As a property owner, you will agree that real estate is a complicated business where you have to coordinate with property managers, tenants, and other sources to manage the property, track rental payments, find new tenants, and maintain the property. It is a time-consuming process, which can become even more tedious if not managed efficiently. This is where real estate software comes to play. It helps you to track and manage its daily functions efficiently.
Today we are going to discuss the seven aspects that you could miss if you do not use the real estate software.
# 1 – Asset Management
Managing and monitoring fixed asset is always a challenge. You have to list your properties, upload the images of your properties regularly, control the availability of units in a real-time basis, and manage the inventory frequently. In the absence of the software, managing these different aspects of the property could become a challenge. Hence, we recommend that you use asset management software to:
- List all your properties in the system easily
- Upload real-time images of your property to give a complete visual experience to the user
- Control your inventory by blocking and releasing it according to your needs
- Manage your units using the inbuilt functionalities of the software
- Give your finance team the upper hand to determine the present value of the asset
# 2 – Project Costing
To manage an entire project, you need to get data on different activities surrounding the property such as the payment for suppliers, retentions, advance recovery, and material on site. Now, collecting data from disparate systems is a challenge. This is where property costing software comes to play. It helps you to:
- Import your Bill of quantities (BOQ) from the contractor to the software directly after completing the necessary
- Manage and track supplier and contractor contracts, invoices, and payments
- Track the progress of a project at each BOQ level
- Record and manage all bank guarantees through the entire progress of the project
- Manage variations and create change orders to get a real picture of the project by using the right Real Estate Software Companies
# 3 –Lease Management
Lease management is one of the major concerns of a property owner as they have to coordinate with multiple sources and systems to draft a contract or agreement, monitor the status of the cheques received from the tenants, and send reminders to them for the payment or renewal. With tying up with the right real estate Software Companies, Lease management becomes this easy.
- Send offers, quotations, and process reservations according to the workflow
- Generate a contract, agreement, or a receipt in a single platform
- Follow end-to-end lease management process without missing on a single step in the process. You can create contracts, issue receipts and renew or terminate the lease without any worry
- Communicate with your tenants about the upcoming renewals or payments
- Track the status of a cheque received from the tenants collected, deposited, cleared or returned
- Integrate lease operations with business financials. It will help in the seamless flow of financial data from the operations team to the financial team
#4 –Finance Management
Financial data is one of the most crucial information required for managing your property smoothly. You will have to present it to the auditors for compliance purpose. While it is a vital part of the business, there are chances of errors due to human oversight. Finance management software helps you to:
- Generate your financial statements and budgetary reports according to the international accounting standards
- Automate your mundane processes to reduce human errors and to save your account team’s time on data entry
- Close your revenues, expenses, and P&L with the click of the mouse
- Present data in charts format for easy review and modifications
- Automate inter-company accounting functions
#5 – Sales Management
The sales process can really be a hassle if the sales team is unable to record their lead generation and sales completion details on a single platform. It becomes even more stressful when the process involves creating payment planning, calculating late fees, and calculating Net Present Value (NPV). However, with the help of the sales management software, you can:
- Log, manage and integrate the expression of interest details in a single system for accounting procedures
- Plan the payment schedule according to the customer’s requirement
- Manage your cashflows by managing post-sales processes such as sending payment reminders, and calculating late fee payment
- Track and control the sales made by external brokers or third parties along with their commission
#6 – Procurement and Inventory Management
It can be a hassle for inventory managers to keep a track on the items purchased, received, and issued, especially if a stock count is to be done daily. With procurement and inventory management software, you can:
- Manage your purchases efficiently thanks to accurate stock reports
- Manage all your inventory items on a single platform by importing the inventory information in the system with a few clicks
- Manage the stocks in a single or multiple warehouses
- Manage the various details of the inventory item in the system such as – item description, item category, and vendor details
#7 – Service Management
For Real Estate Software Companies business to be successful, its customers have to be happy too. In case of real estate, the tenants have to be satisfied with the services offered to them. It is important for the property managers and owners to facilitate logging of the complaint, tracking them, following up on them, and resolving them. Now, keeping track of all these functionalities across disparate systems can become cumbersome. Hence, you can use service management software to:
- Define and document service agreements with the contractors and vendors
- Assist you with scheduling preventive maintenance requests and manage reactive maintenance requests
- Manage insurance contracts, generic expense contracts, and warranty agreements besides the usual service agreement management
- Automate the process of choosing vendors, contractors, and updating service contracts and agreements for an asset
Real estate software companies are slowly gaining some impetus and support among the property owners and managers, which explains the listing of almost 205 real estate property management software in the public domain. However, property owners are still sceptical about using it due to several reasons ranging from data security to resistance from tenants to using self-service apps. It is crucial to select the software that helps you customize the modules according to your needs, safeguard the data of the tenants, and enhance their experience while using it. The maisonette is one of those few real estate management software that addresses these issues and provides all the functionalities required to manage a property under one roof.
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