ERP solutions for real estate management provide effective management of every stage of real estate portfolio life cycle, providing effective tools to increase liquidity, investment portfolio management and risk, apart from these it delivers management tools for reducing cost and improving monitoring of the projects.
Generally big ERP solutions having real estate management embedded in the main ERP software contain facilities for portfolio management, real estate management, corporate real estate management, facilities management and services. These options provide facilities to manage business partner relationships, real estate search, contract management, cost escalation calculation, construction, repairs, services and powerful tools to analyze and evaluate real estate portfolios and define investment strategies based on accurate cost and revenue performance data.
The module of real estate management in ERP software is tightly integrated with the application and information can be analyzed and accessed from other modules like financial management and sales and marketing etc. The ERP software is costly software and purchasing an ERP just for automating real estate management is certainly not feasible, its cost effectiveness increases many folds as a module in the ERP software.
ERP solutions specifically designed for providing solutions to real estate companies have more specific modules and options, and focused more in resolving the problems companies face before and during the execution of the project. ERP solutions for real estate have special options in HR, financial and real estate module to provide deep functionality. Some of the features commonly available in such applications are land acquisition, PRW or piece rate work, purchase order system, launch, pre-launch, sales, campaign management, telemarketing and layout. Specific options in HR module other than general options like shift management, salary calculations, job shifts and in financial modules features like NOD management, contract management, project analysis are specifically designed for real estate functions.
The latest change in ERP solutions for real estate has been integration of all the deep features of real estate management and accounting with CRM software. This type of software fulfills all the needs of a national or an international real estate company. Special accounting and financial reports with consolidations and business partner solutions help in automating the entire functionality of such companies. However such ERP software are cost effective but may not fulfill all the needs of a giant organization which invests in real estate and works in some other industry.
Some specific solutions are also available in the market those can integrate to enhance functionality of a module of the ERP according to the specific needs of real estate companies. Such solutions are available for account payables, projects analysis, contract management etc, these applications offer seamless integration with popular ERP solutions to enhance their working and incline it more towards real estate management cost effectively. Although in case of migration performance of such applications id doubtful but these features can be tested at the initial stages. These applications are not in open source category but are property of certain vendors however some open source applications are also available which sometimes may or may not be able to provide trouble free solution.