How to Measure Property Management Software ROI

How to Measure Property Management Software ROI

Measuring your property management software return on investment (ROI) can be easier than you think. You just need to look at the right factors. This will ensure you maximize your companies gains or justify the purchase of a new property management software platform to stakeholders.

The Formula to Measure Property Management Software ROI

ROI = (Gains – Cost of Investment)/Cost of Investment x 100

In the ROI calculation gains are any result of increased revenue as a result of your investment in a new property management platform. This could be as a result of software functions that improve processes or even from integrated resident funded programs which may offset cost associated with the platform. Ultimately your property management company needs to evaluate functional requirements and needs as well as determining how those will benefit the bottom line.

See how Rise Residential uses ResMan to Save Time and Money

This is where you can make a case for the benefits you expect. Ask yourself, what are the pain points for my business and my staff? Are you looking for something that is easier to use or maybe your current solution requires constant technical support, which is costing both time and money?
Evaluating Your Property Management Companies Pain Points and Needs

Here are some factors to consider:

– Are you working in multiple systems?

– How efficient is your staff with your current process and system?

– How difficult is it to onboard and train new staff on your current system?

– How much is technical support costing in both time and money?

There’s no set rule regarding what gains should be considered in an ROI calculation. Maybe you prefer to stick to concrete revenue gains from efficiency gains or from resident funded programs like Credit Builder. However, you can also consider opportunity costs as well, ultimately, it’s up to you and your stakeholders to decide what value means to your organization.

Determining the Cost of Your Pain Points and Translating Them to Gains

There are many different reasons for switching property management software. For some it is to increase productivity or maybe you are spending too much time and money on technical support for your current solution. Translating these gains to your bottom line will be essential for your ROI calculation.

For instance, if your staff is currently working in multiple platforms determining the amount of time, they spend each day between systems, then translating that time to either saved payroll or determining opportunity cost of the lost time will give you a concrete potential gain from working in one holistic ecosystem like ResMan.

Finding the property management platform that not only covers the needs of your organization but also creates efficiencies that translates into gains is easy when you know what to look for. Here are the most valuable features a property management software can have, and how those features improve ROI.

Making Your Purchase Decision

Once you have the ROI calculation for the property management software of your choice, you can eliminate the options and begin the decision making process. By taking the time to evaluate the features of property management software and by making a solid calculation, you’ll be able to compare the benefits of upgrading your current property management software to an integrated management platform like ResMan. You’ll also be prepared to make a strong case to your stakeholders about why your choice is the best route for your company.

Whether you define ROI in time savings or as a hardline number, the property management software platform you choose should have quantifiable benefits that you cannot gain from your previous solution.

Don’t gamble on a solution that only meets part of your needs. Discover a solution that increases your ROI and more.

ResMan Felt the Love at NAA Apartmentalize 2019

If you made it to the conference in Denver this summer, you already know what a great experience it was. But love?

What’s Love Got to Do with it?

This year at NAA Apartmentalize was particularly exciting for us because, despite being a proven player with the fresh approach, there were some folks that still had not heard of us. But this year, we met hundreds of new friends who had heard not only about our platform but the movement we’ve started. We even reunited with old friends who lamented that their new employer didn’t use ResMan. It seems that more people than ever before know and love ResMan.

One of our clients, Josh Gierach, owner of J.K. Rock, LLC, puts it this way: “I DO love ResMan! ResMan is the best property management software I have ever seen! The board room is without rival!  It allows me to see quickly how well our properties and staff are doing, often without clicking any further. If I want to dig in further, it’s only a click or two away and I can see even more details without needing to go to an entirely different part of ResMan. The platform model, which allows us to insert or remove vendors who provide additional services without a major disruption of our operations/accounting, is genius and very much appreciated!”

This overwhelmingly positive enthusiasm validated our goal to provide brilliant resident experiences that deliver our goal of a Love, Lease, Live lifestyle for your renters. It drives us to work even harder as the industry’s partner for growth.

If we didn’t get the chance to meet you at NAA Apartmentalize or you aren’t familiar with what we bring to the property management industry, this is just a partial recap of our experience in Denver and how love factors in.

Love Isn’t Blind

There are real reasons for the industry’s deep emotional attraction to our movement.

First, love is the basis of who we are. ResMan is a true partner whose entire purpose is built around our three-pronged goal to make it easier than ever before for property owners to provide:

  • Happy homes in safe communities
  • Rewarding careers for those who manage these communities
  • Impressive investment returns for those who takes risks to develop and maintain them

Josh Gierach adds, “[ResMan] has changed our lives and we could not imagine managing our properties without it!  I am genuinely conflicted on whether I want to promote it, because it gives me a huge advantage over others who have not yet discovered it or have failed to see the light.”

Second, with a goal to be the preferred platform for multifamily, we’ve reached a tipping point. At NAA Apartmentalize, ResMan was ranked the industry’s second-most engaged supplier in our category. So the love we’re injecting into this industry, from property management companies to the residents we serve, is clearly being recognized and returned.

Love Your Property Management Technology?

Some believe that the multifamily industry has been a laggard when it comes to adoption of new, enabling technologies. And for good reason: The entrenched incumbents haven’t shown the industry the love it expects.

But with our big dreams, our sights set high, and an insistence on providing the best for our partners and friends, we’ve disrupted the industry. We’ve innovated, grown and delivered results widely enough that we’re no longer just for early adopters.

  • It’s an exciting time for the industry. New approaches, like the one enabled by the ResMan platform, are allowing multifamily property owners to enjoy:
  • An increase in operator efficiency and job satisfaction
  • Improved financial performance of multifamily assets and portfolios

The ability to provide resident experiences that enable the lifestyle that contemporary renters expect

More ResMan Love on the Way

This year’s National Apartment Association’s event will be viewed as a watershed moment in the property management technology revolution we’re experiencing. ResMan isn’t slowing down; in fact, we’re more invested, both financially and personally, from every member of our team.

We have an extremely ambitious 2019 and 2020 ahead. In fact, just this year, we’ve already facilitated:

  • A partnership with Berger Residential, who selected the ResMan platform to power its next stage of growth and business effectiveness
  • A strategic alliance with CoreLogic
  • The launch of ResMan Affordable in April
  • Ongoing focus on new products, with 3 major product releases in the coming months

Love is how we’ve become a multifamily technology leader. The love we receive in return will spark continued innovation on our part.

We invite you to Love ResMan.