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How Real Estate Companies Can Benefit From ERP Solutions

Friday, 07 February 2020, 13:07 Hrs

Working in an ever-challenging environment in a rapidly changing scenario, the real estate companies are always in a need of information, which is authentic and updated constantly. Lead management and project closure could be made to streamline workflow using the ERP system. If a web-based ERP system is integrated with a CRM system, it can minimize the operating cost and provide a holistic view on current projects, improve everyday working management, reduce depletion and facilitate decision making.

How it can do all these things? Read further to know more:

  1. Lease Management – Lease management is made up of accurate analysis of lease demands, demand-supply graph and occupancy-vacancy metrics. The fundamentals of lease management also include a detailed overall tenant intelligence and management of rent, escalations and renewals system. With the help of ERP solutions in lease management, one can keep track of tenants’ cheques and lease deposits by getting on-time notifications. A fervent CRM system has given improved tenant satisfaction and higher occupancy rates.
  2. Procurement And Inventory Management – With real-time integration between finance, material, construction and sales data, an ERP system gives control over inventory procurement and helps in avoiding crisis circumstances. With an ERP system onboard, one can expedite the generation of material requirement planning, preparation of purchase orders, creation of evaluation charts for procurement, maintenance of supplier directory and tracking of material shipments till it’s delivered.
  3. Finance management – Nowadays cloud-enabled ERP systems accumulate real-time data starting from accounting, sales to purchase departments. It results in a non-manipulative settlement between materials obtained, worked on, work in progress and spillover. Visual dashboards are also there that offer clear, perfect view of accounts that are gettable, payable, profit and loss, balance sheet and trial balance. ERP finance management system also offers an in-depth overview of fund planning per project, tax rebate/payment and regulatory compliances.
  4. Project Management – Efficient project management can be obtained via specialized ERP systems for the real estate sector. ERP systems for the real estate sector integrates project estimation using BOQ and actual cost furnished by sub-contractors. Everyday billing and payment to contractors are done through automation and ongoing bills are maintained in a methodical manner. Key cost and progress indicators help in estimating the project budget and the obtainable net gain.
  5. Complaint And Maintenance Management – Complaint and maintenance management ERP solution augments tenant retention percentage by igniting ad-hoc and preventive maintenance services of the housing unit according to a preset schedule. It helps in maintaining the system – based complaint management and offers conflict resolution services.