The real estate industry is among those major industries which involve dealing with volatile marketing conditions and substantial expenditure for its huge demand for residential and commercial projects. Every country is busy making its own iconic structures and that’s the reason why real estate companies are working in a highly challenging ecosystem. With evolving technologies, the real estate industry needs to move a very fast pace and also need to constantly be updated with the advanced technology and information.
Organizations from the real estate industry are bound to face a diverse set of challenges such as project planning, project budgeting, inordinate project delays, regulatory compliances, unorganized cashflow, and dynamically changing pricing systems.Having an efficient real estate ERP solution will help you streamline the entire workflow from lead management to project closure. The real estate management software will let you manage all business processes and activities that involve asset management of both freehold and leasehold properties.
To gain profits in the real estate industry, it is required to maintain reasonable pricing, increase efficiencies across entire business processes and remain competitive by offering numerous benefits to the clients and consumers. Web-based ERP systems integrated with a Customer Relationship Management software system can help you reduce operating costs, provide a holistic view of current projects; facilitate day-to-day management, and enables decision-making.
What is Enterprise Resource Planning Solution?
Enterprise Resource Planning (ERP) solution refers to a type of software that helps organizations to manage day-to-day business operations and activities,such as supply chain operations, risk management and compliance, project management, and accounting. Broadly speaking, ERP software refers to the automation and integration of an organization’s core business operations to help them focus on effectiveness and simplified success. ERP software for the construction industry helps them implement resource planning by integrating all the processes needed to run their business within a single system.
A complete ERP suite comprises enterprise performance management that assists in planning, budget, prediction, and reporting on an organization’s financial results.The business processes of an ERP solution can be customized or modified as per the real estate organization’s requirements. The ERP solution manufacturers offer attractive modules and feature specially designed for the real estate industry, such as engineering, purchase, land, rentals, and facilities, etc.
What is the need for a Real Estate ERP Solution?
With the help of a real estate ERP solution, a business can boost its visibility and efficiencies across several business processes and operations. The ERP for real estate developers not only helps you reduce the costs but also assist you in getting a close view of expenditure budgets throughout the projects and at different locations.
Here is a list of challenges that can be easily solved by using efficientreal estate ERP software:
· Project planning made easy
· Simplifies daily budgeting and easily manage suppliers
· Easy management of sales and taxation
· Efficient inventory management
· Better visibility on cash flow
· Real-time analytics and reporting
· Handles legal matters efficiently and following up
· Land acquisition and project feasibility
Business Value of Real Estate ERP Solution:
ERP solutions are ruling the business world. We all have seen a huge impact of ERP solutions on various business operations and processes across several industries. An effective ERP solution helps enterprise data and processes bring together to streamline workflows and align departments, which results in significant bottom-line savings.
Here are a few business benefits of real estate ERP solution:
· Lower operational costs: Streamlined business processes and operations with best practices help you reduce operational costs across the entire business line.
· Improved business insights and efficiency: ERP solution provides real-time information generated with the help of reports. A well-defined business process also enhancesuser experience across several business functions.
· Lower management costs: An integrated and automated ERP solution is capable of managing business processes which eventually reduces the management costs as well.
· Consistent infrastructure: ERP solution gives a consistent infrastructure across all domains of any industry.
· Enhanced collaboration: An effective ERP solution allows you to collaborate from other users by sharing data in contracts, requisition, and purchase orders.
Benefits of Real Estate ERP solution:
A real estate ERP solution can help real estate companies in several manners such as in property management, entity management, revenue management, project management,and more.
Here is the list of benefits of ERP for real estate developers:
· Lease Processing and Property Management: Ideal property management software helps you manage sales pipeline, monitor the lease starting and ending dates, and deal with your landlords and tenant lease prerequisites with the rigorous detailing.
· Revenue Management: ERP solutions allow real estate companies to keep track of their financial records. It keeps invoices, transaction records, and monitor payments from each tenant and buyer.It creates automated schedules and ensures companies with the current accounting standards.
· Project Management: Project management is a critical part of the real estate industry. A specialized ERP solution enables project estimations and actual cost furnished by sub-contractors. An entire real estate project can be seamlessly managed with the help of real estate ERP solutions.
Many ERP solution providers are offering these benefits to clients across several industries at affordable prices. Smart management of project planning, budget planning, construction, site selection, and rest of your business aspects also becomes easier to manage.