Go-to Criteria for Selecting the Best Real Estate ERP Software
Enterprise Resource Planning (ERP) software is a potent tool to enhance productivity and overhaul processes. There exists a diverse array of ERP systems, some general and some tailored to specific industries. This includes the best real estate ERP software made specifically for the needs of the businesses in the industry. In real estate, ERP software has the potential to revolutionize business processes and elevate the quality of services offered to property owners and tenants. Consequently, the pivotal question emerges: what makes great ERP software for real estate companies, and how should one go about selecting it? Let’s delve into the discussion and outline the essential steps for selecting ERP real estate software that delivers maximum value.
Why Use ERP Software for Real Estate Companies?
Most large businesses within the industry utilize some variant of real estate ERP software. When a company possesses a substantial number of rental units or inventory, manually tracking all of it becomes nearly impossible. Businesses resort to ERP software for assistance at this point in their development. By employing ERP systems, real estate companies can enhance their efficiency and achieve the following benefits:
- Systemize and generate reports on finances.
- Gain access to customer data, encompassing all historical interactions between the customer and the company.
- Oversee inventory.
- Manage marketing campaigns.
- Automate pre-sales processes, such as automatic text replies.
- Administer employees with integrated HR functions.
- Maintain a property database to document all pertinent details.
- Facilitate booking management to ensure a seamless customer experience when visiting properties.
These are the most prevalent features typically offered by such software packages. With the features and reasons for the adoption of ERP software out of the way, let us get into the selection process.
How to Choose the Best ERP Software for Real Estate Business?
Selecting the best real estate ERP software is not easy as there are many different options on the market with each offering its own set of benefits and flaws. The choice will always depend on the specifics of your business and your plans for the future. Let’s get into it.
Define your requirements for selecting the appropriate ERP
Outline your objectives for the software first. Identify the tasks or goals you aim to accomplish with the ERP, enabling you to pinpoint the features essential for your software selection.
For instance, you might require your ERP to:
- Manage inventory
- Establish a consolidated database of all properties
- Handle, organize, and generate financial reports
- Automate pre-sale processes, such as email responses
ERPs offer a diverse range of features that vary according to industry specifications. Opt for an ERP specifically crafted for the real estate sector. Furthermore, choose a tool that aligns seamlessly with the unique characteristics of your real estate segment. For instance, construction enterprises may seek an ERP that facilitates project planning and management. Conversely, commercial real estate agencies will have distinct requirements. They may seek a solution that streamlines property management through a unified interface. Hence, it is imperative to assess your business and operational needs to make an informed choice regarding the suitable ERP.
Choose customizable solutions
As per Gartner, approximately 55-75% of ERP implementations fail, with one of the primary causes being the inability to tailor the solution according to specific needs. The reality is that there is no universal solution when it comes to selecting an ERP. This underscores the importance of identifying your requirements in the initial phase. Yet, there is an additional crucial step to ensure the success of your implementation. Look for an ERP solution that offers a high level of customization to align with your distinct business needs.
Failing to do so may result in utilizing a solution designed with someone else’s requirements in mind. To overcome this challenge, engage in discussions with your software provider. Communicate your needs and assess whether they can adapt their offering to suit your unique circumstances.
On top of that, developing a fully custom-built ERP solution is the best option, even though it could be the most expensive for most companies. Building your own ERP real estate software allows you to tailor it to your organization’s specific needs, accounting for future needs too. Of course, to achieve this, you will require strong ERP development expertise at your side.
Emphasize user-friendly design
Not all ERPs share the same design philosophy. Some are characterized by simplicity, easy navigation, and a focus on essential tasks. On the flip side, you may encounter ERPs that deliver less-than-pleasant user experience—a challenge more prevalent than commonly acknowledged, with user experience ranking among the top areas where ERPs often fall short. As a result, you should opt for a solution that prioritizes user-friendliness. However, the decision should not rest solely with management.
Given that your employees will be the end-users of the software, seeking their input before making a final decision is crucial. Enlist a few employees to test the trial version or demo of the real estate ERP software under consideration, allowing you to assess the quality of the user experience swiftly. Moreover, supplementing this with research on software reviews can provide additional insights into the user experience of the ERP system.
Select a real estate ERP with dedicated support
Considering that over half of all ERP implementations face challenges and users encounter issues related to usability and operational disruptions, you must be cautious when selecting the best real estate ERP software. Opting for an ERP offering dedicated support becomes particularly critical when lacking in-house technical expertise. In such cases, having a support team becomes essential for resolving queries and navigating through the new product. We recommend you avoid choosing an ERP with an unreliable support team. Engaging with your vendor and asking a few questions can serve as a reliable method to assess the quality of the support provided.
Ensure ERP interoperability
Real estate agencies employ various tools for day-to-day operations, such as real estate project management tools for project oversight, accounting software or expense management tools for financial management, and perhaps a CRM for lead enhancement and customer handling. However, the challenge lies in the lack of interconnectivity among these tools. Simply introducing a new ERP to the system may not deliver significant and measurable value.
To address this, you will have to integrate all your existing real estate tools. Seek an ERP solution that seamlessly integrates with your existing applications. This integration facilitates a smooth exchange of data, unlocking new possibilities and providing comprehensive visibility across your business processes.
Final Thoughts
At BilSoft, we firmly believe that the best real estate ERP software is a custom-made system meticulously crafted by a seasoned team of developers. Under such circumstances, you can acquire the most fitting and user-friendly ERP real estate software tailored specifically to meet the needs of your business. At the same time, even if you opt for the existing solution, its integration would also require technical expertise and domain knowledge.