The investment made in Commercial Real Estate Management Software can work wonders in helping the property management department to gain visibility, lower administrative costs, improve accuracy, and increase productivity.
Unfortunately, a significant percentage of Commercial Real Estate Management Software purchased are never fully implemented or don’t deliver the utility the customer hoped.
Numerous factors play into making a smart decision when selecting your new Real Estate Property Management Software but can be easily missed if you don’t know what to look for. Here are few confessions from past mistakes made when selecting Commercial Real Estate Management Software:
Not Knowing What You Need in Commercial Real Estate Management Software:
Before diving right into choosing a real estate software for your commercial property, take the time to understand what your business exactly needs.
If you are new in the industry, determine whether you require a fully integrated Commercial Real Estate Management Software, or a tailored solution to suit your business needs.
Often, this depends on the problems you are trying to solve or the opportunities you are trying to attract, as well as the size and structure of your department.
This process will allow you to streamline your processes and improve productivity at a lower cost and with fewer resources.
Before jumping into the selection process, ask “What are our top five needs?” If these critical needs are not identified, it may be difficult to distinguish between vendors. Many vendors claim to do many things. The vendor’s strengths must match the company’s essential needs.
Not Recognizing the Uniqueness of Your Business:
Every real estate business is different. Without configuration capacities within the software, you are more responsive to failure during software implementation.
While initial license and maintenance fees can sometimes appear lower, these hard-coded Commercial Real Estate Management Software will often result in increased costs due to extensive customisation specifications, upgrades, ongoing maintenance, and continued system deployment timeframes. You may end up decreasing and prolonging your overall return on investment.
Avoid choosing software that limits your team’s capabilities and your department’s growth. Your software should enhance your business, not hinder it.
By choosing a Commercial Real Estate Management Software solution that can adapt to your business processes, you will get better user acceptance, improved efficiencies, reduced costs, and faster ROI.
Not including Primary Users in the Selection Process:
Don’t select Property Management Software for your real estate without soliciting meaningful input from key users. At the beginning of your selection project, from a selection team with representatives from all affected units such as property managers, finance, sales, procurement, administration, compliance and CRM.
The active participation of key stakeholders will not only help ensure all bases are covered, but it will also result in a better decision and fewer complaints after implementation.
If possible, you should also include a representative from your IT department. The IT Liaison can help you in identifying any issues related to deployment, data migration, integration and security.
Evaluating Too Many Vendors:
Avoid real estate software vendors who offer a deal that is “too good to be true”. You may find yourself missing the primary tools you need to conduct your business after implementation.
Many of these bargain systems also provide very inflexible solutions, making it difficult for you to meet the unique needs of your commercial property management.
Even, you may need to reinvest additional money toward upgrading, or in some cases replacing, your system later-thereby reducing or eliminating any savings that you might have experienced initially.
Shortlist not more than four real estate software vendors at the start of your search or else; it often becomes difficult to identify each one’s USP. If none of these vendors meets 80 percent of your critical needs, dismiss these and begin investigating several more.
Not Investing in Commercial Real Estate Management Software for the Long-Term:
When choosing Commercial Real Estate Management Software, be realistic about your expectations and perceptions of cost. You’re investing to enhance or improve your processes.
So, while hard dollars spent are essential, the key is choosing the right Commercial Real Estate Management Software. Choose the right real estate software partner who will provide you with a speedy and efficient implementation, high ROI, and low Total Cost of Ownership post-implementation.
Use your foreknowledge and sound business judgment when comparing provider costs. Look for real estate software that supports your ability to deliver your department’s long-term fundamental strategic goals and work within your budget.
Hasty decisions in favour of the lowest cost Commercial Real Estate Management Software provider or solution now may leave you troubled later with hidden costs, and limit or eliminate any ROI for your business.
Not Choosing Modern Technology:
Technology for commercial real estate industry evolves continuously. To best position, your business for future trends, choose a system built on a modern platform, which will ensure that you can enjoy a long and prosperous relationship with your Commercial Real Estate Management Software.
Avoiding these mistakes will make the selection process of your real estate property management software much more comfortable, and ensure the system is one that is not only worth the investment, but is the best investment for your commercial real estate business.