Assetsoft - Blog #management software

Best Real Estate Tech Trends To Leverage In 2021

Sun, 08 Aug 2021 20:20:34 -0500

Just like almost every other industry around the world, the real estate industry was affected because of the pandemic. At a time when people were forced to stay home, change their spending patterns, and reduce consumption of non-essentials, it is a no-brainer that the real estate market would have taken a large hit.

However, the numbers were not as bad as expected during the year. In fact, the introduction of new technology to the real estate market has changed the way users interact with real estate agents to find new homes. According to recent statistics, more than 50% of buyers in the US found their new home through online means.

Most buyers would usually schedule a visit to a potential property in order to get a feel for the house and to envision their future plans within those walls. However, due to Covid-19, this was made much harder to do and so new methods needed to be brought in. It was after this that technology such as virtual tours and online real estate marketplaces became the norm to keep the real estate industry running.

The Top Tech Trends of 2021

The world has adopted both mobile and online technology into all industries, and the use of mobile apps, websites, and other technology is becoming more popular each day. In order to be successful, any real estate business will need to be on top of all these new trends and technologies to give themselves an edge over the competition.

1. Virtual reality (VR/AR)

A decade ago, commercial use of virtual reality technology was almost non-existent. However, over recent years, many industries have been adopting VR technology to improve their business processes. As a result of this, the VR market is projected to rise rapidly over the coming years.

For real estate, the use of VR technology comes in the form of viewing the interior of real estate properties. Users will be able to visualize the space through online means without even having to leave their homes. At a time when people are reluctant to venture out, this is the perfect workaround.

By introducing VR technology to a real estate business, the benefits it could gain are:

Time-savings as the efficiency of “house viewings” is improved drastically
Users can simply access all this information from their mobiles or PC’s
Users will be able to leisurely browse the interior of the home at any time or place
Interior designing/decorating ideas could also be done using similar technology which will appeal to the users

2. Artificial intelligence (AI)

Many online tools and businesses use AI now to power their services. As such, online users have also become more experienced with using this technology. Therefore, leveraging this technology is almost a must due to the fact that it is able to do a more efficient and comprehensive job of matching users with their needs when compared to a human. Here’s how it can help:

Analyzing data - AI works alongside Machine Learning (ML) technology to analyze all the data the real estate business receives in order to provide more data-driven options to the users. This way, all information such as pricing and availability is constantly updated and ready to be presented to potential investors at any point in time.

Providing recommendations - By using an AI algorithm to collect a set of data from users visiting the website or mobile app, the recommendations provided to the user can be greatly improved. The AI technology will be able to determine which real estate deals work best for the user based on the information they provide.

Managing the properties - Keeping track of all the properties, rentals, maintenance, and information on the owners of these properties is not a simple job. The more properties a real estate business is working with, the more work this involves. Most times, the amount of work can be more than a few people can handle. However, AI technology can handle this with no problem, while also monitoring metrics and other data where necessary.

3. Real estate management software

Software has always been used in real estate companies over the years, but it still involved a lot of manual work to keep the software updated monthly. However, using real estate management software that cuts back on work and time consumption for the company is the new trend.

A good real estate management software should be able to manage everything for the property owners - both for the property and the tenants. This new software includes features such as:

Automatic updating of real estate properties
Data management through constantly monitoring metrics
Tenant screening
Monitoring rent payments per month

Automatically monitoring insurance policies
Keep track of new leads (CRM)

MRI and Yardi can help you use the right software for better results. Complete tasks without human interference with RPA. Complete static, repetitive tasks without human errors. You can manage all your properties through one platform and automatically complete all the recurring tasks resulting in major savings of time and money.

4. Having smart access to properties

With the use of technology, gone are the days of real estate agents having to visit properties with potential investors for them to view the place. Most buyers will want to visit more than the initial viewing and each time the agent will have to show up with the keys in order to let them in.

However, with technology such as smart door locks, buyers will simply be able to go to the property, notify the business, and the doors can be unlocked automatically for their viewing. Almost 45% of homeowners want to include some form of smart technology in their homes, so this is a great way of showcasing this technology to new buyers as well.

Technology has been rapidly evolving over the past decade and it is exciting to see where it will lead us a few years from now in the future. Many experts say that companies that don’t leverage new trends and technology are at risk of dissolving because they cannot keep up with companies that do.

For real estate businesses, now is a crucial time to understand and implement new tech trends that can help improve their current business.

Find out the real estate software solution right for you. Assetsoft can help you integrate your ERP solutions and streamline your projects. From MRI to Yardi, our team can help you choose what’s right for you.

