How to find the right property management software system
Whether you’re looking to gain competitive advantage, reduce business inefficiencies or you’re seeking a platform for business growth, there’s a wide variety of property managing software system s available that can help your business get there.
But with so many on the market, all varying in price, capabilities and specialities - how do you make sure you chose the right one for your business?
Our experience shows us that the businesses who take the time to plan the whole process from start to finish and analyse more than just functionality and price, are the ones who end up finding a long-term solution.
Find the right property management accounting software for your business by taking into account these points:
Analyse and investigate property management systems
Property management software is there to make managing tasks, processes and communications easier and more efficient. Having a clear and in-depth review of your current business processes and where the pain points/inefficiencies are. From here, you can start creating a comprehensive list of where you need the software to work best. Consult relevant team members, review processes and map out where you need the property management software to make the most impact.
Involve end users
A key success factor in implementing new software is ensuring a smooth implementation process. To do this properly, the day-to-day users of the software should be onboard and engaged in the new system. Getting their input early on in the decision-making process will help ensure that the chosen system is suited to their needs and the company. Involve individuals in demos, ask for recommendations of systems they’ve previously used and seek their feedback regularly to help make an informed decision about whether a system is right for your team.
Embedding a new system into a business requires resource and careful planning. So, it’s important to choose a system that will be a long-term solution and continue to be the right fit as your business develops and grows.
Looking ahead to the future, is your business planning to grow? If so, are the systems you’re looking at cost per unit or per user? Will costs rise? Are you planning on purchasing it outright or on a software as a service basis (SaaS)? Are there other recurring costs that need to be taken into account going forward?
Looking ahead is not only important from a cost point of view, but also from a functionality perspective. Basic or free systems may be the most cost-effective solution for you now and suit your current portfolio size, but would you require enhanced functionality further down the line as you take on more properties? Is additional functionality included in the system as standard (Non-modular system) or do you have to pay (Modular system)?
Maximise its use
You may have started your search by just looking for a property management system but could a system that had additional functionality bring more value to your business? A comprehensive system could be used by more than one team and save costs by reducing the number of systems and consolidating information. This could create more value for your business and generate a greater return on investment. It could also lower the risk of data duplication or manual input errors and ensure that your data is easily accessible in one centralised storage area – saving time and money.
Analyse the full system capabilities and see where you can maximise its use.
Calculate return on investment
Calculating a definitive return on investment for software can be a complex process. But. a good place to start is often calculating the cost of not investing.
How many staff members would you need to recruit to be able to grow at the rate you want to? What would their salaries equate to and is this less than the software? Are your competitors investing in new technology and ways of improving their service? How do you see your business operating and performing if you decided not to invest in a dedicated system?
Work in partnership
No one knows your business like you and your team and no one knows the software like the software provider. Find a software supplier that will work in partnership with you through implementation, go-live and beyond to ensure that the system is tailored to your unique business processes. Careful planning and in-depth process setup will ensure you use the system in a best practice way and importantly ensure that there aren’t any areas of the system which are left unused.
Finding the right property management system involves careful analysis, planning and looking beyond the functionality/cost. It’s about aligning your business goals with a system that has the functionality and approach to match. Whether you’re looking to get the edge over competitors, become more efficient, or transform your customer service, there’s a system out there that can help.
Propman is the property management system of choice for over 250 businesses. It’s all-in-one property management and accounting functionality helps businesses save time and money by streamlining processes.
If you need more general advice, please see our introduction to property management software.