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 Software