4 Perks of Using an ERP Solution in the Real Estate Industry

Usually, the real estate organisations work in a competing ecosystem. To survive successfully in this market, they need to cope up with the fast-growing industry. More importantly, such real estate companies need to keep themselves constantly updated with information. Here lies the unavoidable importance of using a potent ERP solution.

It can successfully streamline the entire business workflow. Starting from the lead management to the project closure – managing everything becomes utterly easier. A web-based and powerful ERP solution integrated with a robust CRM solution can diminish operating costs, simplify the daily management, remove wastage, offer a comprehensive view of the ongoing projects and enable better decision-making. Here is a list of 4 perks of using a robust ERP solution in the real estate industry.

#1 Project Management

Using a potent ERP system dedicated for real estate companies, getting the positive impacts of a holistic project management becomes easier. More interestingly, such ERP systems enable furnishing the real cost by the sub-contractors. Apart from all these, making payment to the contractors and billing process become automated, accessing progress indicators and key cost become easier that caters to estimate the entire project cost along with the profitability.

#2 Lease Management

The module of lease management includes exact lease requirement analysis along with the occupancy-vacancy metrics and the demand-supply graph. Moreover, it not only includes the rent management and tenant intelligence with an in-depth 360-degree view but includes renewals and escalation as well. With the help of timely notifications, keeping a proper track of lease deposits and tenancy checks become effortless. Hence, automatically, tenant satisfaction improves and results in augmented occupancy rates.

#3 Finance Management

A cloud-based and effective ERP system can efficiently collect real-time data from different departments like accounting, buy and sales and can generate precise reconciliation between different materials utilised, procured, spillover and work in progress. Apart from all the above-mentioned things, it provides facility of visual dashboards that offer a concise and clear view of such accounts that are payable, receivable along with balance sheet, trial balance and profit and loss. Getting insights of tax payment or deduction, fund planning, regulatory compliances etc. become smoother.

#4 Inventory and Procurement Management

With the help of a powerful ERP software, getting real-time unification between material, finance, sales and construction data becomes remarkably easier. It not only improves the inventory procurement controlling process but also helps to avoid crisis situations. Other than these points, a robust ERP solution can help planning of material requirements, the process of purchase order preparation along with creating procurement evaluation charts and much more.

Apart from all the above-mentioned elements to consider, using an impeccable ERP software, maintenance and complaint management in the real estate industry becomes utterly efficient. The better the maintenance management, the more scopes for businesses to grow. Thus, integrating a dynamic ERP software in the real estate industry would result in enhanced overall business growth.