Property Management Buyer's Guide

What to look for in a PM software vendor

When you buy a property management software system, you're also selecting a new partner for your real estate operations. Choosing the right vendor is just as important as choosing software with the right features. Here are some points to consider:

First, look for a vendor who takes the time to understand your needs and works with you to come up with an appropriate solution – not one who just pushes their particular product as a one-size-fits-all answer.

You'll usually be buying directly from the manufacturer, so it's important to select a provider who will be around for years. A large installed base offers stability, ensuring that the vendor will continue to upgrade and improve the product.

Recent updates and new releases also indicate a commitment to the software. Ask how the provider handles bug reports and feature requests, and how often they release new versions.

The vendor should offer training for everyone who will be using the system. Many businesses prefer having a trainer come to their office, but that is not always possible. Web-based training can also be effective, if done properly. Regardless of how it's conducted, training should take users through the basics of entering data, running reports, and basic troubleshooting at a minimum.

As with any complex software, you should expect occasional problems or outages. While "guaranteed 99.5% uptime" and other vendor assurances are fine, more important is how they react when something does go wrong. Inquire about their support policies: when do they have live support staff available by phone? Do they guarantee a specific response time? What kind of training do their reps have? You want to make sure that a software glitch won't disrupt your work for any significant period of time.

Relationships to larger companies can be another good sign to look for. For example, if your office runs on Microsoft products, choosing a vendor certified by Microsoft helps guarantee that your systems will work well together.

Finally, the vendor should be able to put you in touch with references who are using their software. Call the references and ask questions such as:

• Has the system improved your real estate operations?
• Does it do everything you expected?
• Are your employees satisfied with it?
• Are your tenants more satisfied now that you use this software?
• How does the vendor react when you have problems?
• What do you like least about the software?

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