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5 Mistakes to Avoid When Choosing Multifamily Software

February 27, 2024
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If you’re still trying to get things done without the best software platform as a tool in your property management arsenal, you may be surprised to learn about the mistakes you could be making.

The impacts of increased costs, lost revenue, and unhappy tenants can all be reduced with the right software. Multifamily property management software has helped transform how teams manage their communities. With the right software, managers can streamline their processes while improving the lives of their residents.

With the wrong software, or even worse -- no software, small issues can become bigger problems as platforms develop and tech progresses. That’s why it’s important to avoid common mistakes property managers make when picking property-wide software.

Here are just a few mistakes when picking new property management software and how to avoid them.

1. Starting without a plan

Many managers leap into upgrading their multifamily property management software before they truly know what pain points they need to solve. Choosing software that addresses the most immediate concerns without making a future-proof plan can undermine the immediate choice.

If you are looking for a new management software, start by writing down why. Get a sense of the problems your platform needs to solve and processes it needs to streamline. From there, you can make a more informed decision for what software will best help you now and in the future.

When creating a plan, consider the following:

  • document management
  • analytics reporting
  • access control
  • maintenance tickets
  • accounting functions
  • tenant communications
  • contractor communications

2. Choosing many software instead of one

Every day, another software arrives claiming to solve some issue related to property management. Such software may work but single-solution options are inefficient. Events management is on one app. Payments on another. Scheduling requests on yet another.

While all of these apps and software may help solve something, you should avoid trying to fit together disparate apps. Instead, get a multifamily property management software that puts everything together into one platform. Elevated Living’s management platform has helped its clients reduce the number of apps they use by 90%. That means you have everything you need in one place. And so do your residents.

3. Looking at price and nothing else

Your property management software should help you grow more efficiently, improve experiences and save money. Some will do this better than others. However, choosing the cheapest software available will save you the least through inefficiencies and poor quality. Focusing solely on price will likely leave you with a software that’s limited, rather than one that improves entire organizational processes.

4. Avoiding the data

One of the most important and beneficial aspects of any great multifamily property management software is the availability of data. Pick one that leverages data-based insights not available anywhere else, like Elevated Living's all-in-one platform. Understanding business intelligence at a higher level is necessary to guiding a successful community.

Important data can help improve net operating income and allows residents to enjoy communities even more. From event registration tracking to resident engagement scores, everything is collected into easy-to-understand visuals that help your management team figure out where you excel, and where you can improve.

5. Ignoring Scalability

As your community grows, your team will generate more data, which will turn into a bigger workload. Property management software that's limited in business intelligence may not be able to process increased data loads. Without scaling properly, your software won't keep up with your future needs.

Not all software can grow along with your business needs. If your software isn’t scalable, your property team can face setbacks as your community grows. Resetting an entire community's software will consume a lot of time and money. By using a tried and true platform that has proven to scale, your property team can handle higher work data levels while functioning smoothly.

The All-In-One Platform

Elevated Living is an award-winning multifamily property management software that increases resident retention rates, increases engagement with communities, and streamlines processes for managers.

Contact our team today to book a demo and learn if our solution will work for you.