Real estate project management is quite a hectic task, but technological advancement has eased the process for real estate professionals. But the right technology selection is crucial to make proper use of such software and not make it a redundant money-draining purchase.
The right project management software can streamline your work and simplify the workflow. But having a dynamic understanding of the nitty-gritty of this business forms the core of this software integration into your real estate business. As expert professionals who have helped numerous real estate businesses in integrating the latest software in the market to upscale their business, we have carefully curated a list of do’s and don’ts for you to follow while selecting a project management software. Read the whole article to know them in detail and make a conscious decision while making a purchase.
6 Important Things to Do While Selecting a Project Management Software
Not all software is made equally; there are advantages and drawbacks to all of them. While you make a technology selection for your particular business, you need to keep these in mind to make a wise choice.
Make a list of your needs
All project management software has different features to offer. You need to make a detailed list of what you want to get from your project management software to understand which fits best for your business. Make a list of the challenges you face in manual project management, the restrictions you face regularly, and the work that needs to be automated. After this list is made, you can tally that with the list of available features in each project management software to understand which is the best fit for you.
Some companies only want to do internal communication between property managers and agents, some want to do property management, and some even want construction management. There are different software solutions for all of them, and some offer a cumulative support system. Understanding your own needs will help you make a fruitful purchase.
Create a list of all available project management software
There are many real estate project management software out there in the market. The strategy and leadership at your company need to make a list of these to know which one fits best with your needs and is cost-effective too. Make a list of things like ease of use, reliability, scalability, if it is mobile-friendly and if it has post-integration support, and such things. Why? More than 73% of global executives in business feel that reliability, ease of use, and ease of integration are the biggest factors affecting a project management software selection.
Test and get trails of each software
More than 77% of successful projects use project management software to run their business. But that does not mean they are the right fit for you. You need to ask your IT outsourcing partner to give you trial runs and tests of the software options and make you understand which one would work best for your business needs.
Check the comfort of your staff with the software
You are not the only one who will work with the software you integrate into your system; your property managers, agents and realtors, and back office staff will also take the load. So it is best to understand the technology comfort level of your staff before taking the leap. Ensure the software dashboard is easy to use for not-so-tech-savvy people, too, for better inclusivity and resource optimization.
Get detailed feedback from all stakeholders
When you pitch your project management software options to all stakeholders in the office, get feedback from all of them to understand what they need or what can be better. As a real estate business owner or manager, it is important that you get all stakeholders on board before making a purchase to avoid any miscommunications in the future.
Understand and justify the cost of investing in the software
Before you make a software purchase, you also need to make a cost sheet of how much it costs you in labor, money, and time to do manual project management. Then you need to understand how much the software integration and maintenance will cost you and how much labor and time it will save. Then you can compare the two to know which one works best for you.
Pitfalls and Don’ts to Avoid in Selecting a Project Management Software
New technology integration and working with it can be a daunting task. And above that, real estate is relatively new to the technology selection routine, so unprecedented pitfalls can often be encountered. Here is a list of all the things that you must not do while selecting new technology for project management.
Never invest in software because it is trendy
There is many project and property management software in the market; just because your competition uses one does not mean it is the right one for you. Do not make an investment in software because it is in trend. That can be the biggest mistake one can make in business management.
Not taking the opinion of your staff
Your staff has on-ground ideas about what their needs are from a project management software; if you do not take their opinion while integrating new software, then it might not come to any use. They are the ones that will use the software on a daily basis to streamline your work, so their opinion is vital.
Not getting external support to adapt to the new tech
When it comes to new technology it can be hard to handle, and if your IT outsourcing partner does not provide enough technical support like staff training, troubleshooting, holistic integration and such, then you are in a soup. You need to make sure that you have enough technical support, at least in the preliminary days when you are getting familiarized with the new workings.
At Assetsoft, we provide integration services for many latest project and property management software like Yardi, MRI, Procore and many more. Our team of technology experts also offers constant support and training to your team to help you get ahead of the competition in this cutthroat real estate market.
Talk to us soon to know more about our services.