions whenever there's a change in the market or a new regulation, which really benefits their business.
Con: Lack of Transparency About Prices
As mentioned, there's no pricing information on the MDS website -- or it isn't easy to find. Both scenarios show that the company isn't transparent about how much users should pay to have access to this software.
Also, in many MDS reviews, users have complained about high prices, saying that this solution is considerably more expensive than many great competitors.
Con: No Free Trial
Many property managers want to try a software solution before purchasing it. However, while its plans are expensive according to many users, MDS doesn't offer a free trial.
Plus, according to the information on the official website, property managers can schedule a demo, but it doesn't say it's free.
3 Competitors to Consider
Do you need a property management software solution but are unsure if MDS is the best option? Here are three alternatives you can consider!
- DoorLoop
A property manager needs a comprehensive solution with innovative features to improve their business's productivity, efficiency, and profits. Fortunately, that's what DoorLoop offers.
This property management software has all the services you need to save time and money while streamlining key processes, such as tenant communication and rent collection.
Doorloop Features
Here are the most impressive features of DoorLoop:
- Tenant portal with rent collection options: When the rent payment date is approaching, property managers have many things to do. However, DoorLoop has a portal where paying rent is so easy and fast. Tenants can access this portal through their smartphones, which makes the process much more efficient.
- Multiple accounting tools: Are you struggling with managing your business's finances? Don't worry! DoorLoop also offers great options. This software integrates with several accounting apps and solutions, including QuickBooks.
- Owner portal: Maintaining communication with owners is another important part of any property management business. Luckily, DoorLoop can make it easier, too. This portal includes all the features you need, such as reporting and check printing.
- Streamlined communications: If you want your business to be successful, you must improve communications. Do you need help? With DoorLoop, you can manage maintenance requests, communicate with residents, work with vendors, and more.
Doorloop Pricing
Do you think DoorLoop is worth a try? Although this software solution has great features, it isn't expensive. You can use this software for only $49 monthly if you manage 20 rental units.
Plus, there's a 50% discount for first-time DoorLoop users, which means the monthly cost drops to $25.
- TenantCloud
If you're looking for a property management solution but want to save money, TenantCloud is another great option. It offers a 100% free version to manage up to 75 units.
However, this solution doesn't have premium features, so it isn't the best option for those who manage huge portfolios or need help completing complex tasks.
TenantCloud Features
While this software is limited compared to competitors, TenantCloud offers good features, such as the following:
- Work order management to get all the work done in no time
- Vendor payments to optimize communications and finances
- Accounting features, such as basic reports and online rent payments
TenantCloud Pricing
As mentioned, it's one of the few options with a 100% free plan you can find online. However, if you want to try other features, you can purchase the starter paid tier for just $25 per month for 150 properties and $50 for 500 units.
- Innago
Purchasing a property management software solution isn't the best idea for managers with small portfolios or beginners. However, many options offer affordable plans, including Innago.
This solution has a partially free plan suitable for small budgets but offers decent features.
Innago Features
These are a few of the features you can get if you use Innago:
- Basic but great accounting tools
- Maintenance management options
- Portal for tenant communications
Innago Pricing
Innago's basic plan is free of charge, but there's a $2 fee for ACH payments and a 2.75% fee for debit payments.
Try DoorLoop Today!
Are you still unsure which property management software to use? Here's the answer: DoorLoop!
This software solution was developed by a great company. Also, it offers innovative features and is cheaper than most competitors.
There's no better way to save time and money if you're a property manager!
Do you want to try DoorLoop? Schedule a free demo here and discover the wonders of this software!
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