Contract management software is becoming indispensable in many industries, yet the multifamily sector is seemingly lagging in adopting contract management solutions. Let’s explore why that might be and what can be done about it.
The contract management software market is booming. The top three players alone are collectively valued at around $20 billion, and it’s no mystery why. Contracts are at the core of every business, representing revenue streams, expenses, and key relationships. With contracts being such crucial assets, it only makes sense for companies to prioritize managing them efficiently. In fact, no major deal or relationship is official until the contract is signed.
However, despite its importance, many businesses struggle to locate essential contracts when they need them most. Misplacing or poorly managing contracts can lead to costly mistakes, missed deadlines, and potential legal issues. That's why industries like finance, healthcare, and legal have embraced contract management technology—to stay organized, mitigate risks, and streamline processes.
The multifamily industry has been glacially slow to adopt contract management tools. The reasons are relatively straightforward: most off-the-shelf contract management solutions don't cater to the unique needs of multifamily operations. Property managers deal with a mix of vendor contracts, tenant leases, service agreements, and compliance documents. All of which need to be associated with properties, ownership structures, and third-party fee managers. The complexity of juggling these different document types often requires tailored solutions, and that’s exactly what’s missing in the market—software specifically designed for the multifamily space.
While existing contract management software may not perfectly fit multifamily needs, there are plenty of lessons to be learned from industries that have successfully integrated these tools. Automated workflows, key-date alerts, e-signatures, and AI-driven data extraction are just a few features that could be valuable for property managers and owners. By adopting or adapting these solutions, multifamily businesses could enhance operational efficiency, reduce human error, and gain better control over their assets.
By examining the solutions that work in other sectors, multifamily leaders can start paving the way for more efficient contract management that meets their unique demands. Once the right tools are in place, it could revolutionize the way multifamily businesses operate, just like it has in other industries.
At Pivott, we’ve taken these widely adopted tools and adapted them to fit multifamily and the unique challenges that come with owning and managing a portfolio of properties.
In practical terms, Pivott is the only software made exclusively to solve these problems for multifamily. That said, if you want to consider solutions from other verticals and/or generic horizontal solutions, then check out our comparison of software options here.
