ERP in the cloud: a way to skyrocket your real estate
Posted On June 15, 2022
Most real estate companies are struggling with inefficiencies in managing their properties, due to the lack of a data integration system. The situations become more prominent as your business expands and your areas of operation expand. To improve the management of real estate assets, your real estate needs a little more investment in “Cloud-ERP”. It promises to get your business up to speed faster, keep you up to date with the latest market information, and drive efficiencies across all functional areas. In other words, a comprehensive ERP solution that runs on a cloud network and is accessible to everyone streamlines end-to-end processes—from lead generation to project completion. So no more fighting with separate software systems that cost you more money, people and time.
With further ado, let’s take a closer look at how a cloud real estate ERP application can benefit you over time with seamless property management.
#1 Get control over your lease
With ERP’s leasing management feature, gain complete control over your leasing operations, such as accurate analysis of leasing requirements, demand-supply graph insight, and occupancy rates. Furthermore, the cloud system integrates an extensive 360-degree tenant intelligence tool and thus allows you to track rentals or renewals. With push notifications, you can better understand your lease checks and lease deposits from time to time.
#2 Project management is greatly simplified
You can have an extensive project management system with a fully cloud-enabled ERP. Get easy tools for automated project cost estimation and costs actually incurred by contractors and subcontractors. Not only cost estimation, it also automates daily billing and payments to them. In addition, you can determine the profitability of projects through the main indicators of progress.
#3 Material procurement becomes efficient
You can improve your control over the materials acquired at different points and thus you can avoid any crises in your inventory. Cloud-ERP streamlines the planning of material purchases by letting you know what has fallen short and where. Maintaining the supplier directory, evaluating charts for purchase orders, and tracking shipments until they are delivered are all possible in your cloud ERP solution.
#4 Consistent accounting and finance management
Cloud-enabled ERP solutions will help you get real-time data on your finances, from accounting, purchasing, and sales departments. This helps to generate error-free reports on materials purchased, used, or to be used. ERP dashboards, accessible to all staff, will provide up-to-date information on accounts receivable/payable, earnings and income statements, trial balances, etc.
In addition to all this, you can also get information by logging into the system about fund planning, tax rules and deductions, regulatory compliance in your different projects and control your costs to increase profits. While there are plenty of compelling reasons to use cloud ERP for your real estate business, don’t waste any more time on inefficient processes, substandard project planning, budgeting, and disorganized property management.