Searching For a Property Management Solution & What to Ask Vendors

So, you’ve made the decision to search for a complete multifamily PMS (Property Management Solution), a solution that can meet the majority, if not all the needs of your property portfolio.

First things first, multifamily property management is not for everyone. It takes a lot of hard work to become and remain profitable.  Still, property management can be very lucrative and provide a steady and predictable revenue stream, assuming you utilize the best-in-class property management software and tools.

To select the best property management software solution, you should develop a few questions before you begin vetting solutions and vendors. 

Start by creating a list of property management responsibilities that take up the majority your time. Ask yourself, is it possible that any of these tasks can be automated and outsourced.

Next, calculate the financial that outsourcing and restructuring these tasks will save your business in labor, and other expenses.  After calculating expense savings, this should provide direction in your search.

Nonetheless, the most difficulty will still be just knowing where to start and what pertinent questions to ask.  

Questions provided to help you begin.

1. Does your PMS solution include the following capabilities?

·         A.I.  Artificial Intelligence

·         Website building and hosting

·         Tenant background screening

·         Electronic payments

·         Maintenance work order system

·         Security deposit management & alternative deposit solutions

·         Automated scheduling and dispatch for maintenance

·         Utility and expense management capabilities

·         Insurance and other asset protections solutions

·         Portals and dashboards

·         Marketing, lease, prospect & resident management capabilities

·         Survey tools & loyalty rewards for residents and prospects.

·         Mobile options for Android and iOS.

1. How long has your company been developing PMS solutions?
2. Do you develop solutions and services exclusively for the property management industry?
3. What separates your solutions and your company from competitors?
4. How many clients use your solutions?
5. What are the terms of contracts, automatic rate increases, auto renewing, cancel and out clauses?
6. How is my data & client’s personal data safeguarded?
7. How do you use my data & client’s personal data?
8. How do you protect me and my clients from fraud that is so prevalent in the industry?
9. Are training and live technical support included?
10. How long will it take to fully implement your solution(s)?
11. Describe the accounting that is provided?
12. Will the accounting include budget and forecasting capabilities?
13. Will the accounting include asset tracking and depreciation capabilities?
14. Are there automated alerts available for things such as utility usage, budget variances & anomalies?
15. Can I track the performance of my staff in terms of, tours, leases lost, gained etc.?
16. How customizable is your PMS solution to any of my unique business processes?
17. How many total reports are provided with your software?
18. Can I build new customized reports?
19. How many total users can I have?
20. Explain how your platform uses AI (Artificial Intelligence) to my benefit?
21. Is the AI data validated for accuracy?
22. Is the subscription cost all-inclusive or are there other transactional costs as well?  Explain the cost structure in detail.

These questions hopefully provided a baseline to assist you in your search.  You will still however want to ask the questions most relevant to your market segment and ultimate goals.

Good luck in your search!