Choosing the right property management software for your business isn’t easy, so it’s important to do your homework. A poor system selection process can have serious consequences. But what should you be looking for, and why?
As more and more millennials are building their careers, they are searching for jobs in industries that utilize the digital technology they are accustomed to. Mobile-ready technology will help property management firms attract talent more easily, while also enhancing relationships with their tenants by providing them with additional amenities. Features like online portals to make rent payments, device-agnostic mobile applications for placing service requests, Internet of Things (IoT) products for controlling utilities and similar solutions will help connect property managers’ employees and tenants in a way that facilitates seamless transactions and communication.
Integration within a firm is as important as the firm’s interactions with tenants. From operations to finance, real estate management and investment firms are looking to improve workflow efficiencies for cross functional teams in order to increase productivity in both the back and front-office. Landlords and property managers have begun to see technology as an opportunity to differentiate their services, enhance their workplace environments and gain valuable business insights, all of which strengthen their competitive position.
Choosing the right solution
There is a lot to take into account when choosing a property management software provider. First, you should consider the company—how long they’ve been in business, whether they are part of a leading public technology firm, and their level of sophistication in handling complex calculations. Next, you should look at the technology support they offer for the platform—whether they are experienced in the property management industry, the experience and longevity of their core software support team, and their knowledge in providing consultative solutions to improve your business processes. Once you have assessed the credibility of the provider, we recommend evaluating the software itself based on the following considerations:
- Flexibility – Can the system adapt to changes in your business?
Finding property management software with the flexibility to add modular functionality for different property types is critical for continuity as your business model evolves. The software should also be able to adapt as your business focus may adjust to changes in the market.
- Scalability – Can the system handle your business needs as you grow?
Property managers need to be equipped with technology tools that can meet today’s needs without locking them out of opportunities that may arise tomorrow. Make sure to choose a solution that can support portfolio growth. As your business expands, you will need to add users and store more data. You should invest in a software system that will grow with your company.
- Integration – Does the system allow you to integrate with other software solutions?
Many system implementations fail due to poor integration with third-party software, so it is imperative to find a system designed for ease of integration with solutions of your choice. You don’t want to get trapped into buying a core property management system that only integrates with the add-on products they offer.
- Customization – Is the system intuitive and easy to configure to your specific needs?
Owners and investors may ask for reports in different formats, and workflow processes will vary from company to company. Look for a system that can be easily customized to meet your unique requirements without having to hire a third-party consultant for development work.
To learn more about the challenges of choosing the right property management software for your needs, download our "Property Management At a Technology Crossroads" whitepaper.
Investing in a flexible solution now will pay dividends in the future by enabling you to adapt and evolve in an ever-changing market. SS&C SKYLINE has been the standard in property management solutions for all property types and continues to lead the industry in technology innovation to help you succeed. As the only property management software developed by property managers, SKYLINE will equip you with the tools you need to overcome challenges and increase performance.
Written by Evan Schmidt
General Manager, SKYLINE