Real Estate Software

Products in this category focus on all the aspects of the real estate industry, from construction to sales and from advertising to budgeting. These solutions help automate a majority of the tasks performed by individuals and organizations. For example, the same program can be used by a potential buyer to find and inspect a property and by an owner or an industry specialist to market the property, sell it and manage other properties in their portfolio. Estate brokers rely on these programs to share the details of the properties they manage, perform accounting tasks or promote their portfolio in the travel and tourism niche. Users can schedule projects, manage the workforce and keep track of the progress during construction and renovation processes.  Read the full software guide...

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What is Real Estate Software?

Real estate software is a term used to refer to a set of software solutions and platforms that are designed to facilitate real estate property management, from the construction process all the way to the marketing and sales processes.

These types of software solutions are designed to help real estate agents, property management firms, and agencies to monitor and manage all facets associated with their real estate properties. They help landlords, property reps, and real estate professionals to track their leases, rental properties, residents, as well as their maintenance tasks.

Certain software systems also help in collecting rent, processing payments, and managing finances to minimize cost and streamline processes.

Some of the core functions of real estate software solutions include marketing and advertising rental properties, acquiring leads and new tenants, property maintenance, and collecting rent and payment processing.

In the past, real estate software was solely delivered as an on-premise deployment solution. With the advent of cloud services, however, deploying real estate management solutions via the cloud became a possibility. As such, many vendors started offering cloud-based deployment.

Most real estate firms and property management professionals prefer cloud-based over on-premise deployment due to ease of use, efficiency, quick and simple maintenance, and a host of other advantages.

Cloud-based deployment solutions are ideal for managing certain types of real estate properties, which include residential properties like apartment buildings, houses, and single-family and multi-unit properties; commercial properties like office buildings, factories, and retail sites; hospitality properties such as hotels, bed & breakfasts, apartment hotels, and hostels; condominiums and townhouses that have a homeowner’s association; and student housing.

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Types of Real Estate Software

Real estate software solutions are an integral tool generally used by property management firms, real estate agencies, and real estate professionals. Such software systems are often utilized to keep track of rental properties, tenants, property maintenance expenses, marketing, and revenue.

As previously mentioned, real estate software is essentially a term used to refer to a set of tools and applications specifically designed for the real estate industry. With that said, there are three main types of real estate software, which are often broken down into sub-categories and classifications.

The three main types of real estate software solutions are real estate CRM software, real estate property management software, and augmented and virtual reality software. Each of these software solutions is vital in managing a real estate business.

Real estate CRM software

In the real estate business, the client or customer is the most important participant in any property deal, rental, or real estate purchase transaction. For real estate firms, agencies, and professionals, maintaining a solid and honest relationship with clients is of absolute importance.

The best way to effectively manage relationships with clients is through a robust and reliable customer relationship management (CRM) software. CRM software solutions are a staple in today’s business landscape, regardless of the industry.

In the real estate industry, you can use CRM software solutions as a communication tool and a marketing platform to capture and convert leads, as well as maintain a sustainable flow of clientele. You may also use the platform to build a strong relationship with your existing clients.

Some of the core features of a good real estate CRM software solution include contact data management, purchase and sales information management, lead generation, contract and transaction management, and a client/customer follow-up system.

Real estate property management software

Real estate property management software solutions, on the other hand, deal mostly with property management processes. While CRM software solutions allow you to manage your clientele, real estate property management software solutions enable you to effectively manage your properties by automating the specific tasks and processes that are often handled by property managers and real estate professionals.

With this platform, property managers and real estate professionals can monitor and track back-office operations, finances, and property-related operations.

Real estate property management solutions generally come with several key features, including accounting and budgeting management, billing and rent payment processing, maintenance management, property tracking, tenant management, document management, investment management, and more.

Augmented and virtual reality technologies

Augmented and virtual reality technologies were not initially designed for the real estate industry, but they have become crucial tools for property management firms and real estate professionals nonetheless.

In recent years, augmented reality (AR) and virtual reality (VR) technologies are gaining significant traction in the real estate business. This type of software solution, although nonconventional to some people, has become the norm in the industry because they can provide unique experiences and perspectives to prospective property buyers.

Augmented and virtual reality software solutions allow real estate firms and professionals to provide a comprehensive and computer-enhanced virtual tour of key properties, providing the customer and/or clients with the opportunity to check out the home, office, or property before making the purchase.

Some of the key features that come with these types of software technologies include 3D product visualization, object recognition, and drag-and-drop object upload functionality.

How to Choose Real Estate Software

When trying to compare different vendors and service providers of real estate software solutions, it is crucial that you understand the functionality and capabilities of the software system you are aiming for.

Some of the most common functions of a comprehensive and feature-rich real estate software solution include tenant and lease tracking, accounting, building/property maintenance, budgeting and forecasting, and a tenant portal.

Some of the key features you should look out for when choosing a real estate property management software solution include lease management, property maintenance management, accounting tools and applications, rental listing management, tenant and owner portal management, as well as tenant screening tools.

The important thing to remember when you’re in the market for a real estate software solution is to figure out what your agency or company needs in terms of property management. If you need something that allows you to effectively manage your clients as well as the marketing side of the business, then perhaps a CRM solution would be more fitting than a property management solution.

However, if you need something that encompasses every aspect of the real estate business, from client management to property management, then a software solution that offers a wide range of features would be more suited to your needs. Once you have figured out what you need, then you can start researching vendors, service providers, and products.

Benefits of Real Estate Software

Real estate software, not unlike other software solutions for businesses in other industries, is essentially an enabler of work process efficiency and productivity. To have a tool that allows you to be more efficient in performing tasks, helping your staff to be more productive in their respective assignments, may translate into increased revenue for your company.

A good real estate software solution will enable agencies and real estate companies to save money on property management and maintenance expenses, as well as save time doing administrative and repetitive tasks that can be automated.

Such software solutions also help to improve security for client information and data centers, provide scalability (allowing real estate businesses to expand and manage properties of any type and size), and offer real-time access to valuable information.

There is a lot that a good software solution can offer to a real estate business. It’s all about utilizing and taking advantage of the right features and capabilities of the platform to help improve efficiency and productivity.

Common Features of Real Estate

API Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.
Budgeting Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.
Calendar Management Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.
Customer Management Manage customer databases and/or track outstanding shipments, payments and more.
Dashboard Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.
Data Export Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.
Data Import Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.
Data Visualization Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.
External Integrations Integrations with other software products or platforms to improve efficiency and compatibility across systems.
Forecasting Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.
Multi-User Supports more than just one user account and generally allows for collaboration with colleagues.
Notifications Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.
Organization Management High level organization management features to streamline the operation of your business.
Scheduling Schedule tasks, resources, appointments, payments, communications, etc.

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