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Philippines: Top 5 Features of Real Estate Management System
Know why top real estate companies in the Philippines decide to replace, complement or supplement their existing ERP packaged systems.
The Philippines in general is a resilient country with its people going through all sorts of challenges in its socio-economic, geo-political, and environment fronts. Different business industries in the country experience difficulties on their day-to-day operations. However, one particular industry in the local business scene is still on the upscale direction– the Philippine real estate industry. With the present administration’s main thrust on the Build, Build, Build program, private sectors are eye-balling the towns and cities across the country, focusing on the mixed-used properties, roads, bridges, air and sea ports.
In fact, the real estate industry is among the main drivers of GDP growth in the Philippines during the last quarter of 2017 and is still poised to grow for the rest of 2018.
But how can the companies in the real property sector adapt with the increase of demand and growth in this industry? Real Time automated systems are a must to support the financial and operational data needs of property developers and sellers. This article will guide companies in their quest to find the most efficient and effective business solution for the Real Estate Industry with these top 5 best features of a Real Estate Management System.
1. Real Estate End-to-End Solution
Legacy systems and off-the-shelf solutions offer non-integrated, disparate sources of data producing inconsistent and unreliable processes and results.
An end-to-end real estate solution provides seamless integration to manage land banking, project conceptualization, construction, inventory management, sales and booking, contracting, online document management, billing and collection, broker management, taxes and titling, and turn-over and move-in.
2. Accounts Monitoring, Customer Ledger Generation, and Income Recognition
The thrust of a real estate company is to serve its customers by providing a 360- degree view of each customer’s transactions. There must be an efficient management and monitoring of customer accounts through the use of Customer Ledger and comprehensive collection/cashiering screens that adhere to the International Financial Reporting Standards (IFRS) of income recognition. Displayed on an understandable horizontal format, the Customer Ledger covers all payment components such as Principal, VAT on Principal, Miscellaneous, VAT on Miscellaneous, Penalty, VAT on Penalty, Interest, and VAT on Interest.
3. Financial System for Real Estate
With the mandate of regulatory agencies, a fully compliant financial system is necessary for Real Estate Companies to prevent heavy imposition of penalties and inconvenience to both the sellers and the buyers. The financial system must have complete accessibility to create, generate, and publish financial statements, variance analysis, performance management reports and dashboards, and other statutory and management reports. Direct and/or inter-agency compliance with prevailing regulatory requirements set forth under the Maceda Law, Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR), and Housing and Land Use Regulatory Board (HLURB) must be inherent to the transactional system.
4. Project Management System
At the onset costs, timeline, and progress must be observed and examined carefully to protect the interest of the development and construction phase. The system should be fully integrated to support the extensive process of project management from pre-construction to project close-out or turn-over. With exacting features in project budget, construction stages and activities, project calendar and construction timelines, and Percentage of Completion (POC) or project progress, the Project Management System will deliver a cost effective and timely completion of the projects.
5. Customer, Broker, and Vendor Engagement
A critical function that provides a holistic approach in promoting the continuing relationship with customers, vendors, and brokers by providing interactive communication thru the on-line system offering ready access to information.
By having these Top 5 features as the foundation of a mission critical system addressing the demands and challenges of the Real Estate Industry, upward trend will continue, growth will be realized, and success will be inevitable.
Source: https://www.manilatimes.net/top-5-features-of-real-estate-management-system/474724/