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Imagine Maggi, a successful real estate broker overseeing a thriving agency in a highly competitive urban market. Administrative tasks, lead management challenges, and a lack of personalized client service weigh her down despite her expertise and dedication. This scenario is a prevalent issue within the real estate industry, highlighting the pivotal role of business automation tools in a business’s success.
It is essential for real estate businesses to have the necessary business automation tools to run their operations without any hassle. Thus enterprise software solutions simplify business processes and improve client service for business success. There are two primary software solutions a company can invest in.
Companies have an important decision to make between custom-made software solutions built for special needs or off-the-shelf solutions that can provide immediate functionality. In this article, we will discuss what both custom and off-the-shelf software entail, explore the benefits involved, and find out which may be the best way to automate your real estate business.
What is Custom Software?
Custom software can be defined as a business automation solution developed for a particular organization or specific users. In the real estate sector, it deals with the design of software that fits the specific workflows, clients’ needs, and operating objectives of a particular firm. A custom solution is developed from scratch, and anything can be added to it—be it functions or design features the business needs.
Custom software is like having a tailored suit versus an off-the-rack outfit. Take the example of a boutique real estate firm specializing in luxury waterfront properties. Their unique workflow requires:
– Specialized maritime property valuation tools
– Custom integration with local coastal development databases
– High-net-worth individuals benefit from unique client communication tracking.
While developing such a solution might cost between $50,000 and $150,000, it provides unparalleled precision for their specific market niche.
Developing this software is more time-consuming and more expensive than buying pre-made software. However, it provides unparalleled customization and control, enabling you to tailor it to your business needs accurately.
Benefits of Custom Software to Real Estate Business
#1 Tailor-Made Solutions for Your Business
The biggest advantage of custom business automation software is that it will solve your specific business needs. In real estate, there are various unique requirements, from managing listings to tracking lead generation and automating contract management. Every feature and interface within a custom solution will be built to serve your particular workflows, ensuring it is user-friendly and functions optimally.
#2 Scalability
A McKinsey study found that the lack of scalable software solutions can result in revenue losses for businesses ranging from 8% to 28%. As your real estate company grows, so do your operational needs.
Custom business process automation can scale with you to meet increased demand without the need for major overhauls or changes. This scalability helps ensure your automated business process continues seamlessly as your company grows, making it a valuable long-term investment in your business.
#3 Competitive Advantage
Custom software gives you a competitive edge by letting you build into it several features and capabilities that competitors may not have. For instance, you might wish to create unique tools that facilitate personal client engagement, automate document workflows, or offer insights not found in off-the-shelf solutions. With custom business automation solutions, real estate firms can differentiate themselves and make themselves more desirable in the marketplace.
#4 Better Data Security
Security is one thing that is paramount to any business. Real estate businesses manage a lot of sensitive information. With custom software, you are able to build robust, tailored security in order to protect the client and business data. You also have full control over the security protocols, minimizing the chances of breaches that might sometimes occur when using generic off-the-shelf solutions.
#5 Flexibility and Adaptability
When COVID-19 disrupted traditional real estate practices, firms with custom software quickly adapted by adding:
– Virtual tour integration
– Remote document signing capabilities
– Advanced video communication tools
With custom software, there is enormous flexibility in adapting to changes in the industry, regulations, and technology. You can easily modify a customized automation tool for business processes as and when necessary. This enables you to include new tools, respond to market trends, or add features according to customers’ feedback. This way, it keeps your software updated and relevant over time.
What is Off-the-Shelf Software?
Off-the-shelf software is a universally accessible and ready-to-use solution. They come pre-packaged with generic features, and users can commence usage with minimal setup. Off-the-shelf tools are often cheaper than a custom software solution.
This makes them a favorite among businesses seeking to meet their automation needs quickly and affordably. In real estate, off-the-shelf software vendors provide some of the best business process automation tools for various tasks, including CRM, project management, and accounting.
