Whether you’re searching for new software solutions or reevaluating your existing providers, it’s important to ask the right questions to get the most out of your property management technology—especially now when budgets are under a microscope and leasing technology is booming.
So we came up with a little game of 20 questions to ask when evaluating potential (or your current) multifamily software providers to optimize your ROI and streamline your property management processes.
- What industries do you serve and how does your industry knowledge affect product development? When evaluating a supplier it’s important to understand where their business priorities lie. If you’re considering a company that has technology and business interests outside the multifamily space, it’s reasonable to presume they might not be focused on creating solutions to address the specific needs of property managers and leasing professionals.
- What are the core features and functionalities of your software? Ensure that these features meet your needs and provide opportunities for more efficient workflows.
- What are the advantages of using this solution? There may be additional benefits you haven’t thought of.
- What results should I expect from using your product? Results may vary, but you can set your baseline expectations here.
- How do the features work together? Understanding how the platform interacts and communicates between features will help you fully capitalize on the platform’s capabilities and develop an interconnected strategy to reach your goals.
- Is it customizable? Research shows customization is a powerful way to increase conversion rates. Additionally, you should check that the platform and reports can be customized to meet your needs.
- How will this streamline communication? Having a place to communicate with your team is essential.
- What kind of reports are available? Make sure you can track all of your goals and customize reports when needed.
- What integrations do you have available? New technology must be able to communicate with your current solutions.
- Will I have access to all available features? If not, what are my upgrade options? This is a great question to ensure you’re making the most of the features available.
- How many users can access the dashboard at once? An important question for teams looking to centralize, or use technology across multiple properties.
- Does your software offer any unique features or functionalities that set it apart from competitors? Understanding how a technology company positions themselves against competition is an important indicator of the businesses’ priorities.
- Does your software allow for multi-property management and scalability? For those interested in a centralized leasing model, it’s important to implement technology that will help streamline multi-property management.
- How long will onboarding take? Is there any associated cost for onboarding help? Onboarding should not be a burden to your team. Ensure that the process will be smooth and painless.
- What kind of technical support and training do you offer? Is there any associated cost for technical support? Don’t leave your team in the lurch by purchasing technology with limited support and training.
- If I had a problem with one of your features, how would your team address it? Ensure that your technology provider has a plan in place for bug fixes and issues.
- What new features can we expect down the road? (Roadmap priorities) This is an important question when evaluating the longevity of your technology contract.
- How frequently do you release updates, or improve existing products? If your technology provider isn’t releasing consistent updates to existing technology, it may be a sign that the product may fall out of date sooner than expected.
- How does your software handle data security and privacy? An increasingly important question as laws surrounding data privacy increase.
- Can you provide customer testimonials or case studies from organizations that have successfully implemented your software? It’s always nice to have references.
Navigating the landscape of property management technology can be daunting—especially when budgets are tight. The demand for efficient leasing technology is on the rise, but with so many options available it can be difficult to sort through the weeds.
The journey to finding the right software solution starts by asking the right questions. By actively engaging in the proptech evaluation process, you can harness the power of technology to transform your operations and drive long-term success.
Continue reading our budget series and find out How 2023 proptech trends can help you make the most of your apartment budget, and Technology to help you maximize your apartment budget.
