If you haven’t heard of Masayoshi Son or his $100 billion Vision fund, you should be curious. Masa is the CEO of Softbank but is also the world’s most daring investor. Very recently, Wired published a detailed piece about the proverbial angel who decided to land in the business of trading land i.e. Real estate Management Software, with the fat cheques that his fund could well, ‘fund’.
His investments in a few construction startups and real estate brokerage firms have shaken the industry, thanks to the latter’s focused use of Real Estate Management Software. In the recent past, this is by far the biggest news that could ever have happened to real estate, and it comes at a great time when we wanted to talk about essential features of commercial real estate management software that are the bedrock to critical business growth.
Real-Estate Specific Features:
It’s a no-brainer that the fundamental functions of your industry must be addressed and fast-tracked with focus on better quality than what is possible right now. Multiple industries are already benefiting with the help of Real Estate Management Software. While it is impossible to scribble down the features that are essential to being productive, the Software for Real Estate must include the most commonly used ones, like ERP or CRM benefits that help aggregate various facets of your business, bringing them together to work in sync, in a unified interface.
The customer (tenant or property manager) experience and the business user (owner or real estate landlord) experience must be stitched and woven together for great returns on time saved or revenue realized. Leasing management, rental listings features, price tracking, or property maintenance portals are other critical aspects that Real Estate Management Software must offer.
Consolidated, Easy-to-Use Interface:
Software for Real Estate adoption is growing due to multiple problems. In a recent survey conducted by the RRD, 60% of the respondents were individually managing at least 100 properties (units). We presume that your business has assumed critical scale, warranting the need for you to look out for ways to manage your business. Besides, your current runaway growth could also be a reason, limiting your ability to manage the entire business with your available resources, or if you are being hampered by revenue leakage or a faulty property network.
Real Estate Management Software comes to the rescue, but you must opt for vendors that provide easy to view capabilities, ability to customize the features based on your business requirements, possibilities for quick actions as your business evolves and offers precise reporting capabilities. We know the complex structure every real estate business is involved in, where despite good returns, it is a highly risk-laden business.
Thankfully, Real Estate Rental Software consolidates various verticals of your operations and streamlines business processes. Commercial Real Estate Management Software must provide simple and usable solutions.
Cloud Capability & Flexibility for Evolution:
It is but human to err on the side of caution. But the reason Real Estate Management Software providers are offering most of their products with the word ‘cloud’ attached is that of its multiple benefits. Commercial Real Estate Management Software is almost synonymous with Cloud software, which very simply, takes the application from your PC or laptop and hosts it on the web.
The shift that Softwares for Real Estate have undertaken comes with varied benefits: ability to access your data and software features from anywhere since you are mostly on the road and the ability to update and auto-maintain itself making the software stronger and safer. What is even better is the added security benefits to prevent data theft or system crashes.
With the market changing quickly over time, and new technological features disrupting the status quo, the nature of Real Estate Management Software platform offered must also easily allow for future integrations, cross-platform usage, mobile integration and anything new that has to be on board.
Accounting Features & Inventory Management:
The complicated layout of the property sector throws up nightmares for aligning financial instruments to ensure high favourability. This is an indispensable tool that the Real Estate Management Software has to include, tailored to include any new model that would require a nuanced financial mechanism.
The rise of the sharing economy could lead to varied payment methods that offer increased convenience to both the payer and the payee. The accounting modules which are part of the Real Estate Rental Software must be cutting-edge, and innovative, like compile reports of property performance in different geographies, assess employee effectiveness and revenue per employee.
Further, Real Estate Management Software helps you keep a regular tab on your inventory, increasing the occupancy rate so your properties are occupied for longer, or help you increase the amount of revenue per property.
In a highly cutthroat market where it takes just a couple of missteps to lose your name, getting a complete lowdown on the key features provided by Real Estate Management Software is a great start to realizing benefits soon after you have incorporated it into your business operations. The Real Estate Rental Software that you adopt needs to incorporate new features as well, like shared inventory or installment-based payments.
Acing your Real Estate Management Software strategy is a sure-shot way to steepen the growth trajectory of your company, and unlock valuable market and revenue opportunities.