The secret of a successful real estate business lies in the real estate management software that it has deployed to scale the RoI. Property Managers need to do a right amount of research before they get used to the new property management software. All software is not same; hence it usually requires a significant amount of time to get used to the features of the software before you become an expert at it.
The complete lifecycle of a real estate project which takes account of lead generation to conversion and even client management depends on the type of software deployed. An excellent property management software package helps you to manage your rental properties and ensures that you can efficiently utilise your time, and improve collaboration and communication between management and accounting. It meets the complex and heavy-duty functions of big businesses.
For all the business processes to work together in a synchronised manner, a real estate software management software should be able to manage activities like Sales, Marketing, Accounting, Procurement, etc.
A property manager should be able to customise the real estate management software such that the software takes care of smaller business operations as well as it can sync up with multiple departments of a large corporation. The analysis of big data and its corresponding requirements by the property management software has proven to boost organisational efficiency and add to profits economically. However, to streamline business processes and establish best practices let’s take a look at few pointers that need to be considered for a commendable ERP implementation.
Growth potential is an essential parameter that any real estate property management software must be judged on. The innovations and improvements to the business processes must have the right foundation. Hence you must analyse the software as well as the business process you are going improvise. The ERP software should grow along with your real estate business while scaling up your ROI. Substantial support & growth in business areas such as inventory management, customer relationship management and financial reporting adds on to the growth potential of the real estate property management software.
Productivity & Scalability:
Scalability & Productivity are critical features that an ERP software should serve. To stay competent and productive the software should allow scalability as an essential attribute. Flexibility according to the changing needs driven by the changing economy makes the software more preferable for clients. Flexibility is a more desired feature compared to customizability. Besides being flexible, a real estate software allows efficient utilisation of the employee time thus increasing the potential productivity.
Proper hands-on experience of the software before the IT directly uses it determines the success of the ERP software deployed. The staff that uses it should be well acquainted with the software to reap the maximum benefits. To be able to eliminate manual effort and time, they should be able to standardise and automate the business processes using the software. Before the new property management software is implemented in a full-fledged manner the comfortability level of the adoption and usage must be ensured.
Training and support post implementation:
Training for the employees about the ERP software is an essential step in the implementation process. You must ensure that the ERP vendor is providing proper training to the users as soon as it is implemented. One of the prime necessities of the users is learning the functionality of the software. Support and training might be required long after the software is in place. Hence, you must check for training and full support through the initial days of deployment as well as ongoing support for the users if required.
Real Estate Industry Knowledge:
Relevant work experience in the real estate sector or industry for the ERP solution provider is an add-on feature. He will thus be able to provide useful and timely resolution to the queries about the software. You must ensure that the vendor is well versed with the software and he shares his prior implementation reference with you well in advance of the purchase the software. The real estate ERP software implementation process will become full-proof as an implementation partner that has proven expertise in the software itself will maintain a relationship of support throughout the process.
ERP software security:
Security is a must and should for a property management software hence checking for how secured the software should be a question of prime importance. You must be aware how capable the software is it to protect the valuable and sensitive data of your company. As a business owner, any information ranging from financial to personal information is raw, and it is the crucial responsibility of the business owner to check through every new piece of software that is being implemented. It must adhere to modern security standards and certificates.
Communications and exchange of information have become faster and quicker because of the presence of ERP software for real estate. The time required to deliver the message to the appropriate person has been reduced considerably due to the involvement of efficient property management software. The ability to post messages from a mobile device to a tenant portal or a property website has connected the tenants and management teams even more closely. It has also enabled advanced features like the ability to pull up a right tenant contact or send-off messages to pre-defined group thus simplifying the communication process for everyone involved.
Visibility of integration comes with the implementation of software.
However, the responsibility to check for the compatibility of the software into the other business processes lies on the shoulders of the business owner. With compatibility comes condition of adoption of the software by the users. Not only the property manager but also the users should be to adopt the newly added software with ease. The ability to gel up well with the pre-existing software provides flexible access to its users. This allows for efficient integration and makes it coherent thus reducing any extra work.
This feature allows you to levy a fixed fee or changes to an account based on your business requirement. You may also deploy this feature to charge a percentage fee based on the account balances of your real estate business. Easy tracking of finances has been enabled due to the property management software in place, and it also helps to a chargeback in case of late payment.
To manage and make an impact on productivity and revenue of your real estate business a comprehensive property management software is required. There are a plethora of hidden features within a property management software. This does not mean that it is free of challenges. However, the benefits and additional features of property management software overpower its share of problems. All software will not suit your requirement. Figuring out a single best property management solution for automatically calculating, tracking and billing your real estate transactions, that will drive your business to the next level is the most challenging task involved.
Since new technologies have entered the industry, real estate transactions have advanced in organisations. However, the ease of completion of the transaction depends on the choice of the real estate property management software. The responsibility of choosing the right kind of ERP software for your real estate business is still a critical task to handle. This would require a significant amount of time and effort. But a proper software management software solution in place will bring together all the facets, departments and areas such that they all are in sync.
To be able to launch the real estate ERP software and to make the implementation commendable these tips and tricks should be kept in mind while choosing the software for your business. While aiding common task of automation an active real estate ERP system has the potential to change the way you are doing business by streamlining the business operations giving a boost to overall efficiencies of the organisation as a whole.