In Guide
PayProp vs. MiPropertyPortal: A Comprehensive Comparison for Property Managers
In today’s competitive property management industry, finding the right software is essential for maintaining efficiency and maximizing profits. Both MiPropertyPortal (MiPP) and PayProp offer property managers essential tools for rent collection and financial management, but the differences in pricing and features are significant. After speaking with PayProp clients and gathering insights, we’ve compiled a detailed comparison of both platforms for property managers handling portfolios of 100 units.
Pricing Breakdown: What’s the True Cost?
When managing 100 units, cost plays a crucial role in your decision-making process. Let’s break down the monthly expenses for each platform.
PayProp Pricing
• Units: 100
• Average Rent: $1,000/unit
• Total Rent Volume: $100,000
• PayProp Charge Rate (Volume-Based): 0.7% of total rent collected
PayProp Charges
• Processing Fee: $100,000 x 0.007 = $700/month
• License Fee: $35/property manager
Thus, for a 100-unit portfolio, PayProp costs $700 + $35 = $735/month + Sales Tax
MiPropertyPortal Pricing
MiPropertyPortal offers an affordable and transparent pricing model without hidden fees.
• Units: 100
• Average Rent: $1,000/unit
• Transaction Fee: $0.50 per transaction
Let’s break it down:
• Rent Collection Transaction Fee: 100 tenants x $0.50 = $50
• Owner Disbursement Fee: 100 owners x $0.50 = $50
• Monthly Platform Fee: $69
• Unit Cost: $1.39/unit = $139 for 100 units
Total MiPP Monthly Cost
$139 + $69 + $100 (processing fees) = $310/month + Sales Tax.
Compared to PayProp’ s $735/month, MiPropertyPortal costs just 42% of PayProp’ s charges, resulting in savings of $425/month or over $5,000/year.
Feature Comparison: MiPropertyPortal vs. PayProp
Beyond cost, it’s essential to consider what features each platform provides and how they contribute to streamlined property management.
Mipropertyportal Key features
| Feature | MiPropertyPortal (MiPP) | PayProp |
|---|---|---|
| Rent Collection & Owner Disbursement | Yes | Yes |
| Service Request Management | Yes | Yes |
| Provincial Lease Management with E-signature | Yes | No |
| LTB (Landlord and Tenant Board) Forms | Yes, robust or each province | Yes, but with limitations |
| Owner Reporting | Yes, easy to read | Yes, but harder to interpret |
| Rent Application Collection | Yes | No |
| Setup Costs | No | Yes, $660 – $2,250 |
| Rental Lead Management | Yes | No |
| Document Management | Robust | Limited |
| Inspection Management | Yes, highly customizable | No |
| Build-in Move-in and Move-out inspection | Yes | No |
| Tenant Portal | Yes, | Yes, but basic functionality |
| Owner Portal | Yes, comprehensive | Yes, less comprehensive |
| Tenant Screening & Credit Check | Yes | No |
| Asset Tracking | Yes | No |
| Work Order & Purchase Order Management | Yes | No |
| Parking & Storage Management | Yes | No |
| Complete Accounting Module | Yes, robust | Yes, but not comprehensive |
| Task Management | Yes | No |
| License Fee | No | Yes |
Key Takeaways: Why MiPropertyPortal Stands Out
Cost Savings
MiPropertyPortal offers a dramatically lower cost compared to PayProp, for portfolio of any size. With MiPP, a 100-unit portfolio costs $310/month, whereas PayProp costs $735/month.
Robust Features
MiPropertyPortal offers a more comprehensive suite of features, including advanced inspection management, tenant screening, asset tracking, and more. PayProp’s feature set is more limited, particularly in managing prospective tenants and work orders.
Customization
MipropertyPortal excels in providing customizable solutions like tenant and owner portals, inspections, and work orders, making it ideal for property managers who require flexibility and control.
No Setup Costs
While PayProp has setup fees that range between $660 and $2,250, MiPropertyPortal charges no setup fee, and free data upload making it easier to get started without any upfront costs.
Conclusion
MiPropertyPortal – The Smarter Choice for Property Managers
While PayProp offers some valuable tools for rent collection, MiPropertyPortal goes above and beyond with its cost-effective pricing and advanced features that cater to the specific needs of property managers. From rent collection and owner disbursement to customizable portals and robust task management, MiPP proves to be a more affordable and comprehensive solution.
If you’re looking for a better, smarter way to manage your properties, MiPropertyPortal delivers more value for less money.
Jahangir Alam
As the Business Development Officer at Mi Property Portal, Canada's premier property management software provider, I've been fueling our growth and forging key partnerships since May 2016. Our mission? To deliver an all-in-one property management platform that's efficient, effective, and cost-cutting.
