Overcoming Barriers to Contract Management in Multifamily

Centralizing and organizing vendor contracts can be overwhelming, especially when it comes to finding time to explore and implement the right solution. The good news is, if you’re reading this, you’ve already taken the first and often most difficult step. Now, we’re here to guide you through the rest!

Choosing the Right Contract Management Software

When selecting contract management software, the key questions are the same as with any software decision: Does it solve your problems? Is the cost reasonable? Will the return on investment outweigh the time and budget required?

In multifamily, this process comes with unique challenges, as most solutions aren’t designed for our specific needs. Pivott is the only contract management software built specifically for the multifamily industry. Here’s how it addresses key challenges: 

Features & Functionality

While there are plenty of contract management tools on the market, multifamily operators need features that go beyond the basics:

• Central Contract Repository: Some platforms only capture contracts if you use their signing tools. But contracts come from many sources, so you need software that stores them all in one place. 
• Automatic Contract Imports: Contracts often get lost in email threads. The right solution automatically imports contracts from emails and alerts you to any that might be missing. Even better, tools like Pivott’s Contract Sync can flag when someone in your organization forgets to upload a contract. 
• Reminders for Key Dates: Missed renewal dates can be costly. Good software will surface important dates to multiple team members, ensuring financial savings and continuity of service. 
• Property Associations: Multifamily contracts are often tied to layers of corporate entities, which frequently change hands. The best software allows you to create a custom web of associations that reflect your organization’s structure – Pivott is one of the few tools that can do this.

Pricing Models

Traditional software pricing models, like “per seat” or “per contract,” don’t work for multifamily. These models encourage account sharing and incomplete contract storage, which defeats the purpose of having a single source of truth. 

Multifamily businesses need predictable, property-based pricing that scales with budgets. Pivott’s pricing is designed specifically for the multifamily industry, ensuring affordability and flexibility without compromising on comprehensive contract management. 

Industry-Specific Integrations

Most contract management software isn't built for multifamily, and even fewer offer integration with Property Management Software (PMS), which is critical. Before committing to any software, ask detailed questions about how it integrates with your systems, especially PMS.

Architecture: The Complexity of Multifamily

Multifamily organizations have complex corporate structures, with intertwined ownerships and management agreements. Other industries may use simpler models, but multifamily needs software that can reflect these unique relationships. Pivott is specifically designed to handle these complexities.

Intended Usage: Multifamily’s Unique Contract Needs

Multifamily operators receive far more contracts than they send, especially from vendors. Most contract management software is designed for industries where outgoing contracts are the norm, but multifamily needs tools that manage incoming agreements. Pivott offers the right balance by tracking everything you receive.

Avoid the "Sharepoint" Trap

Some contract management solutions are glorified file-sharing systems, requiring manual uploads that leave room for error. A reliable tool should automatically import contracts from your inbox. Contract Sync, an app for Microsoft 365, is a good example of a tool that ensures nothing slips through the cracks.

Conclusion

When selecting contract management software, ensure it meets the specific needs of the multifamily industry. Look for solutions that store contracts, associate them with properties, provide reminders for key dates, and—most importantly—automatically manage contract imports. Pivott is one of the few solutions designed with all of these needs in mind!