Starting a company in the 21st century has several innovative tools that provide an efficient and seamless venture. A real estate business is no different, as it has the same set of needs for success. Software products, in a variety of categories that are easily implemented, are a prudent choice for those striking out on their own in the real estate industry. Here are five essential software packages to consider.

Document production and storage

Contracts are the leading generators of paperwork in the real estate industry. In addition, information for listings, comps, and general office correspondences are a daily requirement. Finding software that can accommodate creation and storage are critical. There are free software products capable of doing both using the latest cloud technology. They even have the flexibility to share and edit among team members. Clients can be included in the share feature to keep them in the loop without giving them editing rights. While free downloads come with storage limitations, upgrading to a package that fits your agency’s volume is an option. This could be tweaked over time based on market trends. Creating multiple free accounts based on zip codes or real estate agents is a money-saving work-around.

Accounting and financials

Every real estate agency demands a solid software package that can accomplish a litany of accounting and financial roles. First, it should be capable of coordinating sales revenue, payroll, accounts receivable and payable, escrow, and petty cash. This means it clearly delineates where funds are held and when they are transferred. For example, funds from sales revenue need direct links to payroll, both accounts receivable and payable, and petty cash. Paying salaries and vendors are part of the daily operations and should not co-mingle with escrow accounts. Processing and cutting checks is the next required functionality. Filing and submitting tax payments and generating reports are more desired features.

Employee training

New and existing employees need resources to acclimate to the company and its proprietary policies and procedures. This includes processing and submission of mandated employee forms. In addition, a product that showcases the culture and builds rapport is a good choice. Updates and changes should have a seamless process with targeted areas including FAQ.  Using employee onboarding software can help save time and reduce errors by enabling your employees to enter their own information upon being hired. New hires should be trained as quickly as possible, so there’s no time wasted in integrating them into your team’s culture.

Building customer relationships

Clients are the bread and butter of the real estate industry, so building a relationship with a long-term mindset is paramount. Loyalty will result in future business for residential and commercial ventures. A rewarding and inspiring experience will make this a reality. A slew of software packages can create a lengthy and thorough customer profile with resources to automatically reach out based on criteria. An example would be categories for active clients and others that have future plans. It should have several layers of access with one central portal and dashboard to monitor and manage the flow of information. A caveat is to use it for birthdays and holidays. This will keep the agency’s inviting culture fresh.

Managing projects and listings

Real estate is a fast-paced industry with a plethora of MLS listings in the pipeline at any given time. It is not unusual to secure an account with bulk listings in addition to regular operations. Functionality to assign projects to employees for specific areas or creating accounts by agents is a must-have. A central dashboard to monitor real-time analytics and manage human resources is needed. Report generation is the last mandatory feature to look for. Software that integrates with the agency’s other software is a wise decision.

These suggestions will maximize the ROI with versatility, easy implementation, less paperwork, and minimal storage space. New owners will be able to focus on the business model with fewer distractions. The budget factor will dictate the direction to move-in with each software product. It is recommended to start with the free applications first. Once you’ve established which software packages will best suit your real estate venture, you can move forward with confidence.