As the old adage goes, time is money. Therefore, any opportunity to save time by streamlining business operations should be taken wherever and whenever possible. And in commercial real estate (CRE) development, time is the one variable that is always guaranteed to be of immeasurable value. The difference between a successful and profitable project relies on finishing a project on time and within budget.
Although today’s real estate development companies are lean and mean, they need to solve complex real estate operational issues. The key to being efficient with a skeletal staff is a software solution that is easy to use yet robust enough to handle all necessary real estate development operations. Providing one end-to-end solution eliminates the need for standalone applications and external spreadsheets, which leads to inefficient and inaccurate data collection.
A few years ago, the best you could hope for was an 80 percent fit from your software solution. Today’s strategic software implementations can get you closer to 100 percent—if you know what to look for.
Time can be saved by implementing state-of-the-art real estate development software, which understands developer workflows and reduces the time it takes to set up new vendors, and projects.
When considering the best real estate development software for your organization, it is important to consider these things:
For most real estate developers, information is typically trapped in spreadsheets and with various departments in the organization that must be sent back and forth from internal and external stakeholders, allowing room for error or multiple revisions of the same document to be in motion at one time. These manual processes can lead to calculation errors which lead to corrections and revisions that can ultimately cast doubt on the accuracy of the information. Having a single platform software product being the “source of truth” for the entire organization will eliminate these doubts and increase accuracy and productivity.
Precise Project Control
In the commercial / residential real estate development industry, developers are very dependent on project control and project budgeting. The best real estate development software eliminates the need for using multiple applications and spreadsheets to keep track of budgets and spending and provides precise project control and the necessary project perspective to complement the general ledger perspective.
Nearly all job-costing software emphasizes the subcontractor or general contractor perspective, where the detail level drives the reporting. But success in the developer market comes from its ability to go beyond the details and show management top-level project status and the various detail levels that support it.
Real-time insights, anytime, anywhere
The best real estate development software should track activities, utilization and performance with personalized reports and dashboards pulled from a shared, centralized database. This data should be accessible in real-time on any device – at any time.
Powerful Financial Management Software, Solid Financial Management Foundation
Today’s best real estate development software takes managing your business’ assets, income, and expenses from complex to simple with configurable processes, mobile anytime access, and best-in-class accounting applications resting on a single, future-proof cloud platform.
Developer Specific Functionality
State-of-the-art software should help developers automate their most complex requirements from inter-company allocations, monthly loan draws, cost-to-completion, cash flow, and tracking projects at all phases. It should easily bounce between entities and tailor accurate, professional & real-time reports for your investors. Most importantly, should be built for collaboration and allow all personnel within the organization to monitor development projects with real-time, role-based dashboards.
All Under One Roof
Simplify complexity, with a consolidated view of all your financials—across multiple sites, entities, currencies, and even multiple countries. One end-to-end development solution will simplify process and eliminate duplicate entries and errors.
Take your business to the next level with our easy-to-use customizable real estate development software that truly fits your needs to improve profitability, efficiency, and more.
Our Real Estate Development solution powered by Acumatica allows you to operate at peak performance. Secure, powerful, flexibility for today and tomorrow. Acumatica provides a true, scalable, and mobile cloud platform with built-in document management enabling remote access to submittals, drawing and photo logs, daily field reports, and RFIs from the field or the office.
Maximizing ROI while minimizing time and other resource consumption is the game for CRE Developers. Automating as many processes as possible with cutting-edge technology will help your firm reach that goal.