Project Management in Real Estate

Fri, 04 Jun 2021 11:30:00 -0500

Project management is a key skill for all companies. It’s easy to see why: projects lead to growth, and management leads to completion. However, we’ve worked with several clients who had several misconceptions about project management.

This skill isn’t solely to stay on top of projects and allocated resources. However, it’s not strictly leadership, either. You also need to keep in mind several techniques, steps, and tools.

Summarized, it’s a bit more complex than most people assume. That’s what we’re solving in this article.

What exactly is project management?

As per the basic definition from Investopedia, project management plans and organizes company resources to complete tasks. This process can take a few hours, days, and even months. It can be a one-time project or an ongoing process.

In other words, project managers make sure that the company’s resources are used properly towards the initial goal. It streamlines tasks, allocates budgets, and monitors teams towards completion.

It’s easy to see why project managers are vital in real estate. Constructions and renovations require supervision to provide optimal results.

However, companies benefit greatly from internal project managers. For instance, our project management services also take care of software implementation and similar internal tasks that boost your company’s regular operations.

Project management vs project leadership

Project managers and leaders are often terms used interchangeably. Managers in general are referred to as leaders, and that’s not always true. Leadership is an excellent talent for a project manager, but the position doesn’t demand for leadership.

According to PMI, leadership leads to change, and it’s commonly a contradiction to management. It looks to create common visions for different individuals, and it’s primarily a moral or motivational approach to management.

In other words, leadership is idealistic whereas management is practical. The former relates to directing people, and the latter focuses more on proper planning and handling budgets.

Is a project manager also a project leader?

As you might’ve guessed now, they can be, yet that’s not always true. Some agree that the best leader is also a great manager, and vice-versa. Others claim managers can perform perfectly without being a strong leader.

This article by the EDUCBA establishes the main difference between the two, but it makes an interesting point. There’s no hope without vision, and it focuses on the benefits of leadership above mere management.

We can’t really say we agree with the statement that all leaders are managers, as there’s always an exception to the rule. However, leadership is always a worthwhile aspect to look for in project managers.

How is project management part of real estate?

Done has a great introduction to the role of project management in real estate. As we already mentioned, project management is necessary for all companies, regardless of their size and budget.

A good project manager is how you can maintain operational efficiency, including optimized budgets and meeting deadlines. In real estate, management software is vital for proper project management.

Project management helps you ensure communication between your resources and teams. It enables collaboration and reviewing. That’s key for reducing risks, as all teams are aware of what the other departments are doing via their manager.

It’s also responsible for creating reports to help you track your company’s projects. That’s critical if you want to spot which projects aren’t meeting your expectations to relocate resources accordingly.

Why is it important?

The main benefit of implementing professional project management is aligning your different teams towards the same goal. It lets you get the most value possible from your different departments. That’s crucial if you’re expecting noticeable returns from your projects.

Managers are also responsible for monitoring all teams assigned to your projects. That plays into the reports we already mentioned. People are prone to drifting away from projects as their focus diminishes, and managers prevent and resolve that problem.

Finally, it keeps your projects within your budget. If you lack project management, it’s easy for projects to go over your budget. The main problem is how easy it is to occur if you’re not actively tracking your projects. If things get too out of hand, your entire project’s profitability might be nullified.

How to choose management software

The real estate sector has a plethora of apps available to boost your company’s efficiency. Techopedia has a great article explaining what these tools are exactly. Knowing what you should expect from your platforms is key for ensuring proper implementation.

According to the article, you should look for software that lets you:

Plan, schedule, and map projects.

Create and assign different tasks, each with appropriate deadlines and reports.
Share files and documents with different teams for real-time collaboration.
Create project timelines with calendars for meetings, specific activities, and contacts.
Report and resolve bugs in the system and errors within the tool and your teams.
Track the time every task is taking.

Best software available today

With that in mind, we’ve gathered a list from what we believe are the best project management systems for real estate companies. We’ve added entries from PCMag’s list and our own experience working with customers.

Zoho

Zoho is easily the first recommendation, and we’ve worked personally with the platform. It enables your teams to communicate seamlessly with each other, and it adds extra features like CRM tools and social hubs.

GanttPro

GanttPro is a cost-effective system for smaller companies with tighter budgets. It’s a worthy recommendation thanks to its Gantt and Kanban functionality, which we’ll get to in a minute.

Office 365

Office 365 is a standard app suite that’s been around for years now. We’ve helped countless companies implement this platform, so we can attest for its effectiveness. It offers text documents, spreadsheets, slide presentations, and more. All of its tools allow for real-time collaboration, too.

