The commercial real estate market has not been the same since COVID-19. Like most industries, it is changing constantly and this only adds to the hurdles already common in the marketplace. Imagine trying to keep up with property listings, interested clients, and everything else that comes with the territory while trying to adapt to a changing market all at the same time. Even superheroes had their sidekicks to make their tasks easier. 

But it’s not all gloom and doom. After all, where there is a problem, there is also an opportunity.  Thankfully, there are software solutions now that can streamline your workflow and 2x your results. Whether you’ve been in the game long or a newbie, building your own commercial real estate software can provide tailored solutions that fits your business needs perfectly. But how do you start? That’s exactly what this post will show you.

What Is Commercial Real Estate Software?

Commercial real estate software is really a specialized tool designed to make it easier for you to manage the different aspects of your real estate business. This includes handling property listings, messaging clients or agents and everyone else in between. 

It also makes it easier to resolve queries, manage price quotes and payment solutions, conduct data analytics all from one convenient platform. Basically it handles everything you need as far as managing your commercial real estate is concerned.

Since most real estate firms and professionals have to deal with a lot of data and have to  be quick as well, it often saves time to use a system that gives rich functionalities across every area of their business. Chances are, your competitors already rely on one.    

Why Build Your Own Software For Real Estate?

The truth is there are many options already existing, some with more capabilities than others. But chances are that it might be hard to find something out there that really embodies your brand image and fits every single need without costing an arm and a leg. But when you decide to build your own software for real estate, you get to enjoy some extra advantage including;

1. More Customization Options

Sure you can use any old template. But building your own software from scratch gives more freedom to tailor it exactly the way you want and to match your business needs. Every real estate business is unique even within the same niche. 

Using other solutions might not offer the same flexibility to fit your unique workflows and processes. Custom software, on the other hand, ensures that every feature aligns with requirements, enhancing efficiency and effectiveness.

2. Versatility and Scalability 

As your business grows, your software will need to keep up or there will be a problem. Custom-built commercial real estate software can be easily scaled to accommodate increasing data and user demands. This means that your software remains relevant and effective, no matter how large your business grows.

3. Competitive Edge

Your very own branded software solution can give you a competitive edge in the market. It enables you to offer and add extra personalized services and features that your competitors might not have. This will help attract more clients and boost your reputation.

4. Easy Integration

You can have your software designed to easily integrate with other tools and systems you already use. Think of those CRM systems, accounting software, and marketing platforms. This removes the need to worry about importing relevant data. 

Plus, you don’t have to feel like you are stuck in one ecosystem and can’t move to another because of the data you already have there. This integration improves workflow efficiency and reduces the need for manual data entry.

5. Cheaper and More Sustainable Long Term

You may be making an initial investment to create your own custom software but it can be more cost-effective in the long run. You also have more control over every aspect of your management process and can automate most routine tasks.

5 Essential Features To Add To Your Commercial Real Estate Software

Here are just a few features that you should have in your software for real estate:

1. Property Management

You need the features that allow you to manage property listings, keep track of their availability, and update details easily. Any property management software you build should be able to keep all your property information organized and accessible.

2. Client Relationship Management (CRM)

Real estate business can require a lot of back and forth as you negotiate, follow up, renegotiate and keep up with your clients. So, you want a software that you can easily integrate with a CRM system to manage client interactions, track communication history, and nurture leads. 

Consider going not just for one with in-app communication but also multi-language support so you can connect more easily with people from different backgrounds.

This is one feature that is definitely top of the list. Without it, maintaining strong client relationships and ensuring timely and effective follow-ups will be very tough.

3. Transaction Management

Beyond just setting and tracking prices, you also want to make the payment process as smooth as possible. Streamline the transaction process with secure features that handle contracts, documents, and payments. This ensures that transactions are seamless, transparent, and error-free.

4. Lease and Portfolio Management

This allows you to manage rent payments, lease terms, renewals, and manage a group of business properties more efficiently.  

The easier it is for you to manage all aspects of leasing and property portfolios, the more professional you look and the more efficient you are.

5. Data Analytics and Reporting

Most like to include analytics tools when building  their own commercial real estate software. This allows them to monitor market trends, keep tabs on factors that affect property performance, and client behavior. These sort of detailed reports help make for informed decisions and better strategies.

6. Advertising and Marketing

You can have email templates, SEO plugins integration, content marketing campaigns built into your software. All that is left is to simply customize the email templates for your marketing campaigns. Want to send out newsletters, or create buzz with promotional offers? No problem. You have the right tools to make it easy for your listings to rank in search engines.

7. Mobile Accessibility

Guess what? Over 58% of all search traffic comes from mobile devices. If you want to tap into that traffic and reach more prospective clients, then you will want to keep mobile accessibility in mind. 

Always ensure your software is accessible on mobile devices, allowing you and your team to manage tasks. Mobile accessibility increases flexibility and ensures you can work from anywhere. Since 76% of all mobile searches are local searches, you want to leverage map integrations for better outcome. 

At North South Tech, we add all of these features as well as other SEO-friendly plugins that enhance the visibility of your listings so your clients can find you easily.

5 Steps To Build An Efficient Real Estate Business Software

1. Know Your Market then Define Your Goals

Start by learning everything you can about your target market. This helps you understand exactly where your software stands and what kind of solutions they need and what value you can offer. 

Then list the needs of the market and decide your goals – your goals for your software should align with the needs. Be as specific as possible. 

Now that you know what the problem is, and what you want to achieve, make a list of the features and functionalities that are essential for your business operations. This step involves gathering data from all  (property owners, tenants, real estate agents, etc.)  to ensure the software meets everyone’s needs.

2. Choose the Right Technology Stack

Select the appropriate technologies and tools for your software development. Consider scalability, security, and ease of integration with other systems. Your technology stack should support your software’s efficient development and future growth. 

3. Design the User Interface

Create a user-friendly interface that is intuitive and easy to navigate. A well-designed UI enhances user experience and ensures your team can efficiently use the software without extensive training.

4. Develop and Test

Begin the development process, focusing on building the core features first. Regularly test the software to identify and fix bugs, ensuring it functions smoothly. Iterative testing and development help in creating a robust and reliable product.

5. Implement and Train

Implement the software in your business operations once the software is developed and thoroughly tested. Provide comprehensive training to your team to ensure they understand how to use the software effectively. Ongoing support and updates are crucial to maintaining the software’s efficiency.

How Can a Professional Software Solutions Help You

Building commercial real estate software from the beginning can be a time-consuming process. Depending on the complexity and the features required, it can take six months to a year or more. This timeline includes the planning, development, testing, and implementation stages. 

With North South Tech, you can leave the entire process to experienced experts who will have your custom made commercial real estate software ready in two months or less. Besides the secure customized solutions, you will have access to ongoing support and maintenance, ensuring that your software remains up-to-date and functional, allowing you to focus on your core business activities.