Features to look for in a real estate ERP system before integration 

So, what are the best real estate ERP system features that your business must have? Not every feature is relevant to this industry. That is why we have below a list of the features that are the most essential for all real estate companies.  

1. Automated follow-ups with customers/vendors/employees 

A lot of the real estate business is all about getting in touch with customers/vendors/employees to coordinate and follow up on sales and work. That is where ERP-based automation comes into play. The right CRM software helps send automated notifications and reminders to all stakeholders. From rending people about meetings, payments, rent collection, sales, inventory, and more are all automated by this system.  

This system will allow you to set up and schedule reminders. Even if you forget to send periodic reminders, the right selection of technology will remember and do it on your behalf. There should also be a preferred means of communication that the software supports, like chat, email, calls, or more.  

2. Detailed contact storage and segregation  

   
   

A property management ERP program acts as a centralized point to store all details about all your connections. In case you have to track these contacts through an excel sheet or physical phone diaries, it can become a nightmare to find important information.  Therefore, it's critical that the app be able to access all the data at any time and keep it in a way that is both simple and structured. 

Customer identity, phone numbers, email addresses, birthdays, other important dates, and residential addresses should all be provided for clients. Additionally, there should be a simple data modification feature and a way to import and upload documents in accessible mediums (like contracts or property photos). This software should also have options to sort out contact details and separate them according to priority, area, age, sale potential, and other categories you want to create. 

3. Property management  

   
   

Technology implementation with the right ERP will also help you manage all your properties with better efficiency. Things like rent collection, reporting customer grievances, asset management, keeping track of lease management, and more. If you have a vast business it may be very hard to individually manage these properties and visit them very often. 

That is where an ERP system can help. You can now remotely manage your property with software options like Yardi, MRI, and others. Even things like risk management, market research, and analytics can be simplified with the right tools.  

4. Inventory management  

   
   

Staying updated about your own business inventory is crucial to make sales and providing relevant information to your leads. This also helps manage your leads better, and keep them satisfied to convert them into customers. Your ERP software must have this feature which lets you manage your inventory. 

You can update your sales information in no time and update all your employees about current situations. No one has to physically visit the office, make new logs about the inventory, and then update the information. You will also save a lot of valuable time doing this.  

5. Back office account optimization  

   
   

Your ERP system should also be responsible for running a variety of back office accounting procedures, such as billing, making reports, and sending reminders for tax payments. The things that are crucial for the smooth functioning of the automated accounting system with the right ERP system. Simple and rapid bill generation should become easy along with automated statement generation and client communication.  

6. Built-in analytics tools 

   
   

Every major business decision in real estate is based on data. But analyzing bulk data can be very hard and takes up a lot of time. That is why automated data analytics is a crucial feature of real estate ERP. Without proper data analysis, you will not be able to understand the market of your business.  In order to grasp the condition of your company, revenue trends, customer response, and other crucial elements of real estate management, you will require analytics and transparent reporting. 

Consequently, a quality property management program ought to have a strong reporting system, which includes: 

• Using cutting-edge analytics, you may monitor your managers' performance and track sales. This helps you provide better sales and marketing plans for further growth.  

• Competition and market analysis. 

• Graphs, charts, or other illustrations to demonstrate the analytical reports in a comprehensible fashion.  

• User-friendly dashboards with easy-to-use features.