5 Key features you must have in your property management software
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” – Robert Kiyosaki
Thanks to information technology as entire world is transformed in the new digital age that has eased the processes of each and every industry, especially in the last decade of 2005 to 2015. So is true for the real estate industry that has become more organized and profitable At AN INDIVIDUAL LEVEL, provided you’re expert in extracting elaborated information from various sources on the internet.
As a real estate broker or agent, if you do NOT possess a sophisticated web enabled software that explores tons of options for you, it is in fact 50% defeat for your business. In other words, coins spent for customization of Real Estate CRM is increase in ROI.
If you are real estate agent..
Professional software suite nurtures your broking activities by allowing you to manage all sorts of tasks in real time, like
- Managing Transactions
- Make Payments
- Chat online directly or via third party API
- Maintain archives / threads with prospects that are yet in conversion process
- Store and search for documents
- Convert digital documents in multiple formats etc.
Selecting property management software to accompany you as property agent is an intimidating procedure. Because myriad of factors are considered and NOT all functionalities might be altered once you have elected a software piece and paid for the same.
Value or importance of one feature may be well to pay and letting go of 3 to 5 features can be OK in the context of your situation.
And Even if a feature can be added afterwards, for what price it would come?
“Approximately 45% of realtors don’t respond to sales enquiries.”
Property brokers ought to act carefully and intelligently when picking the right software for their businesses. Here are the key features that have good weightage and should be available in your property CRM. All of these are MUST HAVE.
Multi-Device Support [ 25% weightage ]
For instance, you as a broker or service provider may comprise for operating system or brand of the device if it simply runs OK on your machine.
But what if your prospect or future buyer cannot open or view the photos, videos, documents or any other stuff related to building that you are selling?
Alternatively you may send screenshots but it is cumbersome activity that every time you have to spend time in capturing pictures, send them and store them.
Check for if given property CRM is cross-platform or not. At the minimum, it must be installable on major 3 OS.
- Windows devices
Flexibilities for Customization [ 25% weightage ]
For most cases, property CRM written in one programming language or platform is NOT customizable using another. Therefore, when you want to mould data fields inside software application in accordance with your business scenario, you will have to find developers of specific computer language.
Ideal software for property management is one which is widely used across the globe, handles all common operations through its user interfaces and customizations options or resources for it are easily available.
Pricing Model [ 20% weightage ]
For the FOSS(free and open source) softwares, you pay only for customizations, not for ownership or licence.
But even in that case, professional support from first source team if is not available, that freedom is not approachable.
1 Minute Stop
Worldwide, there is NO unified system that defines method of pricing for any real estate application. Various Revenue Models have been employed by many vendors who sell this kind of software.
In general, it remains anyone from following
- Per User
- Per Unit
- One Time only (unless customization is required)
- Extra fee per install
- Extra fee for each transaction
- Additional charge per module or functionality
- Per month fee
Whatever system you prefer, make sure that you have calculated all the parameters and that you don’t have to pay exaggeratedly once you are on the “Pivotal Business Activities”.
Custom Reporting and Open Source model [ Weightage 20% ]
Open API is always convenient and reliable.
Closed source component kills your budget by not allowing home-grown development, for they are the only helping hand in these cases when you’re put into trouble.
Regardless of any scale of your professional offerings or region you serve on the globe, RENDERING of CUSTOM REPORTS is something THAT YOU WILL EVER NEED.
Thoroughly check if all parts of the software are open source or not and up to what extent you will be able to generate custom reports on your own.
Platform [ Weightage 10% ]
It is one of the top features Real Estate Agents and Brokers should look for.
Because you get so many updates and synchronization facilities when online only, web based or cloud (SaaS) based applications are preferred over Desktop system.
“The CRM results are dependable and comprehensible and improve the development of your business. There are various reimbursements connected with the Real Estate CRM software. The danger in property management is abridged by using this software.”