Information technology is the saving grace of any growing industry. The different problems arriving can only be solved if the solutions are built on real-life examples and situations. Real estate is the uncharted territory that severely needs some form of management. With hundreds of different rules and regulatory issues, the builders are always stuck solving one issue after another.
Why is ERP necessary?
Projects like these demand huge sums of money keeping builders always in a way to get back their money. Marketing and sales network is thus set up simultaneously.
Therefore there are multiple executions that the builder’s enterprise has to make at once. And added with this is the task of record keeping and constantly updating it with the new decisions taken, purchases made, and money invested.
Some large scale projects can take a year alone to complete the budget estimations. All the milestones are taken into account and even the inflation and price fluctuations are considered in such estimations. Without a proper system to manage all these tasks, the whole system could collapse leading to devastating outcomes.
In comes the need for an ERP (Enterprise Resource Planning) software. Sage Software Solutions is an organization that develops ERP for real estate companies. This software is adept at managing every kind of need in the enterprise. Such needs include:
land management and development
managing and arranging projects
taking care of the inventory and costs
It totally eases the functioning of the company as it puts everything on a single platform. The information then can be reviewed from anywhere to get a clear idea of how the enterprise is handling the new building project, the most important tasks, etc. Given below are the different ways in which such software actually helps a real estate company.
Property and Development Management
To start a building project land needs to be acquired. This involves:
Identifying the ideal property for development.
Contacting the owners of the land for more information and,
Making a deal
These matters require legal cells to get involved. Thus contracts are drafted and deeds are signed. With the involvement of different institutions in the process, it takes a lot of time for its completion. The property builders can then use the ERP software to
Lookup all the details and timeline regarding the land and,
Decide on further plans to do the work smoothly.
Regulations and Documents Management
Several regulations and strict laws make it difficult for projects to establish at the initial stage. A lot of time is spent on allocating proper resources, getting all the permissions, and keeping all the documents. If delayed, this process can reduce the profitability of the project.
ERP helps here by managing all the documents and arranging them on the basis of the requirements in the regulatory processes. Documents that are critical for legal proceedings are kept close at hand via this software. This saves a lot of time for the enterprise.
The job of a project manager is to complete the building project in the given time and keep the whole build profitable. It is also expected that the price estimates are to be made by them. This can be challenging at times because of the cost fluctuations and other costs incurred during the build.
Using the attributes of ERP, the project manager can allocate the costs of products depending upon their priority. This, in turn, allows the management to
Check each cost incurred from one place and,
Find out the details about how the money is being spent on individual components and tasks
Sales for any real estate project is a task encompassing elements from the initial stages of the build to the last unit sold. This requires a long duration and thus the sales team needs to constantly update the information on the state of the project.
The activities of the sales department are not just limited to selling a property to buyers and also involves:
Arranging legal councils
Servicing the customers and,
Managing all the proceedings plus documents
This is a cumbersome task done for different buyers simultaneously. Thus to avoid confusion, ERP sales automation can be used. This tells the team what steps need to be taken, based on what steps the buyers are at in selecting the property, to successfully complete the deal.
ERP helps customers stay satisfied and delighted by automatically passing them on necessary information along with all the new developments.
Investment in properties is done usually by a particular group of individuals called High Net-worth individuals. Customer management not just keeps them happy but also keeps a track of such customers. Information on these potential customers can be stored for future use and reference.
The real estate industry is vast and complicated with a lot of processes taking place simultaneously. ERPs are a nice way of handling all the tasks at once while achieving maximum work and customer satisfaction. The software developed by Sage is one of the best ERP for real estate. Users can not just benefit from all the ease of management but at the same time optimize company profits.