Real estate automation has been in the market for quite some time. Every sector--from residential to commercial--has adopted some form of technology to simplify business processes. Automation through RPA tools not only leads to smart management but also plays an integral part in the financial success of the company.
Companies wanting to automate their property management can be prone to making mistakes. These errors can not only impact your business strategy but also cost you money. If you are new to property management automation, read on to find out about the most common software errors and how to avoid them.
Common property management software mistakes
Not understanding your goals
Before moving to software implementation, it is essential to define your goals for automation. What do you want to achieve through technology? How quickly do you want the results? Which process will you automate? These are some of the questions you need to answer before using property management software. Without defining your goals, it is difficult to implement the right tools and technology.
Clarifying your expectations from the automation makes it easier for the company to prepare the right software strategy. Make sure you define both long-term and short-term goals so you can scale accordingly.
Focusing only on software features
After you have set specific tech goals, it is time to choose the right tools. The success of your automation depends on what software you select. But the features aren’t the only factors you should consider during software selection. Focus on other factors such as support and troubleshooting, maintenance, and scalability. Company websites are an excellent way of understanding their past performance. You also need to check if your business goals are compatible with the software you chose.
Not customizing software for your business
Even though many off-the-shelf property management systems are available, not all of them are suitable for your business. In fact, 90% of ERP implementations have at least one customization. Software customizations and third-party integrations help you leverage the best features from multiple platforms.
For example, Assetsoft provides integrations for Yardi and MRI software. This helps the clients get additional features even if they are not included in the chosen platforms. By not customizing your software, your business process does not align with the features of the software.
Ignoring staff training
The smooth functioning of property management automation does not lie in the software alone. Training the employees to handle the different tools and features is also equally important. Most of your staff will be unfamiliar with the usage of the new software. By ignoring employee training, you are decreasing the efficiency and productivity of your staff. Training your staff is important not only for your company's health but also for employee wellbeing. According to HuffPost, companies that invest in employee training see a 24% higher profit margin.
Skipping software maintenance
Automation is not a one-time process. It requires constant upgrades and maintenance. Your software requires regular health checkups to determine if it is still compatible with your goals. Regular maintenance can eliminate most of the errors and malfunctions. It involves correcting bugs, improving features, and eliminating unnecessary functions. If you skip maintenance of your property management software, it can fail to adapt to emerging technological trends. This can adversely affect work efficiency and also make your software outdated. Companies like Assetsoft provide software health check services for clients to improve the functioning of the implemented software.
As your real estate business grows, your company generates more data and workload. The same property management software cannot process this increasing load of data without scaling properly. During the initial steps of choosing the software, it is important to keep scalability in mind.
This way, your software can grow along with your business. If your software isn’t scalable, you can face problems as your business grows. You might need to start over with different software which can consume a lot of time and money. By scaling, you can ensure that the property management software can handle higher work data levels while functioning smoothly.
Improper data migration
When implementing new software, you need to migrate all your previous data into the software. This will require some amount of data conversions to make it suitable for a different platform. But, according to research by Philip Howard, over 38% of data migrations fail. This can be due to a variety of reasons such as poor source data and lack of data conversion processes. Without proper data migration, your property management software will be prone to errors. You can opt for business process outsourcing to ensure that your data is successfully migrated to the new platform.
Avoiding re-engineering of business processes
The real estate industry has been slow in implementing technology due to its traditional approach. Property management software implementation is an excellent way to streamline your business processes to suit the automation. For example, you can change from manual data entry to digital data entry as it is easier to feed in the property management software.
If you do not streamline your business processes for technology, then you can't make the most out of real estate automation. Keeping an open mind about technology and adapting to it when needed is the best way to ensure a successful property management automation.
Ensure smooth property management automation through Assetsoft
Transforming your property management processes through technology can get complicated. By using expert resources, you can make the process easier and also steer clear of any errors. Assetsoft can ensure smooth automation through a variety of services. Our expert staff members can assist you with integration and support for different property management platforms like Yardi, Procore, UiPath, and others.
We also help you choose the right software and design a strategy suitable for your business. Regardless of the size of your company, we can offer tech solutions for all your needs. Along with software integrations, we also provide data migrations, employee training, and software support.
Seamlessly automate your property management processes by reaching out to Assetsoft!