ERP property management is extremely important because of the nature of the real estate industry, and the complexities and complications it carries with it. A highly competitive industry, Real Estate has much more data that has to be processed than other industries, which is what makes property management difficult. This is also where the need for good property management ERP software arises so that it can be easily used in different economic spheres to help deal with the complexities that come with property management.
The real estate industry has some unique needs and requirements because of the complexities we spoke about, and property management ERP software must meet those requirements and expectations to be able to help streamline operations. This means that ERP property management software needs unique features and tools that help property managers overcome these obstacles and challenges and manage properties in an easier, more profitable manner.
But What is Property Management ERP Software?
Technically, property management software solutions help you manage and control your operations and tasks and also help you automate processes so that it is easier to process such large amounts of data.
Enterprise Resource Planning (ERP) property management software is a customized integrated management software that caters to the real estate industry. Since it’s primarily for property management, it corresponds to every little unique industry-specific requirement and attempts to solve every challenge that occurs in the industry. The property management ERP is a powerful, scalable, and customizable tool that you can leverage to monitor the growth of your company and even help you grow.
Practically though, the ERP helps you plan your resources, streamline your processes, control and minimize your costs, and maximize productivity at the same time. A good ERP property management software will give you greater visibility and control over your operations while making it easier for every function and department in your organization to work and communicate smoothly.
Key Features of Property Management ERP Software
Good ERP software for property management would have certain common features that are extremely useful for the management of property and related matters. Here is an overview of some of the key features that make an ideal ERP property management software:
Custom Dashboards
One of the most important features, the custom dashboard feature allows you to have a number of customized dashboards as per your requirement. Property management-specific dashboards offer intuitive trends and analytics that help in making real-time decisions. Specific examples of custom dashboards for the real estate industry include Income Expense and Cashflow, Property Status, and Contract Expiration to name a few.
Lease Management
Property management ERP software makes it so much easier to manage property leases including all the information about their rental value, renewal deadlines, condition, and monthly forecasts. It ensures that you are not at risk of losing critical lease-related data and helps you gain complete control over your portfolio. Not only can you create and set up different properties and define their features in your ERP, but you can also leverage an automated process to create contracts to be able to minimize the risk of human error.
Marketing Management
With fully automated marketing management, this feature is an integral tool in your property management software. This feature makes it easier and more convenient for you to plan and create marketing campaigns. With the help of automated templates, not only do you save a lot of time, but you can also gain actionable insights and even learn more about the efficiency of specific marketing campaigns.
Cashflow Management
Cashflow and invoice management is also a must-have feature for property management ERP software. This feature helps you manage everything from customer account creation and invoicing to cash receipts, reminders, and even your cash flow. Moreover, the tool also helps you determine which of your customers are the most likely to pay you on time or even pay you at all.
Trends & Reports
Good real estate ERP solutions offer real-time reporting on a detailed, intuitive, visual dashboard. They help you take data-based decisions with the help of comprehensive reports that you can obtain at any point in time in your property management cycle. These trends help you be prepared for what’s to come in the following months and how you can better prepare and plan for the needs and requirements of your customers.
How Does Property Management ERP Software Benefit You?
There are several ways that ERP property management benefits you and your organization. ERP software guarantees the growth and success of your company by helping you automate and streamline your processes. Let us discuss the specific benefits that a real estate ERP offers you:
Productivity
One of the first benefits of an ERP that is dedicated to property management is the improvement in productivity. Good real estate ERP software helps maximize productivity because it eliminates so many redundant tasks and automates the rest of the monotonous, recurring tasks that usually end up taking a lot of time. The custom software solution helps you minimize any risk of human error while saving time that can be utilized where it is needed more.
Compliance
With the rapidly changing and evolving real estate standards, the credibility of a real estate company relies largely on its professional license as well as its general reputation. Your license and your reputation both depend on your compliance with the regulatory standards that apply to your company. An ERP keeps your data organized, which helps manage audits and compliance while making it easier to prove compliance with regulations and laws when the need arises.
Collaboration
An ERP property management software helps you switch to a more collaborative setup where the different functions have better communication and easier access to information. It also enables different departments and teams to be more autonomous and maximize efficiency, which in turn helps to maximize motivation and sales.
Why is the Folio3 ERP Property Management Software Solution the Best Option?
With more than 15 years of experience in designing, customizing, and implementing ERP software for nearly every industry, Folio3 has made a name for itself in the market. Moreover, with consecutive customer success stories one after the other, our delivered projects speak for themselves. Our current property management ERP software within NetSuite is a customizable, scalable solution tailored specially to the needs of the real estate industry. Not only does it have all the key features mentioned in the article, but it also has advanced features that help make property management easier and more convenient for your organization.
For more information about how Folio3 can help you and your real estate company, simply contact us to schedule a free consultation to discuss your specific needs and challenges!
