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MRI Software vs ADDA: Which is a better fit?

Updated on November 7th, 2024
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Summary
Features in Commercial Real Estate
30
Best performer
44
  • Activity Dashboard
  • Ad hoc Reporting
  • Cash Flow Analysis
20
44
  • Calendar Management
  • Document Management
  • Expense Tracking
User satisfaction
4.3
User reviews82
Ease of use
4.1
Functionality
4.2
Value for money
3.9
Customer support
4.2
3.5
User reviews44
Ease of use
4.5
Functionality
2.5
Value for money
4.0
Customer support
2.5
Price starts from
Not provided by vendor
Free version
Free trial
Not provided by vendor
Free version
Free trial
Best for

MRI Software delivers innovative and flexible technology supported by an open and connected ecosystem that liberates real estate companies to elevate their business.

Hoa, Resident Welfare, Association Members, HOA Management Companies, Syndic Management Companies, OAM Management Companies, Strata Management Companies, MCST Management

User reviews
pros & cons
1 / 4
View Reviews
1 / 4
View Reviews
Video reviews
video-b6a7797f-05a4-4e83-f0bb-08d8bc0d2c3e
Benjamin S
Coordinator
3.0

Benjamin S.: Hi, my name is Benjamin. I'm a marketing coordinator in the real estate slash multi-family industry. And I give MRI Software a three out of five. Over the decade or so that we have utilized MRI Software here at my company, we've obviously been contacted and reached out to other players within the multifamily, as well as accounting software industry to really see kind of what we're missing, what other options we have out there. One of the challenges that we've run into in looking at other players within the space is the amount of time and resources that it takes to convert your financial and property information from MRI Software into one of these other players within the industry. We are a smaller company, our corporate office is probably no more than 25 at a head, and compared to some of our other competition, we're definitely kind of on the small to medium side, so we wear a lot of hats in the amount of time that would go into converting over to a new system. Which not only involves converting resident and financial data, but also all of your accounting. You're going to have to convert to an entirely new way of doing accounting, really. And that involves a lot of potential change of business processes internally that exists even outside of our current system. Moreover, there are a lot of these other softwares, like your Yardi, like your ResMan, like your RealPage. They don't have as robust of reporting and customizable reporting system as MRI Software does. We've been able to, through our account manager, through our support reps that maintain our MRI system for us, we've been able to do a whole lot of customizations on reports that a lot of these other players, they just don't allow you to. A lot of them have a kind of, what you see is what you get. And obviously they're larger companies and have a huge client base that they're able to do that. And kind of from the vendor standpoint, they're able to dictate more, and be more apt to dictate how things would be done within the reporting sphere as MRI Software might be. Lastly, MRI Software, or a lot of these other processes, like I said, are as ingrained in our business processes as a whole. So everything that we do in our company and our multifamily company goes back into MRI, whether it's charging rent, whether it's keeping up with resident accounts, whether it is doing our normal accounting processes, again kind of going back to that time spent and the amount of resources it would take to convert over to a new software, it hasn't been worth it for us. The main reasons that we've chosen MRI Software, continue to utilize MRI Software, A, the amount of knowledge base within our company and experience of our users and having utilized MRI Software. In the multifamily slash real estate industry, there are only a few major players, and in MRI Software is one of them. So as we bring in new hires, as we acquire talent, a lot of these individuals are coming into our company with previous MRI Software knowledge, so we see a whole lot of value in that because it cuts down a time and cost of training those individuals on the software as a whole. Number two, we love how customizable MRI Software is. It's not the easiest software to learn, and there's a lot of intricacies on the back end with the table requirements and just how the overall software is built. However, the amount of customizations, whether it's reporting, whether it's the web design, whether it's the business process as a whole, MRI Software is willing to look into how they can solve for that and incorporate that into what you're looking to do with MRI Software. They do a lot of integrations, they're willing to integrate with a lot of new vendors, existing vendors within that space that maybe some other companies might not be so willing to open up a partnership relationship with that vendor and create a whole new integration from there. We love MRI Software because, again, the reporting function is just so robust. There's so many reports from financial, accounting type reports to rent roll data, to marketing and sources that really come standard with MRI Software that we really enjoy. They're always looking to innovate as well, so as new things come down the line within our industry, whether it's enhanced virtual tour features, whether it's the ability to pay online, MRI Software is always forward thinking. Again, kind of going back to that integration, willing to work with a diverse range of vendors and partners. That solves a lot for our desires and company to be forward-thinking as well, to innovate, to solve for new challenges that our industry faces, especially with a year in 2020 where a lot of new challenges came up for our company. So overall, we love MRI Software. As I've said, it's very ingrained into our business processes, and even utilizing it dictates a lot of what we do internally as well. Thankfully, having utilized MRI Software for at least a decade now, a lot of our training and onboarding processes for new hires, as well as continued training, has been in place for quite some time now. MRI Software has a great training database that allows you to, at your own pace, learn different aspects of the software that you might work with on a day in and day out basis. As well, having worked with MRI Software for quite some time, we've also developed a lot of our internal documentation that's more honed towards our specific usage and business processes within that. As I've mentioned before, MRI Software is not the most intuitive and easiest software to learn, so documentation, train resources are very important in being able to be comfortable with the software. But as it's very, I guess, very step-by-step related, everything is very interconnected within MRI software, whether you're using budgeting and forecasting, commercial management, residential management, the accounts payable feature, because they're all connected, once you learn and figure out how MRI Software works, once you're being onboard and once you're getting into the system, it really unlocks the rest of the software for you. Integration-wise, as I mentioned before, MRI Software is willing to do a lot of integrations with various vendors and partners that you might already work with, or that you're looking to work with in the future. At times they may put the horse before the cart in that, because they're so willing to work with different vendors and partners to integrate their software, we feel that a lot of times the whole process may not be as well thought out as possible. Whether it's anticipating bugs once you've launched, solving for every particular business process need, some of that leads a lot to be desired when working with their integration team there at MRI Software. Additionally, we've run into a lot of issues where, if you do want to integrate with a particular vendor that you're currently working with or want to work with, and integrate that into MRI Software, a lot of those integrations are already set up in, and are easily set up. So in our experience, there's a lot of time and money put into creating an integration from scratch, whereas a Yardi, for example, a lot of these newer companies or existing companies that might offer different services you want to integrate, they've already been working with a Yardi, with a RealPage, so they already have those in place. And a lot of times their programs are designed to better work with those. But overall with integrations, we're pleased with the willingness to set those up, however, the backend and the actual workability at go live or at launch leaves a little to be desired there. Deciding whether to go with MRI Software or one of the other players like Yardi, like RealPage within the multifamily or even accounting software industries, you really want to, as with most softwares figure out what your main goals are. What do you want to accomplish with a software? As I mentioned, MRI Software is quite complex and there's a lot of intricacies that go into either transferring your data over to MRI Software or setting it up from scratch. So you want to obviously consider with any big software move, because MRI Software, it is a process builder, it is a process dictator. You want to make sure that you know what your goals are when choosing MRI Software. The main distinction is, how much customization do you want? Do you want sort of an out-of-the-box type software, like a Yardi, where you input your data and you're basically ready to go? They've got a standard set of reports and really kind of what you see is what you get there. Or do you have a lot of specific business processes and business needs that may require a lot of customization, in which case MRI Software might be for you because, as I mentioned, they are willing to work with you. They're willing to be able to do the customizations that you need. With that in mind, how much time do you have to look at integrating the other existing programs and softwares that you currently use into MRI Software? Again, they are willing to do a lot of integrations, but as... Unlike with a Yardi where a lot of these cross integrations are already set up, MRI Software does require a lot of setup, in our experience, for a lot of the vendors that we worked with, which again, kind of goes into the time and money space as well. You also want to consider what the new hires, your existing employees and your new hires, what type of experience in these different softwares are they coming into it with? How much training do you envision? Because MRI Software is very complex and there's a lot of training that goes into it. How much time are you willing to put into training and shifting people's proficiencies from one software to MRI? Overall, the recommendation would be, if you're looking for a lot of that customization, you're looking for a company that has been in business for decades that started out in the accounting sphere and has been very ingrained in all kinds of different property management spaces and that is looking to innovate, then MRI Software is for you. If you're looking for more of an out-of-the-box, maybe you've got a few properties here or there or don't require a whole lot of customizations, then maybe you look at another software such as Yardi.

