Real Estate Development Software

Real estate or property development processes range from the initial purchase of land parcels to the final sale of a finished structure. It is up to developers to find suitable plots for specific construction projects, determine how to best use an existing land area, or evaluate current structures for potential renovation. While development processes are primarily considered essential for new construction, it can also extend to existing property management.

What is Real Estate Development Software?

Real estate development software helps developers, architects, and contractors with the important decision-making behind every property acquisition and construction project. These solutions help to organize important legal documents, generate comprehensive bids for speculative development, and manage existing development projects.

This software further improves real estate development business processes by handling the more technical aspects of financing, such as forecasting a potential project budget during a proposal. Automating these tasks can greatly increase the efficiency of completing a bid and getting started on a project.

Features of Real Estate Development Software

• Bid management: Create new project bids using set templates, control when and how they are sent, compile past bids based on success rates
• Project management: Coordinate the execution of project tasks such as initial planning, employee scheduling and time tracking, along with resource allocation, purchase, and delivery
• Reporting: generate customized reports for each project or proposal to maintain accurate records on every development
• Budgeting and forecasting: Manage the finances of every project, from initial bid estimates all the way through final construction or sale; forecast for each individual project’s budget in advance to avoid overspending
• Document management: Every real estate deal comes with tons of paperwork, both physical and electronic; manage each document, duplicate, and triplicate with secure and organized storage

Best Real Estate Development Software Benefits

Implementing a real estate development software at your business can provide a lot of long-term benefits, including:

Managing Complicated Workflow

The first benefit of real estate development software is the ability to manage your existing workflow and streamline future projects. Automating services can drastically reduce paperwork and make it easier to find specific files related to development deals or bids.

Bid management tools allow you to keep tabs on new and existing proposals your company created. Custom templates give you the ability to set a consistent format for each type of outgoing bid, improving your chances of success with a concise, well-designed proposal every time.

Maintaining Legal Compliance

The development industry is full of compliance and legal requirements. Every new construction site must be managed by a licensed contractor, every design must come from a certified architect, even ceremonially breaking ground requires a permit. Keeping track of all the necessary licenses before beginning development can be a daunting task. Fortunately, real estate development software includes modules for managing official documentation.

Document management modules compile existing documents with new documentation as it is made. Store electronic copies of bid proposals, licenses, bill of materials, invoices, and more in one easily accessible location. Whether installed on-premises or hosted on the Cloud, the documents can be retrieved whenever necessary.

Reducing Human Error

The amount of paperwork necessary for speculative development is no laughing matter. As mentioned before, there are plenty of legal documents along with bids, proposals, architectural sketches, and more to keep on hand for the duration of the project. Managing accounts with Excel spreadsheets is suitable for some small businesses. However, it can lead to costly human error when dealing with larger transactions of a growing developer.

Real estate development software automates important business processes, greatly reducing the possibility of error. And streamlining the tasks can cut down on time, further benefiting your bottom line.

Real Estate Development Software Costs

The price of an all-in-one real estate development software can vary based on factors like company size and number of users. These two variables are among the most important when planning out a budget for this software.

Additionally, pricing depends on whether you implement an on-premise or Cloud-hosted management software. A web-based solution provides some benefits, such as increased accessibility, though requires monthly or annual payments compared to a single, one-time fee for a perpetual license.

For example, some plans are as high as $1,600 per year per user. Others are only $15 a month per member. Some one-time perpetual license fees, which offer unlimited users, are $30,000 while others are $395. There are real estate development software options available for every budget.

Real Estate Development Software by Industry

Real estate developers are found in many different fields. For instance, there are:

• Contractors and subcontractors
• Construction companies
• Architects
• Property managers
• Enterprise buyers

Based on where you fit into the larger real estate development industry, your software needs may change. Real estate development systems are often used in conjunction with property management solutions or construction management software.