How Do You Start the Search for a New Construction Lending Software?

How Do You Start the Search for a New Construction Lending Software?

If you’re thinking about making the shift to a new construction lending software, it can feel like an impossible task before you’ve even made a single phone call. From convincing your team it’s the right move to assessing the potential options, it’s easy to get overwhelmed!

Over the years, AccuDraw has helped dozens of banks and lenders make the move from spreadsheets to software. We’ve put together 3 quick tips for managing and implementing a major purchase decision quickly, successfully, in-budget, and with minimal disruption.

Define Your Goals and Expectations

Before you begin examining and researching various options, it’s worth taking the time to truly understand your business objectives and needs. Start with a few key questions about your business goals and expectations for a new software solution.

This may vary depending on your role and authority within the company, but you should be able to effectively answer:

  • What is our #1 business goal with this software and how does it fit in to our larger strategic objectives?
  • How would a new software solution help meet that goal?
  • What value will it bring to your team?
  • What value will it bring to your customers?
  • What opportunities will it provide for the future?
  • What is our budget?

Answering these questions will then help you identify what type of product you’re looking for and the non-negotiable functionality and features you’ll need.

Get Buy-In from the Right People

Imagine purchasing the perfect software for your business, only to find out it didn’t have the feature your team used the most.

An easy way to avoid this all-too-common mishap is by making sure you involve the right people at the right time. Brainstorm a list of the key internal stakeholders, ranging from the team using the software to the IT team who will implement the solution all the way up to executives who may need to give the final sign off.

Once you have your list, schedule meetings (or organize a survey) to listen and understand the needs, wants, and frustrations of these stakeholders. 

While you’ll need to justify the cost versus your revenue opportunity, you’ll also need to sell these stakeholders on the value of a new product. Keeping them involved in the process and encouraging open communication will help you get approvals and cooperation faster.

Do Your Research, Then Get a Demo

Lastly, take the time to do your research. Take advantage of tools like Google Search, software comparison sites, and word of mouth. Once you’ve narrowed down your options, always get a live demo, and make sure to ask if the demo they are showing is the same product you’ll be paying for. 

The person giving you the demo should start by asking about your current processes. They should be able to show how their software can replicate what you are currently doing. The goal may be to improve or maintain your current methods and procedures but starting where you are today gives your team the confidence to make the leap into the change that is coming.

Ready to Try AccuDraw?

AccuDraw offers both live demos as well as a free trial of our software, so you can make sure that it’s the best option for you and your business before making the commitment.

Ready to get started? Contact us today for a free demo of AccuDraw’s Version 7!