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MRI Software

Top Features
30/44
  • Activity Tracking
  • Calendar Management
  • Contact Database
  • CRM
  • Document Management
  • Email Alerts
  • Expense Tracking
  • For Appraisers
  • For Brokers
  • Lead Management
  • Maintenance Scheduling
  • Portfolio Management
  • Real-Time Notifications
  • Task Management
  • Accounting
  • Activity Dashboard
  • Ad hoc Reporting
  • Alerts/Notifications
  • API
  • Audit Trail
  • Billing & Invoicing
  • Cash Flow Analysis
  • Client Portal
  • Commercial Property Management
  • Contact Management
  • Contract/License Management
  • Critical Date Alerts
  • Customizable Reports
  • Data Visualization
  • Deal Management
  • For Commercial Real Estate
  • Forecasting
  • For Investors & Traders
  • For Property Managers
  • Property Database
  • Real-Time Data
  • Reminders
  • Reporting & Statistics
  • Self Service Portal
  • Strategic Planning
  • Third-Party Integrations
  • Vendor Management
  • Visual Analytics
  • Work Order Management
See All features
Hide Commercial Real Estate Software Features -

ADDA

20/44
Show Commercial Real Estate Software Features +
MRI Software
Deployment
  • Cloud, SaaS, Web-Based
  • Desktop - Mac
  • Desktop - Windows
  • Desktop - Linux
  • Desktop - Chromebook
  • On-Premise - Windows
  • On-Premise - Linux
  • Mobile - Android
  • Mobile - iPhone
  • Mobile - iPad
Support
  • Email/Help Desk
  • FAQs/Forum
  • Knowledge Base
  • Phone Support
  • 24/7 (Live rep)
  • Chat
Training
  • In Person
  • Live Online
  • Webinars
  • Documentation
  • Videos
ADDA
Deployment
  • Cloud, SaaS, Web-Based
  • Desktop - Mac
  • Desktop - Windows
  • Desktop - Linux
  • Desktop - Chromebook
  • On-Premise - Windows
  • On-Premise - Linux
  • Mobile - Android
  • Mobile - iPhone
  • Mobile - iPad
Support
  • Email/Help Desk
  • FAQs/Forum
  • Knowledge Base
  • Phone Support
  • 24/7 (Live rep)
  • Chat
Training
  • In Person
  • Live Online
  • Webinars
  • Documentation
  • Videos
MRI Software
  • By MRI Software
  • Located in UNITED STATES OF AMERICA
  • Founded in 1971
ADDA
  • By 3five8 Technologies
  • Located in INDIA
  • Founded in 2009
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