Choosing the Best Management Software for Your Business
There are plenty of software solutions to choose from within the association and community management industry. The challenge is not finding software but selecting a solution that best meets your business’ needs. There are several things to keep in mind when evaluating your best options, including your company’s pain points and business processes to help determine which needs are being met, which aren’t, and how to close any business gaps.
Common Pain Points
How do companies get to the point of needing to make a software switch? Many management companies struggle more with a system issue rather than a people issue.
Companies today are quickly outgrowing the functionality of the system they are in, and as a result, they must enter the 21st century and learn to leverage modern technology. Most companies need a system to be automated further, whether they are planning are large-scale growth effort or even just staying profitable and competitive within the association management industry.
Software users don’t want to manually make changes for every touchpoint. Most industry leaders today are seeking a technology that allows their business to grow without adding overhead. Typically, if a software system does not grow with them, it can tack on many extra frustrations and prevent management companies from being productive, efficient, and a key player in the market.
Processes & Elements of Your Business to Examine
Your Banking Software & Financials Process
Banking integration is a huge piece of the puzzle in the world of association management software. If your business is still completing financials by hand, having your banking embedded in your software streamlines processes without adding additional overhead.
If you have a competitor who can get financials for their entire portfolio out by the 5th of the month but your own company can't get financials out until the 10th, that's an advantage for the competitor. If this sounds like a familiar problem, it’s critical to examine how to make your company’s process more efficient.
When taking stock of your current bank and software, if there’s no conversation between the two, this will continue to be a major hiccup for financial productions and the number of touchpoints your processes require.
Mobility Accessibility & the Happiness of Your Staff
It’s not impossible to have happy managers, accountants, board members, and homeowners. Happy people are a critical component of any management company’s success. Having an operating system that can handle work orders, field inspections, and send messages wherever you are at your fingertips can have a lasting, positive impact on both managers and communities alike.
If people need data and analytics, how quickly can managers get it? How many touchpoints does that process have? Can managers send inspections through their phone without transcribing them? If so, then by the time it’s written up and sent, the violation may no longer be there. The homeowner could have already fixed it by the time that notification is sent out.
Clear communication is a valuable tool. How does your business communicate with homeowners and board members? Is this communication quick and effective? Many management companies utilize a third-party provider to send an email blast because their current software system cannot do so. This greatly increases the electronic trail of communications and searching for urgent updates between all parties.
Homeowner & Board Member Accessibility
Does your business need portals for homeowners and board members? If homeowners and board members have the flexibility to see everything going on in their accounts and their associations in a simple and transparent way, it can improve how your company compares to the competition.
Looking at it from the competition side, if the management company down the street can give homeowners and board members all-access, why would those communities choose a management company that doesn’t provide that feature?
The Right People in the Right Seats
The kind of people you have on your team when you want to expand, or even stay profitable, is a big component of your business's success. It’s smart for a management company to look at each department, how many people are in it, and who are the strongest players in that department. With any software transition, it’s critical to identify who those people are. Team members with strong organizational skills, who are open-minded, and who possess a desire to improve are all great assets to consider.
Switching software is never really a one-size-fits-all approach. Many factors come into play and that guide the direction your company can go. Your decision may be based on the number of associations, the level of automation your business needs, or the process for your financials. Regardless of what encourages you to look for another solution, it’s important to keep all these factors in mind when choosing the best management software for your business.
If you’re considering making a software switch, want to learn more about Vantaca’s features, or just need software advice, contact us today and we’d be happy to help.