MRI software is a US-based company, founded in 1971, that provides real estate and investment management software. They provide three categories of services- MRI Living for residential property managers, MRI work for commercial property managers, and MRI work for corporate occupiers.
Their services are available for residential property owners who own multifamily units, condos, and are members of homeowner’s associations. They also provide services to commercial property owners who rent out spaces for offices, retail stores, etc.
What services can you expect?
Data management
Manual data input and documenting are tasks that can be easily delegated to a computer. MRI Software follows tried and tested methods to deliver precise, accurate information on time in the process of risk management and reporting.
According to their data management sheet, they offer features like normalization of data from separate sources, support for all data in a consistent format, and direct communication with data providers. Moreover, they claim that they have experience with processing data for more than 17000 real estate companies.
Finance and accounts
MRI Software appoints a team of certified public accountants to provide services like consultation, preparing financial statements, preparing budget, calculating subsidies, etc. They emphasize on solving problems like heavy paperwork, understaffed accounting departments, and outdated technology. They especially encourage electronic submissions to save the costs of printing and mailing financial reports.
Asset management
Asset management covers functions like long term capital planning and tracking property performance. The aim is to tackle operational challenges while keeping an eye on the long term goals and objectives for the portfolio.
MRI Software provides services to companies who wish to partially delegate asset management to third parties, rather than fully outsourcing it. According to their datasheet on asset management, they offer services like managing monthly financial operations, and maintaining database.
They offer a monthly reporting plan, wherein customers receive reports about occupancy trending, financial performance, 12-month detailed income statement, 9-month detailed balance sheet and visuals and graphs to illustrate the data.
Lease administration
Lease administration also covers lease accounting services. Lease accounting refers to understanding the financial impact of one’s leases. Your calculations need to reflect how your lease has impacted your balance sheet.
MRI Software offers not only the software itself, but also lease accounting services to help you understand how to use the software. They claim to have more than 30 years of experience in lease accounting, and assure their customers that they can solve complex accounting problems efficiently.
Daily management and tracking
Homeowners may need recurring services for monitoring their spending, working toward long term business goals, ensuring sustainable growth, and training employees. MRI Software offers services to ensure that your company’s daily operational needs are taken care of.
These services, according to their brochure on recurring professional services, includes collaborative partnerships, training programs, consulting services, planning upgrades, roadmaps for the business cycle, and managing resources.
What should your rating criteria be?
In order to assess any software or service in terms of its benefits for your business, there are certain criteria you can go through, sort of a checklist for the product. Here’s all that you can include in this checklist:
Value for money
As the name suggests, value for money means whether the software is worth spending the required amount of money. For a better understanding of this, it is important to compare the product with its competitors, to see what they are offering at a similar price range. In terms of value for money, MRI Software has a rating of 3 to 4 stars on several customer feedback websites.
Ease of use
Ease of use refers to how convenient it is for users to navigate and understand the features of the app. It also refers to the visual appeal and aesthetics of the app. User-friendly apps prioritize simplicity, clarity, and efficiency. They reduce confusion and make the overall user experience easy for all people, including those who are not tech savvy.
Customers on most feedback websites have given MRI Software at 4 star or 5 star rating in terms of user-friendliness. Users have positive feedback about the central overview screen that shows you all the important information on one page. They report that it is easy to learn to navigate, and information and reports can be easily accessed.
Features and functionality
The functionality of software refers to what it can do and how it helps users. It includes the main purpose the app is designed for, e.g., posting content in a social media app, or editing photos in a photo editing app.
In this case, the main functions would include sharing lease related documents, keeping accounts, generating reports, tracking invoices, updating about maintenance tasks, etc. In addition, functionality also includes how the app saves and organizes information in general.
Customer review websites mostly report a 4 star rating for the features and functionality of MRI software. Users have given positive feedback about how it allows users to integrate the software wti But users have reported problems with their training program, in the sense that the difficulty level is too high and sometimes the trainers are not able to answer queries.
Customer Support
Customer support refers to how well the company helps users when they have questions or problems. Online chatbots, emails, phone calls, FAQs, or readily available how-to guides are some ways in which companies provide customer support.
Ideally, there should be a balance between automated support that answers commonly raised queries, and human responders who can talk to customers and help them with specific problems. Customer support of MRI Software has a 4 star or 5 star rating on most feedback websites.
It is important to note that entirely relying on customer reviews will not give a comprehensive idea of how the software is. Customer reviews and ratings are subjective and based on personal experience. Also, it is difficult to verify each user’s identity, and whether their feedback is based on true events.
The best way to assess the suitability of a software is a gathering information from multiple sources, like online reviews, asking your acquaintances who may have used the software, browsing through the company website and contacting the company for more information.
If you are a property manager or homeowner who wants professional assistance in managing your real estate portfolio, we hope this article helped you get an overview of MRI software’s services. Hope you find the best software out there that meets your needs!
