Real estate technology has been transforming the industry, especially by improving work efficiencies. Rapid digital innovation has presented endless choices to companies looking to automate their processes. From handling tenants to managing payments, real estate ERP provides solutions to every problem.
To make the most out of the various ERP software, it is important that they talk to each other. Apart from the improved efficiency and work organization, here are a few more benefits of integrating various real estate ERP software.
Easier Transition
Even though the real estate industry is quickly adopting technology, 19% of companies do not have a digital strategy. Companies that already use real estate technology do not want to lose their existing data while upgrading their software.
Whether it is Office 365 or full-fledged software, ERP integration makes the transition much easier. Instead of completely moving your data, it lets you gradually shift to a new system. You can simultaneously use existing tools while also leveraging new features.
This will also cut down the training period by decreasing the learning curve. Employees only need to learn the new features while they are still able to work with the old ones. This helps you maintain the same level of productivity without compromising on technology.
Work synchronization across departments
Real estate businesses involve many departments such as marketing, accounting, and sales. Though most departments are non-IT, they use their own software to work more efficiently. This siloed information can complicate the work process, sometimes even requiring duplication of data. According to the TechTrends’ Technology Vision Survey, 55% of the participants faced difficulties in managing data through their software.
This can be easily solved by integrating software across departments. The multifunctional ERP not only syncs data but also creates a single database accessible to all employees. Your sales data will be readily available for accounting. Similarly, the marketing department can access lead information from your CRM. This unified strategy helps your staff make the most out of real estate technology.
Accurate data and insights
The importance of data in real estate is already established. From finding the right leads to making better investments, it can help you maximize profits. According to McKinsey, nearly 60% of real estate predictive power can come from big data.
Conventional analysis methods that evaluate data separately generate multiple reports. These reports can be inconsistent and you will only get a smaller picture from each software.
Integrating your ERP helps you organize unstructured data obtained from various sources. Insights generated from such consolidated data are more accurate in predicting client behavior and market trends.
Maximize ROI
Real estate software comes with incredible features but can also be very expensive. If used strategically, they can give a high return on investment. According to Nuclear Research, CRM software pays back $8.71 on average for every $1 spent.
Using multiple software won’t let you fully realize their benefits. Instead, you can integrate them by choosing the features you actually use. This lets you budget appropriately and gets maximum return on interest, without wasting money on features that you never use.
Increase tenant retention
According to Zillow Rentals, 60% of tenant turnover is controllable. Integrated ERP gives insights into tenant behavior and preferences by collecting data from various sources. These insights can be used to create a better tenant experience which increases tenant retention.
For example, combining the data from tenant portals and maintenance software can help you identify the main problems of your tenants. Which area required the most maintenance? What did tenants complain about? Resolving these issues can increase tenant retention and build a better brand image.
Increase accountability through approval workflows
If a task requires several employees to work on it, you can integrate ERP to increase accountability. Integrated software lets you align processes using approval workflows. These are workflows within the software that requires every employee to update the progress of the task assigned to them. For a multi-step process, employees need to update the completion of the task at every stage.
Not only does it make the staff more accountable, but also helps you delegate tasks effectively. Approval workflows also save time as all the tasks are updated in the same software, regardless of the department.
Enhanced data security
Data security is one of the major concerns when integrating software. According to Perimeter 81, one out of two real estate firms has faced a cybersecurity attack in the past two years. Integrated ERP makes it easier to protect your data through a single database. Apart from setting up firewalls for cyber security, you can also secure the data within your own company.
You can set up role-based security that lets only specific users access the protected data. Additionally, you can also restrict unauthorized users to access the database. If you use multiple software, then setting up security for each application will be tedious.
If you are considering cloud integration, then you also need external security features. You can backup the entire database on a cloud server since they are very secure. They also have features such as multi-factor authentication and data encryption that prevent unauthorized access of data. This is especially beneficial for property managers who work remotely, as they can access the data from anywhere without worrying about its safety.
Increased scalability
An ideal real estate software is readily scalable according to business growth. Instead of upsizing or downsizing individual software, integrating lets you scale your entire tech requirements. Moreover, you can utilize additional features or remove existing ones without switching to different software.
Seamless real estate ERP integration through KriyaGo
An integrated ERP is an asset for businesses looking to streamline their business processes. KriyaGo helps you seamlessly integrate popular real estate software like Yardi, Procore, and SAP Concur. We understand our clients’ needs and suggest solutions accordingly. Apart from software integration, we also help our clients with support, training, and data onboarding.
By choosing KriyaGo, you get to leverage a professional team, market expertise, and comprehensive tech support. Our strategies have helped clients achieve business goals by making optimal use of technology.
Want to know more about our services? Book a free consultation call with KriyaGo!
