In Guide
PayProp vs. MiPropertyPortal: A Comprehensive Comparison for Property Managers
Property managers and landlords in Canada need more than just a notebook and spreadsheets to handle their real estate portfolios effectively. The right property management software can elevate your real estate venture and streamline operations – from collecting rent to managing tenant relationships and maintenance to maximize profitability.
Two leading property management software programs —PayProp and MiPropertyPortal—have transformed property managers’ operations. PayProp shines with its automated payment system and financial transparency, while MiPropertyPortal offers an all-in-one property management experience with customizable features and flexibility.
This article compares these two platforms feature-by-feature, helping you make an informed decision about which solution best meets your property management needs.
Overview of PayProp
PayProp is a specialized platform for rent collection and owner payment automation in Canada. It is user-friendly and robust compared to the offerings from banks and traditional software vendors.
PayProp is best suited for property managers and landlords who prioritize automated rent payments. If managing rent flows and ensuring fast landlord payouts are your top concerns, PayProp may be the right solution.
Key Features of PayProp
- Automated Payment Collection and Reconciliation: PayProp automates rent payments, ensures faster landlord payouts, minimizes administrative work, and provides additional useful features.
- Bank-Grade Security: The platform offers 256-bit SSL encryption and multi-factor authentication to safeguard sensitive data.
- Transparent Reporting: It provides detailed audit trails and financial transparency, making it easier to manage multiple properties.
- Scalability for Multi-Property Management: PayProp is designed to scale as your portfolio grows, making it ideal for property managers handling multiple units.
Overview of MiPropertyPortal
MiPropertyPortal is a Canadian platform revolutionizing property management entirely. MiPropertyPortal targets property managers looking for an affordable and comprehensive property management solution.
Its full-suite approach, including tenant management, maintenance, and reporting, makes it ideal for smaller property managers and large real estate portfolios needing more diverse tools.
Key Features of MiPropertyPortal
- Comprehensive Tenant and Lease Management: MiPropertyPortal offers complete property management tools, including tenant screening, lease tracking, automated rent collection and many more features.
- Customizable Reporting and Dashboards: The software includes customizable dashboards for tracking various metrics and enhancing portfolio insights.
- Vendor and Maintenance Management: MiPropertyPortal allows users to manage maintenance requests, work orders, tasks, and vendor relationships. It offers a natural and powerful comprehensive service request flow.
- Integrated and Automated Provincial Forms – It has automated many of the commonly used provincial tenancy board forms with e-signature. It stores all the notices with proper dates and PDF copies and ensures data compliance for LTB hearings when needed.
- Security and Privacy – Microsoft Azure supports Your data with the best protection, backup and encryption.
Feature Comparison: MiPropertyPortal vs. PayProp
Automated Rent Collection and Reconciliation
PayProp: PayProp excels in automated rent payment processing, directly integrating with banking systems to facilitate rent collection and reconciliation. The platform’s ability to process payments and disbursements rapidly gives it a competitive edge.
MiPropertyPortal: MiPropertyPortal also provides online rent collection, vendor and owner payment functionalities. Rent is directly deposited to property managers bank account in two business days unlike PayProp.
Maintenance Integration
PayProp: While PayProp is primarily known for its payment capabilities, it also includes maintenance ticketing to handle repair and maintenance requests, helping property managers deal with maintenance tasks promptly.
MiPropertyPortal: MiPropertyPortal’s comprehensive property maintenance module provide a powerful flow among tenant service request, work order and vendors. The feature lets you automatically route tickets to your preferred vendor, receive status update notifications, and create work or purchase orders.
Pricing Structure
PayProp: PayProp uses a transaction-based pricing model where fees are less than 1% of your processing volume. However, there is a one-off setup fee that ranges from $660 to $2,250, depending on the size of your portfolio. This transparent model is attractive but could become costly for high-volume users.
MiPropertyPortal : MiPropertyPortal offers more flexible pricing plans designed to be affordable for small and medium-sized portfolios. It does not require a minimum property count, making it accessible to new or growing property managers.
Accounting & Reporting
PayProp: PayProp offers detailed reports related to rent payments, arrears, and owner statements. The automated trust accounting features maintain accountability across portfolios and provide faster payment processing.
MiPropertyPortal: MiPropertyPortal’s offers a comprehensive property accounting module which goes beyond rent collection and owner reporting; such as Habitually Late Rent Payment, Lease Expiring, report related to service request and so on.
Ease of Use & User Interface
PayProp: PayProp provides a straightforward system focusing on managing rent collections and making payments efficiently. However, the emphasis on financial automation may not meet the broader operational needs of property managers beyond payments.
MiPropertyPortal: MiPropertyPortal offers a user-friendly and all-inclusive property management platform. It has very powerful workflow automation from one module to another. The business process flows are natural and make a property managers much more efficient than any other software.
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.
MiPropertyPortal VS PayProp: The Final Check
| 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 | Yes, but with limitations |
| Owner Reporting | Yes, easy to read | Yes, but harder to interpret |
| Rent Application Collection | Yes | No |
| Setup Costs | No setup fee | Yes, $660 – $2,250 |
| Prospective Tenant Management | Yes | No |
| Document Management | Robust | Limited |
| Inspection Management | Yes, highly customizable | No |
| Tenant Portal | Yes, highly customizable | Yes, but basic functionality |
| Owner Portal | Yes, robust | 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, $35/unit/month |
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
While PayProp excels in automated rent collection and payment reconciliation, it may not offer the full suite of tools required by property managers or landlords who needs a comprehensive property management software.
From rent collection and owner disbursement to task management, MiPP is a more affordable and comprehensive solution. If you’re looking for a better, more thoughtful way to manage your properties, MiPropertyPortal delivers more value for less money.
Ultimately, the choice depends on your needs: if advanced payment automation is your priority, PayProp is an excellent option, but for a comprehensive property management solution, MiPropertyPortal is likely the better fit.
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.