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Software industry news
Irina Linnik
Top 7 Most Demanded Features in Real Estate Management Software

Top 7 Most Demanded Features in Real Estate Management Software

Real estate management involves dozens of complex workflows and all of them need to be well-organized. To facilitate the process, development companies design real estate software that offers centralization and automation of these workflows. 

SoftTeco has experience in developing applications for real estate management. While every client had different set of requirements, there were certain features that were essential for every solution. 

CRM functions

A client is the centerpiece of real estate management so it’s crucial that you have all client-related processes organized perfectly. Thus, a good property management app should have advanced CRM functionality to help you leverage communication with the clients.

Contact storage

A real estate management application serves as a central hub for all your contacts and potential leads. Thus, it is important that the app can store all the information in a clear and organized manner and provide access to it at any point of time.

Client information should include the name, contact details (phone, email), and home address. There should also be an option of easy data editing and a possibility of uploading documents of different formats (like contracts or property photos).

Automated follow-ups  

It’s not enough to just store the client’s information in the app – you should also be able to timely contact the clients and send them regular follow-ups.

For that, the application needs to have automated follow-up functions and the option to set up and schedule reminders and emails. As well, the app should display the preferable mean of communication for every contact in your list and synchronize the follow-ups correspondingly.

Property management and matching

Another essential element of any real estate management system is property management and matching options.

A manager wants to make a perfect offer to the client and also be updated on the status of all the properties in the directory. This is how a well-designed app can help.

Matching a property to client’s requirements

There might be thousands of properties in your directory – imagine how much time it will take to find the perfect one for only one client. Even with advanced filtering, it will take too much of an agent’s time to search through the whole list. 

This is why many property management solutions offer automated property matching. The system is able to independently match the client’s requirements to the property’s features and present an option to an agent.

Property management

A variety of properties in your directory calls for well-organized management. The options that a good property management app offers can include:

  • Easy update of records and information
  • Assignment of managers to the properties
  • SEO optimization of property descriptions
  • Easy access to any property and option to edit it as you need

Automated property management is a big time-saver and facilitates the agent’s work exponentially.

Lead management

It’s not enough to have a list of contacts in the business app – you would want to turn them in the leads. A well-designed application can help you with that.

Personalized offers

It takes a significant amount of time to create and tailor a unique offer for the client. The real estate management application eliminates this problem by providing readymade templates that take little time to fill.

In addition to proposals creation, such an app also helps in designing a sales funnel, personalized emails, and similar offers to enhance user experience and promote conversions.

Better interaction with the clients

Timely follow-ups and automated reminders help agents retain a constant flow of communication with clients and react to any additional requests or change of plans. 

As well, the app keeps all the data centralized and displays it in a clear and understandable form. This way, agents can better understand when and how to approach a client and what kind of marketing strategy will be the best for them.

Accounting optimization

Besides managing the leads and building a solid marketing strategy, you will also need to operate numerous accounting operations, like invoicing. Many software development companies consider that when designing their products. As a result, most of the property management applications come with the built-in set of accounting features:

  • Easy and fast creation of invoices
  • Optimized account management
  • Automated creation and sending of statements to the clients 
  • Optimized disbursements

The automation and optimization of these processes can save up to a dozen working hours per week and minimize the possibility of any errors or data leaks.

Built-in analytics

Every business decision that you make should be based on the data. For that, you will need analytics and clear reporting in order to understand the state of your business, sales dynamics, clients’ behavior, and other important aspects of real estate management.

Thus, a good property management application should have a robust reporting system, including:

  • Advanced analytics to track the performance of your managers, see the status of sales and track them
  • Sales and marketing metrics
  • Graphs, charts, or similar visuals
  • Clear dashboards

In order to grow the business and ensure your clients receive valuable offers, you have to analyze the state of your business and its performance and see whether there are any areas that can be improved or certain processes that need to be eliminated.  

Operations management

Another important aspect is the management of all operations and processes related to real estate management, especially the optimization of creating and managing contracts and transactions.

For that, the app usually has ready templates for creating contracts and an automated transacting. This allows agents to both save their time and eliminate the possibility of human error upon work with the documents.

As well, such an app can automate almost any process that you wish, upon a request. This will be especially beneficial for big companies that have multiple complex workflows that need to be organized and centralized.

Tools for collaboration

Last but not least – the availability of options and tools for collaboration.

Because the app will most probably be used by numerous agents and managers, it is important that everyone understands what other people do. Thus, the app should provide transparency and easy navigation through the tasks. As well, the app should allow the company owner or the senior manager to assign roles and tasks, easily track them, generate reports, and set up reminders and emails for all the team members.

Summary

Even though these features are common for most of the real estate management application, they are not obligatory. The functionality of an app will depend solely on your business and its type. 

Some companies focus on marketing while others specialize in automation of all financial operations. So before looking for a software development company, list down the preferable application functionality to have an outline of a future product.

At SoftTeco, we have experience working with real estate companies and we know what kind of requirements and pitfalls such apps may have. Our team will be glad to consult you and provide a custom solution in full compliance with all your requirements and needs.