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5 Questions to Ask When Choosing Multifamily Software

February 27, 2024

Multifamily software is a major decision for your property business. A property management platform can be the key to attracting and retaining residents. If benefits of the platform are your top priority, remember to think about the features you will most value. This should include what type of reporting and analytics you want, as well as how easy it is to use. With multiple options on the market, it's important that you ask the right questions before committing to a specific solution.

Optimizing Your Platform

High quality property manager software streamlines and simplifies the many different aspects of managing communities. These powerful programs can track and manage everything from resident analytics to automated emails. Even enhanced concierge services and document storage, an important tool for front desk staff, management, and residents alike, can be included in an all-in-one platform.

But the most important option a multifamily platform can offer is the resident engagement app. A mobile app makes it easier for residents to communicate with their property management team. An optimized interface for smartphone or tablet users will allow residents to submit maintenance requests and pay rent on the go, while property managers can respond faster than ever before.

Questions to Ask the Software Developer

Before choosing the best software suite for your unique property, it is important to ask the developer a number of questions. Here are five smart questions to start with:

1) How do residents engage with the software product?

In order for comprehensive property manager software to work at peak effectiveness, it needs to be used by as many residents as possible. The best platforms are incredibly useful for both the resident as well as for the staff and management. If the platform is only useful for one or the other, the disconnect will be felt between management and residents.

Useful features for residents should include things like easy maintenance requests, a reservation platform for onsite amenities, and an easy rent payment feature. When these types of features are included in the system, resident app engagement increases.

2) How will the software help make building operations more efficient?

From a management perspective, great software must ensure smooth daily operations in the building. Maintenance requests, rent payments, and all communications must be received without issue. Make sure software allows for communication, or integrates, with other software.

For example, if you use a third party application for property management and accounting, be sure that it can communicate seamlessly with the multifamily platform that hosts your resident engagement app. The software should be able to import and export data from these applications so your daily tasks are seamless.

If you already have an integrated system in place, ask about what types of integrations are supported by the multifamily software. You may already have an established relationship with a vendor who does this type of work and would like to continue working with them instead of switching vendors all together.

There are 2 distinct advantages to choosing a multifamily software solution that runs entirely in the cloud: increased efficiency and scalability. A property management team can be more efficient when they aren't tied down by hardware and physical locations. Property teams can manage from anywhere with just an internet connection and secure login credentials. Residents don't have any additional steps in getting information about rent payment deadlines or maintenance requests when it's all at the touch of a button.

3) How easy to use is the software?

Above all, the software should be easy for everyone to use. Look for software that has an intuitive design that is fast and easy to learn. Anything more complicated or confusing will cause more problems than it solves. Cloud-based software may be a better alternative to onsite storage.

With cloud-based software, all of your data is stored safely in one place and not on individual computers or servers that may be vulnerable to theft or damage by fire or natural disasters. Because information doesn't need to be transferred back and forth between multiple locations like it does with onsite solutions, it's faster too.

The result? Less downtime for residents during maintenance issues like power outages or hardware failures. Property teams can prevent further problems on or offsite, at any time, anywhere.

4) How are rent payments and accounting integrated into the system?

Accounting is such a key component to running a successful business, you'll want to make sure the multifamily software you choose has accounting capabilities that can handle all aspects of your finances. You need software that can manage revenue, expenses, client payments and more.

The best multifamily software will give you access to real-time financial data so you can easily track income and expenses. It should also provide tools for generating tax reports during the year or quarter-end closing.

Ensuring that rent payments are processed easily and on-time is essential in streamlining operations. A great property manager software system makes it simple for residents to set up payments. It also makes it easy for management to properly track and keep on top of payments on the receiving end.

5) Can the software keep up with the demands of a Class A building?

If you manage a Class A building with a long list of amenities, you need a property manager software system that can keep up. Look for a system that can take care of multiple amenities bookings, keeps maintenance requests on track, and assists front-end staff in their day-to-day tasks.

One of the benefits of luxury multifamily software like Elevated Living's platform is its ability to keep up with the demands of a Class A building. A solid platform should be able to handle the volume of work required by your particular business model. While it's important to ask about how well your new provider supports your current systems and processes, make sure you also consider the following:

  • Is the software scalable?
  • Is the platform future-proof?
  • Will it be able to handle multiple changes for each unit, building, or community?

Provide an Exceptional Living Experience

Once you have the answers to these questions, you’ll be able to make a more informed decision about which multifamily software is right for your building. Don’t let yourself get caught up in the hype of one particular brand or feature. Instead, focus on what will work best for your needs today and tomorrow—and make sure that it can do so without breaking the bank! As with any purchase, always remember that doing research upfront can save money in the long run.

An incredible property manager software will help you to ensure that your residents love where they live. The right software helps the entire property run more smoothly so your property team can focus on a successful community.