The Real estate sector is a mammoth that runs like a rabbit. It either sits for a period or it runs so rapidly that a few only could reach its range whenever it runs.
It has a huge face likewise the huge multi-story structures, such that it does not seem big unless we stand close to it. Therefore, things like transactions, communication, and audits also take place in a massive manner, which requires some capable real estate software to skyrocket their business growth and tools to keep things smooth and manageable in this industry.
Real estate transaction management software is one of those tools, whose main objective is to channelize document-based transactions digitally and create an automated workflow to keep things organized.
The most important features that are ideally should be in A Real estate management software are-
1. To Work as a Customer Relationship Management Software
Any business that has direct consumers involved, would require customer relationship management without a doubt. Either manual or automated, but the relationship manager has to offer everything to keep the customer happy.
An automated software system allows lead nurturing as well as pre-existing templates to communicate with the customer. Usually, a customer queries about the site plan, the size of the overall property, and the price part. Things more than can be shared by an automated software through its built-in CRM with Salesforce Einstein AI that allow communication between a relationship manager via chatbot functionality (manual as well as automation control).
2. To Organize Transactions Digitally
It should keep the e-signed documents separate and the remaining ones apart for faster conversion and execution of necessary steps involved in the Real estate industry. The process involves e-stamping, cess deduction, capital gain calculation, property land acquisition value, selling deed amount, and the tax to be incurred in it.
You may get an application developed from an experienced mobile app development company to stay handy for regular updates on a plethora of information required to keep in mind.
However, only the e-stamping part is required to be separately done and no other part is of our concern because the relevant departments and the tax authorities take care of those very well.
Yet, as a real estate business owner, things are more complicated than just a buyer, for the seller, as he gains the profit or carries the loss, and has to justify it in front of the federal government.
Commissions usually are executed on a percentage basis, thus the brokers could keep that record separate from the usual charges would be an ideal feature.
3. To handle communication with the parties involved
Having a Real estate transaction management software, a broker keeps its clients channelized as per their status, or the level of approach already made for convincing them.
‘Convincing’ is the right term, and we can use it here without caring of any fancy vocabulary, as no other term would more justify the meaning of what a real estate broker does to its clients before selling a property.
By keeping the potential customers categorized in levels like the one-time approach, two times approached token donators, possession seekers, etc. Channelizing them would make it easy for them to approach them again accordingly, as the CRM capabilities would help them by sending built-in templates for every category separately.
Do not forget to scrutinize your own business before asking to embed CRM abilities in your real estate software solution. As there are 3 types of CRM solutions, which type would suit your business needs, is another major concern.
4. To prepare the E-file i.e. Filing required for documentation
Things were orthodox earlier and required physical documentation and handling for the entire process. Having an e-file manager embedded within the Real estate transaction management software would make it an ideal software to possess for a broker as well as a Real estate business owner.
5. Audit management
An automated Real estate audit manager should scrutinize the documents for various factors playing a vital role in the overall process. It should include the agreement scrutinizing ability as per the agreement agency disclosure, and document overview for their e-signatures, compliance check, etc.
6. Listings and their Representations
The real estate industry works in multiple steps that are quite cumbersome to comprehend at one go for a naive but require some real-time experience of administration, as well as the outer world. It includes auctions, tenders, land acquisition, registration, broker’s involvement, personal as well as tertiary acquaintances, customer relationship, commission, and whatnot.
There are multiple key areas within real estate to employ IT solutions to enhance their overall performance. It is observed that more than 90 percent of the real estate consumers prefer website-based information before making a deal.
By managing documents online, for which, the government is also responsible and worthy of credits for making things like stamping and registration online as e-stamping, reducing the fraud that usually takes place meanwhile stamp purchasing.
E-signature capabilities also help a lot in giving a pace to the overall process, otherwise would become a process of nearly a month, which now gets completed within a day by all means.
Make sure that the enterprise software development company you hire for developing real estate software solutions would embed Lead nurturing abilities, and a feature to monitor listings and their representation in it. A lead agent can keep track of its potential buyers, categorize them by a number of factors that can be helpful in approaching the next time without any confusion.
Conclusively, the broker’s involvement out of all the steps, is the most crucial part of all, as it is the key to run this industry at a pace that it requires.
Before getting into the costing part, an analysis of requirements for the real estate transaction management software is essential. Know first, are you in need of this real estate mobile app solution or not yet?
A large number of users or customers, poor back-office accounting, slow transaction process are some of the signs that signify the need for Real estate transaction management software. You may hire an all-in-one agency that is an enterprise software development company, as well as a hybrid application development company.
Here, we have a categorized representation for the costing especially. First, according to the plan and then as per the user base of your business. There are basically different types of Real estate transaction management software that differ in functionalities and are possessed with unique scalability.
The basic plan could cost you $15-80 per month in which you are supposed to handle a smaller user base with just basic features, not having smart customer relationship functionalities like smart templates and the ability to handle more than a specific limit for users would be there.
The Standard plan would range between $80-320 per month with an intermediate level of user base handling capabilities. The senior-most plan seems a bit lavish with the range of $320-450 per month with amazing intelligent functionalities including chatbot support and automation enabled for every dimension in real estate handling.
In general, if a business has a user base of below 500 users, it can be coined as a small-scale real estate business. In between 500 to 1000 would be a medium, however, the large one would obviously go above a thousand.
The Positives of Real Estate Transaction Management Software
1. Compliant documentation
If things are well-organized in a stepwise manner, it saves time as well as from the unnecessary hustle required to keep things compliant for the broker. The brokerage consists of huge risks, which can be easily reduced if the real estate transaction management software has the functionalities to streamline the entire process for both the concerned parties.
2. SaaS-enabled Services
Since cloud computing consulting services are involved everywhere, things are available anywhere, anytime. As apparent it is that documentation and signatures were to be done physically earlier, have now reached their next level of e-signature and this cloud support has taken the entire process to the next level alone.
With cloud-based real estate transaction facilities, a broker can now open or close the deal, generate the leads without requiring physical meetings.
Other Concerning Factors
- Real Estate Brokerage Software
One of the multiple smart Real estate tools includes the Real estate brokerage software to keep commission things transparent and achievable for the Real estate brokers.
It is basically larger than a Real estate transaction management software as it keeps transaction management as a part of its, however, the transaction management software does not function fully as brokerage software.
In the Nutshell
As a Real estate broker, you would ask for a collaborative solution that could save your time by reducing physical meetings, taking the clients to visit the properties, and hosting them for almost half a day at once. You would ask for a much more efficient way to keep documents compliant and organized, storing them as safe as any personal documents. EDI professional services can help here in keeping transactions safe through the hashing method it uses to keep things encrypted.
Also, easy communication abilities would be highly appreciated by you as a broker, as it lets you communicate with the customer only for the effective concern, having the basic information already rendered by the automated chat functionalities.
As a broker, you would require an inefficient reporting tool to provide an entire monthly status of your work to your Real estate partner. A software that could keep your leads separate as per their level of approach and conversion.
Make sure to hire an efficient real estate mobile app development company that could develop an all-in-one real-estate management software with additional intelligent and automated functionalities along with cloud computing consulting services to keep cloud-based things under control.
Also, make sure to discuss the following requirements before finalizing the Real estate software development company-
- It has enough experience developing such solutions
- It has integration services abilities
- It can sync the real estate software with existing erp software solutions
- It can render IT professional services like 24*7 cloud support, and do not hesitate to brainstorm over the improvisation required in your real estate management solution with you.