Six easy ways development firms benefit from commercial real estate software
Commercial real estate development is a notoriously complex field, and it isn’t unusual for projects to take anywhere between several months and several years to reach completion.
But, in this field, just like in any other sector, time is money. And, for development firms, a lot of their income, reputation, and bottom line depend on their ability to complete projects quickly, safely, and efficiently.
Luckily, custom commercial real estate development software can help your firm excel in an always more competitive market. Here are six ways it can help.
1) Greater efficiency and automation
Outdated frameworks can significantly impact how efficiently real estate development projects are managed. Indeed, without the latest technologies, developers find themselves trapped in resource-intensive or repetitive tasks, inefficient spreadsheet-based project tracking, and manual data entry duties.
Automated CRE software can help you make data-driven and more accurate business decisions. It will also free up precious time and resources that your firm can now dedicate to closing new deals, expanding the network of contacts, and maximizing profits.
2) Increased profits
Manual processes and outdated frameworks aren’t just inefficient – they can also be actively damaging to your firm’s bottom line! Introducing an ad hoc software solution for your CRE development project can help you maximize profits by:
- Giving you full control over your financials
- Identifying and highlighting financial inefficiencies
- Maximizing labor and resource allocation
- Streamlining supplies and deliveries
- Eliminating errors
- Preventing structural mistakes that might lead to costly interventions later on
- Helping with property management after the completion of the work to maximize returns
Even better, all of the financial data about a project and expected returns are available through a single, user-friendly interface!
3) Enhanced reputation
One of the critical mistakes that small-scale property developers make is failing to build a brand for their firm. But what if your company has grown into a leading firm in your sector? Now you have a reputation to protect and enhance!
Not leveraging CRE software can harm your firm in many ways, from causing you to lag behind tech-savvier competitors to missing out on opportunities. Adopting new technology can help you stay a step ahead of the market and respond to changes in the field with agility.
Pro tip – Third-party service providers, lending institutions, and suppliers prefer to work with companies that are using the most efficient and advanced processes to minimize investment risk.
4) Improved coordination
Real estate development projects involve a myriad of parties, including construction experts, consultants, freelancers, government authorities, commercial enterprises, and employees. And, these parties tend to interact multiple times throughout the four phases of real estate development and beyond.
Software solutions created with the needs of the CRE development industry in mind will boast secure information, communication, and document-sharing features that will allow your firm to streamline the coordination among the different parties.
In turn, a central platform that works as a single source of truth can reduce the chances of error, minimize inefficiencies, and result in better organization and communication.
5) More control over each project
Tailored commercial real estate software solutions such as Northspyre are designed to be a central “control room” for each firm to control their project.
The user-friendly interface, which can be accessed by all authorized persons as needed and from any device, provides unprecedented visibility into each project’s features, detail, advancements, timelines, and financials.
By being able to monitor a project’s performance in real time, development firms can make adjustments without delays, thus reducing losses and addressing inefficiencies before they become money pits!
6) Shorter project lifecycles and better pipeline control
Managing a single CRE project is complicated, let alone organizing a pipeline compiled of multiple and varied commercial real estate deals and projects! However, managing your pipeline and focusing on closing new deals is key to maintaining your firm’s cash flow in the black.
Thanks to the AI-powered and automation features of CRE software, your firm will be able to visualize the stage of each project and manage current and future deals, no matter how complex each of them is! These functionalities not only allow you to shorten a project’s lifecycle and increase your firm’s job turnover, but it also gives you the chance to work on multiple projects at once.