If you’ve made the decision to adopt software for your property management business, congratulations! You’re on your way to maximizing efficiency, boosting productivity, increasing service levels, cutting costs and improving your bottom line.
But deciding to invest in property management software is really just the beginning. The most challenging part is figuring out where to start. And with so many products on the market, determining which the best fit for your needs is equally difficult. The questions listed below should help point you in the right direction.
- How long has the company been in business?
- Do they specialize in property management software or is it just one of many options they offer?
- How many other clients have they helped (ask for references, or at the very least read reviews)?
- What are the key features of the product?
- How, specifically, will those features benefit your property management company?
- Do they offer a free trial or product demo so you can try it out before buying?
- Are there different options for the software or is it one-size-fits-all?
- What are the terms of the contract? Is the software purchased outright or is it leased?
- What kind of training and technical support do they offer after the sale?
- How often is the software platform updated?
- How will your customer data be safeguarded?
- What type of challenges might be expected during implementation?
- How long will it take to be up and running?
- What kinds of accounting services are built in?
- Will the property management software enable budgeting and forecasting?
- What about asset tracking and depreciation?
- Will the software enable me to accept online payments?
- Can the software be customized to my unique business needs and processes?
- Do reports come standard and, if so, how many and which ones?
- Will the software allow me to build custom reports?
- Is property maintenance support built in?
- Is there a limit to the number of users and/or locations you can have?
- Why is this property management software better than the rest?
In order for your property management company to be profitable, you must be able to scale your business seamlessly and automate as many tasks and workflows as possible. That increased volume and greater efficiency is what will ultimately help you generate more revenue, but you can only accomplish this if you’re employing the right tool. The questions listed above should provide a starting point that will assist you in your search and help you narrow down your options to pick the ideal solution for your needs.