ERP systems are certainly on top of the priority lists of realtors, as it can help the business move forward successfully.
FREMONT, CA: The real estate industry is among those major industries, which involve dealing with volatile marketing conditions and significant expense for its huge demand for residential and commercial projects. Realtors are bound to face diverse challenges like project budgeting and planning, unplanned cash flow, regulatory compliance, and ever-changing pricing system. To emerge profitably, realtors need to boost visibility and efficiencies across the organization. Smart management of project planning, regulatory approvals, and more, need a robust Enterprise Resource Planning (ERP). Here’s how the realtors can benefit from ERP systems.
• Lease Management
The lease management includes error-free analysis of lease requirements, demand-supply, and occupancy-vacancy metrics. An ERP system also includes detailed complete tenant intelligence and management of rent, escalations, and renewals. With timely notifications, the ERP system keeps track of tenancy checks and lease deposits too. This ultimately results in improved tenant satisfaction and occupancy rates.
• Finance Management
Cloud-based ERP systems can gather real-time data from real estate accounting, sales, and purchase departments and create error-free reconciliation between materials procured, utilized, and work in progress. ERP platform’s visual dashboards offer a clear view of accounts receivable, payable, balance sheet, and trial balance. ERP system also offers insights for project-wide fund planning, tax payment, and regulatory compliance.
• Compliance and Maintenance Management
ERP system helps in enhancing tenant retention rates by triggering preventive maintenance services of the property according to a previously set schedule. It helps in system-based compliance management and solving conflicts too.
• Project Management
Successful project management in real estate can be achieved through tailored ERP systems. It allows project estimation and calculates actual cost furnished by sub-contractors. Daily billing and payment can be automated, and ongoing bills are maintained methodically in the ERP system. Vital cost and progress indicators are also available to help realtors estimate project cost and profitability.
• Inventory Management
An ERP system provides real-time integration between finance, material, construction, and sales data. It improves control in inventory procurement and helps avoid adverse situations. An ERP system can also help in material requirement planning, preparation of purchase orders, creation of evaluation maintenance, and tracking of material shipments until delivery.
To summarise, a capable ERP system is the need of the hour in the modern real estate world.
See also: Top ERP Companies in APAC