PropTech has brought some of the most significant developments in the real estate sector. Today, property managers have access to systems and solutions. These streamline virtually every responsibility, from expense management to invoices.
However, finding the right software to implement is a significant challenge. Technology implementation is a lengthy and hefty investment requiring effective strategies.
If you’re interested in digitizing your operations, make sure you work with professionals.
What can you streamline with tech implementation?
The real estate industry is still discovering what technology can do. Despite the digital revolution and its speed, many property managers are still losing out when integrating these solutions.
Reading property managers’ testimonials can shed light on how these solutions can change your company. However, every company is different. Some firms can leverage certain features better than others. Knowing what you can do with the right proptech is the first step.
What can you streamline with tech implementation?
Even today, many property managers resort to paper spreadsheets and files. That’s not only suboptimal, but it’s dangerous as well.
Water and other elements can damage your physical records. Theft and losing them is another risk. Property software lets you stop worrying about that.
Expand your company’s reach
The digital world lacks borders. Proptech lets you cover more ground since your physical location does not limit you.
You can find more clients and acquire more assets worldwide. Your resources won’t be limited by their location, either. You can send them the required information anytime and anywhere you need.
More efficient operations
Naturally, moving everything to a digital database makes your entire company more efficient. You can access all the information and resources you need instantly and from anywhere.
Additionally, advanced technology—like automation and ERP software—helps you keep errors at bay. You can spot and fix mistakes in seconds.
Competitive edge
Finally, all these advantages make your company function more effectively. Of course, that means you’ll deliver better and faster results than your competitors.
Client and tenant satisfaction will benefit significantly from these investments. Additionally, that will make it easier to find new clients via word of mouth and positive reviews.
What you want from PropTech
Your company’s requirements usually dictate what technology you can implement and leverage. Companies often neglect crucial considerations, and we’ve seen how prominent budgets fail because the investments don’t yield results.
After you evaluate your company’s needs, you must create a checklist of the features you need from your investment. Naturally, specific features are subjective; every company needs different solutions. Luckily, we can narrow general aspects you should expect regardless of your choice.
1. Ease of use
Firstly, your new technology must be intuitive. The number of advanced features doesn’t matter. Today, most solutions focus on being intuitive, and it’s uncommon to find tech that’s so unique that you need to put up with needless complications.
2. Cloud connectivity
Cloud networks are the standard for the technology industry today. ERP and CRM software are virtually always connected to the cloud. This functionality lets you keep your data secure and accessible at all times and from everywhere.
3. Communications
Naturally, not all technology focuses on communications. However, most property management solutions offer messaging, collaboration, and similar features. There's no reason to settle for "comms-less" systems if you can find one that gives it.
4. Affordability
On the other hand, don't stretch your budget unnecessarily. Current systems have countless alternatives. If something's too expensive, you'll likely find a similar option for a lower price. You must assess what you need.
5. Fundamental features
Depending on the type of technology you need, you need to cover essential functionality. For instance, ERP software should include accounting and communication features. CRM software should offer advanced messaging. Think of why you need the tech and make sure it meets those expectations.
6. Good support
You also need proper support regardless of the technology you’re using. Most developers offer full-time help desks. However, you can also hire a dedicated offshore support team if you need unique availability.
7. Collaboration and remote work
Finally, your technology should enable remote work, especially considering how the world has changed—and will continue to do so. Even if your software isn't centered on collaboration, it should offer basic features on the cloud.
What kind of property management software can you find?
Not only is technology advancing more rapidly than ever, but software variety and versatility are also doing the same. You can find specialized solutions for almost every aspect of property management.
However, this advantage can harm your company if you fail to acquire suitable systems. As such, learning your possibilities is fundamental to guarantee the results you need. Assess different types of software and which ones can improve your company noticeably.
Enterprise resource planning
Construction management
Construction monitoring software offers similar features to ERP software. You can track projects while centralizing data and resources.
Procore is an excellent example. You can use it to track resources and send the necessary files and information to your workers from your office.
Customer relationship management
CRM software focuses on nurturing your relationships with current and prospective clients. They streamline communications while offering real-time analytics on your sales and efforts.
CRM is among the most extensive software categories. You can opt for industry standards, like Salesforce. However, Zoho is also impressive, and it offers in-depth collaboration and primary ERP features.
Robotic Process Automation and AI
Automating your operations can save significant time, effort, and resources. It’s still a growing technology, but current scripts offer enough customization for multiple tasks.
UiPath is one of the industry’s standards for automation. You can develop unique scripts for various purposes. However, property managers also have access to machine learning and AI forecasts.
Specialized solutions
As we mentioned, there’s a solution for everything. Today, you can find software for everything you need: remote collaboration, expense management, building audits, and more.
For instance, Office 365 and SAP Concur let you centralize your data and files and track travel expenses, respectively. Facilio enables you to check your assets' status in real-time. Qlik offers advanced data management. The solutions are practically endless.
The correct implementation roadmap
As we mentioned, there’s a solution for everything. Today, you can find software for everything you need: remote collaboration, expense management, building audits, and more.
For instance, Office 365 and SAP Concur let you centralize your data and files and track travel expenses, respectively. Facilio enables you to check your assets' status in real-time. Qlik offers advanced data management. The solutions are practically endless.
A professional implementation service can help you create and execute an optimal strategy.
1. Assess your real needs
Don’t get carried away by extensive features and the “all-in-one” sales pitch. Sticking to your requirements can help you save considerable money. It’s best to get a basic package and add more functionality as time goes on.
2. Introduce possible technologies to your users early
You must give your users all the time they need to get used to the software. Show them the technology’s benefits, features, and how it can change operations. It’ll also help you with user adoption and preventing discomfort.
3. Run smaller tests before total commitment
If it’s possible, ask for a trial of the technology you wish to integrate. It’ll help you test its functionality, intuitiveness, and which areas require more attention during training. It’s also excellent for getting your users’ accustomed.
4. Plan implementation in stages
Don't try to implement everything at once. Divide your implementation project into phases: primary setup, data migration, training, testing, and more. That'll allow you to focus entirely on individual steps, minimizing mistakes.
5. Schedule regular audits and reviews
Additionally, planning in stages lets you review every step before continuing. You should schedule a review between every implementation phase. That’ll allow you to fix mistakes before compromising your entire project.
6. Encourage cooperation and feedback from users
Your users will interact with this software more than anyone—including you. As such, their opinion is more crucial than anyone else’s. Don’t neglect what they have to say, or you’ll risk user adoption issues down the line.
7. Schedule future maintenance
All technologies require maintenance, regardless of whether it’s hardware or software. You’ll have to deal with updates, system audits, database reconciliation, and more. This requisite could also mean additional costs, so keep them in mind.
8. Implement a professional help desk
9. Work with a professional tech implementation service
Finally, don’t try to do everything yourself if you lack expertise in the matter. You might want to save costs, but failing your integration project will be more expensive than outsourcing it. Consider hiring professionals if you’re not an expert.
ERP Integration with Assetsoft
ERP Integration with Assetsoft
Assetsoft can help you choose the right ERP for your business. Choose from popular providers like Yardi and MRI, and streamline your business operations. We can help you with Yardi consulting, lease abstraction, back office accounting and more. Contact us today to know more about how we can help.