Property Solutions, a company started by Brigham Young University undergraduates, won $250,000 in funding from the National Institute for Entrepreneurship's Venture Bowl, a college business plan competition.

The BYU undergraduate team was first runner-up among more than 300 teams representing graduate and doctoral programs nationwide.

In October, the team won first place and $50,000 in Fortune Small Business Magazine's MBA Showdown.

Property Solutions representatives David Bateman and Benjamin Zimmer accepted the new award Saturday during ceremonies at Forbes headquarters and HSBC Bank headquarters in New York City.

Property Solutions' Resident Works software allows apartment residents to pay rent online, process maintenance requests or submit online applications through an individual apartment community Web site. Once residents submit information, all information is automatically entered into the property management software.

The company has clients in Utah, Idaho, California, Nevada and Texas. Its largest client, Triton Investments, manages approximately 3,000 units.