MRI Software

MRI is one of the best property management software providers today. Their solutions adapt to virtually all portfolios, company sizes, and budgets. You can streamline—and even integrate automation scripts—for your entire back office. That includes accounting and plenty of project management features.

Yardi Software

Yardi is somewhat similar to MRI in that it’s one of the industry’s standards for property management. It comes with plenty of advantages like additional marketing features and several platforms, like Breeze and Voyager, to accommodate different company sizes.

The basic steps of project management

Project Engineer has a good article describing the five basic steps of project management. Naturally, these are basic phases for projects in general, and the specific steps will differ between companies.

However, understanding the foundation of project management allows you to find out what to look for in potential talents.

Initiation

The initiation stage is basically establishing that the project will occur. Before planning, you need to define authority lines and a general outline of the project. During this step, goals and expectations are usually addressed.

This step shouldn’t include budgeting. That’s because planning is vital for understanding the resources you’ll need for the project. However, assigning a project manager can be part of the initial phase.

Planning

Planning is when the company shapes the project. That means stating the scope of the project and breaking down the project structure. Scheduling and budgeting for the different tasks and activities also takes place during planning.

Other additions to the planning phase includes risk, quality, communications, and human resources management. Success factors and procurement management are also common for many companies. These depend directly on the project’s size and requirements.

Execution

This phase marks the start of the project. It begins with managing the project team that the company assigned during planning. That includes monitoring their training and performance. Naturally, the latter includes auditing the tasks carried out by every team.

The project manager is also responsible for ensuring communications during execution. They must stay on top of all emails, letters, and updates made to the project. The same is true for procuring vendors and managing stakeholders.

Monitoring

Monitoring is what most people assume project managers are responsible for. As you can see, it’s only part of their responsibilities. That said, it’s worth noting it’s still the phase where project managers are vital.

The Project Engineer article we mentioned breaks down this step with lots of detail. Basically, project managers employ several techniques and calculations to monitor the profitability of the project before compiling results.

Conclusion

Finally, the project must conclude clearly after completion. It starts with a closure report, which should’ve been created and updated continuously during the previous phases. This report must offer insight into what the project did well and wrong for future reference.

Other steps for the conclusion phase include closing contracts, giving completion certifications to those demanding it, assessing liabilities, and similar tasks.

Main project management techniques

It’s not difficult to find a project manager, but that doesn’t mean you should settle for anyone. The best project managers offer a wide range of techniques you can leverage to ensure you meet your goals.

ProjectManager has a great article on the fundamental techniques for project managers. These are worth keeping an eye out for if you really want to boost your company.

Work breakdown structure

WBS basically refers to organizing projects into smaller tasks. It enables project managers to decompose works into easier-to-track processes, and it’s usually a graphic visualization of the entire operation.

It lets teams to focus on more precise tasks instead of the entire picture. Therefore, it’s easier to tackle each one, and it’s more satisfying for your staff.

Gantt chart

Gantt Charts let you plan and schedule your tasks for different projects. They’re great for visualizing milestones and how your results compare to your previously-planned timelines.

You can establish the entire project schedule into deadlines and timelines, according to the relationship between different activities and phases of the project. Essentially, it lets you visualize how much of the project is completed within certain timelines.

Program evaluation and review technique

Also known as PERT, it helps you estimate deadlines for your project. It’s a vital technique since estimating completion times can be a challenge, even for simple tasks. It’s been around for over half a century now, and it’s still a popular management technique.

It basically uses statistics to measure probability. It combines with WBS to predict how much every task is likely to take before completion.

Critical path method

CPM is a bit older than PERT. It starts off with a breakdown of all tasks, how much each one will take, and how they link with each milestone you wish to achieve.

Once that’s done, you calculate which tasks are critical for completion. To do so, you figure out the longest period—i.e. The earliest you can start and the latest you can finish without hindering schedules.

Kanban

Kanban lets you monitor projects by emphasizing constant delivery without risking team burnout. Therefore, it boosts efficiency.

It works great with WBS since you can create smaller tasks that your teams can deliver constantly. Instead of assigning ten tasks by the end of the month, you can schedule one task every three days.

Project management with Assetsoft

Make project management simpler. With Assetsoft, you can automate everything from reviewing invoices to reading emails. We can also help you with back-office accounting to keep the account books in good shape. Our PropTech and advisory solutions also help you choose the right ERP for your business that can streamline and automate your work process. Know more today!