How To Choose A Software Partner

How To Choose A Software Partner

Notice in the title, it says “partner”. At IMS, it is more than a seller and buyer relationship with our customers. The success of their business is crucial to the success of ours. IMS is a commercial real estate company that builds software for commercial real estate sponsors. Our origins have given us a unique and complete understanding of how vital relationships are in the CRE industry. This is why we find it to be of the utmost importance to treat our clients as partners.

This concept of partnership isn’t something that should be unique to IMS. When searching for a software solution, regardless of what it is, look for a technology provider that values long-term relationships with their customers. Below are a few tips that you may find helpful during your search for software.

First, Identify Your Pain Points

As a commercial real estate owner or sponsor, what is keeping you up at night? Is it investor relations? Back office tasks too burdensome? Both? Figure out your pain points and begin looking for tools that can provide solutions. Adding efficiencies to your business will make it possible to do things like decrease overhead and scale. If you don’t have a major pain point yet, think about the future of your business. Take a look at who you are as a company and how you may want that to change in the future. Decide if your current process is sustainable enough to get you to those goals.

Doing Your Due Diligence

The current/future pain points have been identified and the search for a solution has begun. There are lots of options out there but finding the right one is crucial. Don’t settle for a band-aid or something that’s a partial fix. Demo the products, ask about the onboarding process, learn what to expect for time to value, and ask for a list of referenceable contacts. The future of a solution is of equal importance of the present. You are looking for a partner with the goal of continual product improvement. Learn about their product roadmap. You are looking to future proof your business so who you choose must have the future in mind as well.

Understanding Pricing

Software is moving away from the desktop and on-premise servers. The cloud-based software-as-a-service (SaaS) model is becoming increasingly prevalent. SaaS is leased software that is maintained by its developers. Hardware to host the application isn’t something the customer has to buy. This model provides a lower cost of entry and is traditionally a pay as you go subscription. Your costs are predictable and you get software that can be maintained and updated in real-time. And because data warehouses are located in the cloud, they can be accessed from anywhere. Be prepared to have discussions around subscription pricing models.

There is a technological shift occurring in commercial real estate. You no longer need to rely on manual processes and outdated methods to run your business. It might be time for you to take advantage of new efficiency-adding solutions that are available in today’s market. If you would like to learn if IMS is the right partner for you, schedule a demo here.