Benefits of Off-The-Shelf Software in Real Estate Business
#1 Prompt Implementation
For Mike, who just started his real estate brokerage with limited capital, Salesforce’s real estate edition allowed him to go from zero to operational in just one week. Ready-to-use business automation software is a highly efficient and user-friendly solution for businesses seeking to automate processes quickly.
Since such tools are pre-built and ready to go, you can implement and start using them almost immediately to enable faster onboarding for your team. This will be quite useful for real estate firms that seek quick solutions for improvements in productivity and client management.
#2 Lower Initial Cost
Generally speaking, off-the-shelf tools are less expensive than custom software. Standard pricing often includes subscriptions that cater to smaller or more budget-conscious real estate firms.
Though some special features may involve additional fees, the initial cost is normally lower than that of tailor-made software.
#3 Proven Reliability
A considerable user base has tried and tested most off-the-shelf business process automation tools. This means they have gone through numerous iterations and updates based on user feedback.
This guarantee ensures that the solution will be less problematic, as these tools are typically stable and contain fewer bugs or technical issues. The vendors themselves provide support to help resolve any issues that may arise, further solidifying this assurance.
#4 Regular Updates and Maintenance
Off-the-shelf software solutions, for the most part, come with regular updates and support provided by the vendor. These updates guarantee the software’s refreshment with new features, security patches, and compatibility enhancements. Since vendors take care of all kinds of maintenance, there is no need to allocate resources for its smooth functionality.
Custom vs. Off-the-Shelf: Which Automation Tool Should You Choose?
The decision to choose between custom or off-the-shelf business process automation tools entirely depends on your specific business needs, budget, and other long-term goals. As a result, here are some important factors to consider that will help you make an accurate decision:
#1 Budget
If you need to consider a limited budget, then off-the-shelf software could be the ideal choice considering its lower initial cost. With monthly subscription plans, you can access powerful business automation tools without making a hefty upfront investment. On the other side, if you do not mind spending money on something that can be a long-term solution specific to your use case, then custom software might be more valuable in the long run.
#2 Compatibility
Off-the-shelf software may have some compatibility issues. It may not work well with business systems, devices, or other software installed at your workplace. This could potentially make the software difficult to use or less effective. Additionally, if this software does not provide the features your company requires, you may need to utilize alternative tools.
On the other hand, your company develops custom software specifically for you. This implies that it can flawlessly mesh with the current procedures and instruments of your company. One of the most significant benefits of selecting custom software over an off-the-shelf solution is its flexibility and fit.
#3 Scalability
When real estate firms expand, their automation requirements also grow. Custom business automation solutions are mostly scalable. They enable you to update and add new functionalities as your business grows. On the other hand, off-the-shelf software might be scalable to an extent with tiered pricing models. However, if your workflow changes, it might not have the ability to accommodate highly specific adjustments.
#4 Timeframe
If you want to deploy a solution very fast, then off-the-shelf software is the best fit since it is ready for immediate use. However, the use of off-the-shelf can also be a negative fit because it only has standard features. Besides, modifying and configuring software not designed to meet your actual requirements can take more time than you expect.
On the other hand, it may take more time to work on custom software, taking into consideration development, testing, and deployment. If you don’t have a tight deadline, the tailored features and enhanced capabilities are worth the wait.
How We Can Help
North South Tech understands the complex landscape of real estate business automation. We craft strategic technology roadmaps that transform how real estate businesses operate. Our approach is nuanced—we analyze your unique workflow, budget constraints, and growth trajectory to recommend the most effective automation strategy.
Whether you need a fully customized software solution tailored to your niche market or a streamlined off-the-shelf implementation, we bridge the technology gap. Our technical architects have deep expertise in designing scalable systems that adapt to your evolving business needs, ensuring your technological infrastructure grows alongside your real estate venture.
Stop wrestling with inefficient processes. Get a free technology assessment that maps out your automation potential. Schedule your consultation now.