We live in a world of innovation, where technology advances faster that we can recognize. But with these changes comes a universal understanding of efficiency, user experience and expectations. And, a property management software is no different.
As young professionals and millennials continue to rise into management roles, they come with expectations for their technology (that is, 36% millennials have a managerial title or above via Forbes). Oftentimes, however, current software solutions may not have the latest features or modern interfaces. While to some this may not seem important, the fact of the matter is innovation and modern technology matters.
When software products are not adaptive to market changes, users can become locked into contracts that force-include vendors and features making matters worse. This means you may not have the features you need to run your business effectively.
Empowering Over Limiting
A property management software is the fuel for running a multifamily property. From resident communication and lease management to robust reporting and budgeting, these features keep your business operating. With this in mind, your software should be empowering, not limiting — simply because you wouldn’t want to limit your business.
Negative impacts of a “bundled” software include poor resources, causing extra time to learn the software, as well as bad long-term ROI. Let’s break it down further.
Competition is the Key to Innovation
It’s simple economics. Basic economic principles encourage the idea that free markets build better products and consumer goods. Only when open to a diverse selection of opportunities, does a user truly get what’s in their best interest. The freedom to choose the partners, services and features they prefer is a strong business perk. Long contracts or closed systems can damage the ability to innovate. As technology propels new vendors into the market, property management companies should have the ability to pick and choose their partners for integration.
Let’s be honest. Better software isn’t afraid to innovate. They don’t feel compelled to lock in their customers, but rather look out for them. This mindset allows you, the property manager, to partner with better options for a mutually beneficial solution.
This ability to work with your preferences or well-known partners is favorable in the long run. When you can operate in a familiar system for your property management, you improve efficiency and allow your business to be competitive.
Freedom to choose forces other vendors to produce better solutions to maintain competitiveness, which gives the property managers the best options to choose from. It’s a win-win.
Unpredictable markets mean we’re dependent on our software to adapt, which directly affects internal processes. With no easy out, property management companies may suffer from slow process changes or adverse software updates. This is harder in a closed system where updates may not be made as needed or may not equip internal changes to meet changing business needs.
Integration allows adaptation to scalable business growth and needs. This includes being able to pick options you may not have previously needed or add things like affordable housing software if that’s a new market for your company.
It’s important to your management team to be agile in new business climates, especially those that follow political issues. Be ready to take on new legislation reforms. Can your software handle these new directions your company may take?
The ability to explore new options makes you a better and smarter business. After all, isn’t it worth exploring? New systems may work better for your team than you were aware.
Software should be treated as a living breathing thing, just like your business. If your software is stagnant it will not allow you to be competitive and should not be allowed to exist in the competitive market.