The Real Estate Development Cycle is tracked by multiple fragmented software applications. A true Real Estate Developer software application does not exist in the marketplace. What solutions exist to combat this and other problems? The answer lies in BUDGETRAC and its high-tech system functionality.
How BUDGETRAC Compares to Your Real Estate Development Software
In addition to the one mentioned above, another problem within the real estate development cycle is that it lacks multi-company accounting design. You need to log in and out each company database for data entry resulting in a time consuming process with data entry
duplicated multiple times for the same information. Also, there is a lack of consolidated financial reporting capabilities and inter-company entries resulting in the need for export to external reporting formats using spreadsheets.
Furthermore, current real estate developer software applications lack project control perspective. You need to use balance sheet accounts in an attempt to track Project sub-ledgering costing resulting in a lack of inception-to-date reporting, since projects often cross over one or more fiscal years. Unfortunately, there is a lack of consolidated/comparison project reporting capabilities resulting in the need for export to external reporting formats using spreadsheet for accurate analysis.
Moreover, you shouldn’t have to go about your business using a software system that lacks loan draw functionality. If you need to rely on non-integrated spreadsheets to product Loan Draw applications, one that is prone to mistakes and loss re-imbursement from lenders, then you’re going to have more work to do than ever. Even worse is if this same system requires an inordinate amount of time and resources to constantly reconciled and update spreadsheets since separate from accounting system.
Does your real estate development software have property management functionality? If using construction-based software, then there is a need for a third party software application to address the Property Management accounting need. Current Commercial Property Management software is complex, cumbersome and expensive to implement and maintain. The results in the needs of mid-sized and regional commercial property management firms not being met which limits their growth potential.
If you use a cumbersome software, then it may overwhelm your resources. “Basic” software can’t support the needs of a mid-sized company. A lack of development software functionality limits most companies who are trying to get their work done. In short, the mid-sized market is not being serviced by the majority of development software available.
Because there are only tow major commercial property management software providers, the point of entry for mid-size companies is almost prohibitive, since the available software is complex and requires extensive resources to implement and maintain. The total ongoing cost of ownership is high due to expensive annual fees and the need for constant training resulting from a change in personnel.
So, where does BUDGETRAC come into play? The Real Estate Development Cycle is tracked by one Integrated Software Solution: BUDGETRAC is the only true Real Estate Developer software application in the marketplace. BUDGETRAC Real Estate software is comprehensive yet easy to implement and maintain. This results in the needs of mid-sized and regional commercial property management firms being met thus not limiting their growth potential.
- Does Not Overwhelm Mid-Size Companies’ Resources
- Supports Almost All of Mid-Size Companies’ Needs
- Provides Mid-Size Companies Real Estate Development Functionality
Within real estate development software, no alternative real estate developer software solution currently available, specifically designed for the developer, besides BUDGETRAC. Most construction software is designed for the subcontractor and general contractor and are limited in address the complex issue of development accounting. Even asset Management software has very limited project costing functionality.
Immediately evident to our clients and prospects is the distinguishing characteristics between developer software and a contractor software, the ability to solve their financial complexity, project control and funding requisitions requirements. No longer do you have to deal with real estate development software that lacks commitment tracking, that has an inability to incorporate commitments in reports, thus lacking ‘Cost at Completion’ indicators through-out the life of the project which are key to controlling project cost overruns.
Clearly, there are a lot of issues with the limited reach of real estate development software options at the moment. As a result, something better has to be circulated in order to best support mid-sized and other companies. BUDGETRAC can handle both real estate development and property management functionality in order to meet all of your business needs. What more could you ask for from your system software?