What are the 8 key parameters for choosing the right software for managing your Real Estate Portfolio?

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Choosing the right Software for your needs can be quite challenging. The challenge here is twofold. First, you need to have a clear understanding of what you want to achieve. You need to consider your current company organization, processes, tasks, employee profiles etc. and (re)define it in a way that would bring you closest to your business goals. Namely, things that brought you here will not bring you there. Once you have a clear picture how you should proceed and where you want to go you need to clear the other side of a challenge. What are the best digital solutions to serve my processes and my needs?

Today we already have a multitude of different Proptech solutions on the market and sometimes we get confused which one to choose. Which one would suit our needs the best? This one is to narrowly specialized, this one seems too complicated, the other one seems too expensive to buy… To narrow down your selection you need to go back to the basics. What is the real purpose of digitization? What is the purpose of implementing Software to my processes? Why this software and not the other one? The software needs to automatize your processes to increase efficiency and release the capacity and empower your employees with powerful analytics to be able to focus on innovative and creative work.

When selecting Proptech solution/software one needs to focus on 8 key selection parameters:

1) User friendly

Software needs to be user friendly. How do I know the Software is user friendly? Simply open the software, ask for a demo, and ask a couple of your colleagues working on daily tasks to look at it and give you the first impression feedback. Judging on their expressions and level of frustration you will quickly see the answer.

2) Simple

Software needs to be as simple as possible. Simplicity is the ultimate sophistication by the words of Leonardo da Vinci. The quality of Software should not be measured by the number of functionalities, levels, and fields it contains. According to Pareto principle we will use 20% of functions to do 80% of the work. So, do not get distracted by a multitude of functions but rather focus on the simplicity of the functions you will use to most.

3) Web-based product

Most of the modern and simple products you will find will be web-based. The technology behind it and easy accessibility through the internet make it most simple to use. Web products allow for flexibility of use and flexibility of Software structure and functionalities. Such software is usually also easily customizable to your needs. Web-based products give you the flexibility of work from anywhere, anytime and any device which is becoming more and more important in the New Reality we are facing.

4) Cloud-based data

The key and most valuable asset in real estate management processes are the data. To have the “unlimited” capacity for data collection and data storage one of the most convenient way is to store it in the cloud. Today’s cloud providers such as for example Oracle cloud offer the safest and most advanced data storage and management tools. Cloud also gives you additional flexibility on data accessibility from anywhere.

5) Modularity

One of very convenient features of Software products is its modular structure. In case of a modular structure Software can more easily be customized to the needs of your business and your end-users. Usually, such product has a basic Software structure where different modules can be added or subtracted according to requirements.

6) Interoperability

Another important feature of a quality Software is its openness to collect data or to send data to other Software of platforms. It needs to have open APIs to enable integration with other databases and tools to exchange data. This way you can connect different solutions you are using with your business in one smart platform exchanging data and showing you cross-segment KPIs, and other analytics.

7) Co-development services

Depending on your industry requirements and your specialization in terms of products and processes an important service feature of your Software provider is their co-development capacity. Co-development is a process where you can together with the provider adjust the digital solution to your specific needs and design special modules or functionalities.

8) Leasing business model

And finally, you should search for a provider with leasing business models. This lowers your digitization entry cost, shortens your decision process, and allows you to return the product in case it does not perform or deliver the promised functionalities that you require.

Hope you find these guidelines useful and all the best with your digital journey.

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