The Real Estate industry in India has always been a point of focus for everyone and this real estate sector is one of the most globally recognized sectors and real estate is the second largest employer after the agriculture sector in India. This alone contributes more than 5% to 6% to the country’s Gross Domestic Product (GDP). Real estate is one of the most reliable markets in India. Real estate software will help real estate agents to make their life easy and it plays an important role in the growth of the business. In order to close the loopholes in the real estate industry, Indian government introduced the Real Estate (Regulatory & Development) Act, 2016 also known as RERA. The Lok Sabha passed the RERA Bill on 15th March 2016 and came into force on 1st May 2016 as the RERA Act. As per RERA, the consumers must make the payments on time to the real estate developer as per the agreement. consumers should also pay the share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges etc. real estate software will help agents to keep track on these activities and helps to maintain accurate record and the software is required to tie up with a referral platform that is RERA-compliant and this digital platform facilitates transparent tracking of referrals that will help your business to grow in a process that is legal. Though the real estate software offers a host of features and tools for real estate business, and its benefits seem to be endless.
ADVANTAGES OF RERA ERP SOFTWARE
Business processes automation and integration
Real estate ERP system ensures automation and control of all business processes of real estate businesses, which increases the quality and timely performance of such operations. The Business processes automation will also presuppose such function as sales force automation. It will help to automate the tracking process of a customer’s account history for both repeated and future sales.
The comprehensive overview of a client
Since customer relationship management is customer-oriented, one of the most important benefits of real estate software is a comprehensive overview of a customer. Basic ERP software helps track and codify any interaction that takes place or took place between a real estate representative and a client. Advanced ERP software provides a complete overview of a client’s real attitude to the services rendered by a real estate business.
As it was mentioned, real estate ERP software system keeps the complete history of interaction with the customers. And that, in its turn, helps to analyze customer’s behavior, forms the right offers and can win customer’s loyalty. This tool will allow estimating the volume of deals, possibility to close deals, log offers, and showcase listings and, in general, to monitor pipeline at each stage of the sales cycle.
Real estate ERP software is also a powerful marketing instrument in the real estate sector. This software allows planning and implementing marketing events, managing resources, and marketing budgets, coordinating all marketing activities. And this software for realtors is designed to help generate business, be it online or offline, offering automated real estate drip marketing schemes. It includes postcard campaigns, flyers, listings and hundreds of emails which can be easily customized to clients using your company’s logos, pictures, email addresses, and other details. Creating campaigns is easy with ERP software solutions, and once you’ve completed, you can save or print, or send emails right from the application.
Product portfolio management
It’s important for every real estate business to provide products and services of high quality and at the competitive price. And effective companies customize their products and services to meet the needs of their clients. ERP software provides company managers with unique insight into the lives of their regular customers. This software tools can be used by organizations with many sales and service channels to unify the information flow, and also to enable self-service for ordering or tracking. Real estate listing management is also important. With real estate software tools, you’ll be able to create a record of all listings with criteria to fit every listing. The software will help to track types of property, addresses, property details, instructions, dates and much more.
Time and workflow management
Real estate software is very helpful for the better organization of your work and your time. The software will remind automatically, which will tell you about the important tasks you need to manage so that you can stay on track. You will also automate routine tasks with invoice reminders, have an overview of all the assignments and events you or your colleagues have planned or completed. The software will allow you to make to-do lists for a day, week or month and monitor your progress and it is possible to sync your day planner to your phone because time is so important for each and every transaction. Using the custom workflow, you can able to create appointments, tasks, and follow-up detailed reminders for every lead. This will allow you to keep notes about your prospect and all interactions such as emails and calls.
Document control automation
The real estate industry deals with many documents, and with the help of real estate software, you’ll be able to store contracts and purchase agreements, marketing materials, and many other important documents. Real estate software tools allow editing documents very easily and automatically according to templates, quickly search necessary documents in a system, create an e-storage for documents, make PDF versions and much more.
Optimization of communication inside the company
The real estate software helps you to share updates and documents using ERP apps with everyone who is involved. Because real estate ERP software system allows effectively organize interaction and exchange of information in the company. Important information won’t be lost and there will be no place for the information gaps. In practice, ERP tools ensure coordination of work of different departments in the company.
Perfect assistant in financial issues
Real estate ERP software will create an advance payment, sales, and invoices in multiple currencies. The software can also import your bank statements, and match all the receipts and payments with the corresponding invoices and it allows creating different budget scenarios so that you could compare them against actual costs, profits, revenues. Commission and payment tracking option of ERP system can calculate or keep track of agent commissions and other payments against prearranged schemes and agreed payment plans and this functionality sometimes will be provided by means of integration with payment software or commissions tracking software.
You can keep your customer details safe and business secure with real estate ERP software solutions. You can have your data protected with multi-level data encryption, and safe against the failure of your single device with several storage units. In order to ensure the additional levels of security for the business or your customers, ERP software can safeguard your information with latest virus scans and intrusion detection systems and moreover, it can back up all your information every hour, day or week to ensure you have access to it when needed.
Features of real estate software
Real estate agents need to maintain a very good relationship with their clients. It is very important for real estate agents to keep the needs and preferences of their customers in mind when certain properties become available. Maintaining a solid relationship with so many prospective clients is rarely easy. Instead, most of the professional real estate agents prefer using a real estate ERP system to manage their relationships. Real estate software should be a Cloud-based Collaboration Platform to get you RERA Ready. A host of tools in real estate software enable builders to become RERA compliant across all stages of a project life cycle. RERA ready real estate software will streamline project planning, documentation, site execution, engineering modifications and project communication in Real Time. The real estate software enables decision makers, builders and buyers to collaborate on the web or mobile platforms. The real estate software which is digitization and collaboration aims to ease Real Estate developers into RERA, with improved site efficiencies, reduced project delays, and impact on Cost optimization. Real estate ERP software helps your business with the features including,
- Access control
- Master data for your needs
- RERA documentation friendly
- Forms for Enquiry, Booking, payment, Cancellation
- MIS Reporting
- Loan detail capturing
- Intuitive dashboard
- Mobile Friendly
- Loan tracking
- Commission tracking
So you can pretty well see that at present real estate ERP software has become integral to the real estate business. This software will manage interactions between you and your customers, connects more buyers with more sellers, and turns your contacts into relationships. It helps you to manage, maintain and turn real estate leads to priceless long-term real estate clients. And this, the result is increased sales, profits and revenues.