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5 features of great property development software

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 As technology advances at a rapid pace and the business software market becomes ever more competitive, many professionals now benefit from a wealth of industry-specific software at their disposal.

Tailored software packages are improving performance and efficiency like never before. To find the best solution on the market, there is a range of key differentiating features one should look for - however, unsurprisingly, the exact features can differ greatly across industries.

So what should those in property development look for in a software solution that will meet their needs? This was an issue broken down in Estate Master's 'Characteristics of a successfully IT-enabled Property Development Business' white paper, which outlined the most crucial attributes to look for when choosing property development software.

Drawing inspiration from that white paper, here are five features the best property software on the market should be able to boast.

1. Integration

As the virtual (and perhaps even physical) walls between organisational departments continue to be broken down, seamless collaboration is essential  - and therefore an integrated software solution will stand out from the rest.

There is a large number of internal stakeholders and groups that need equal input in the property development process. These include the broad management team right through to the development and finance teams, and an effective software solution needs to keep everyone on the same page.

It's one thing to unite these disparate groups around the organisation, and it's another to ensure they use a consistent language and all understand each other. Whether it's in the form of intuitive dashboards and reporting or the use of industry standards, make sure your software is universally accessible.

2. Interoperability

Related to the need for integration, modern software packages need to feature interoperability - that is, the ability to work in tandem with other systems, such as the software you're already using.

The importance of this is easy to see in the context of property development software. As different departments are involved, a range of software solutions may be used together with the property suite - the organisation's financial accounting system, for instance. Thus, it is vital you ensure the software you choose is compatible with these other systems.

3. Speed and efficiency

In any property development project, time is of the essence. Figures and forecasts are constantly shifting, and a report you produce today may no longer be relevant tomorrow - and therefore the software you choose must have the speed to match.

End of month reporting, for instance, is a common requirement in property development, but delays happen on more than a regular occasion. You need a software solution that can generate instant results, keeping you on the pulse of developments at all times.

4. Accuracy

According to a separate white paper from Estate Masters, 'The Role of Software in Property Development', accuracy is the most important generic software feature among Estate Master users. This shouldn't be surprising, given the success of a property development project depends immensely on whether it is founded on accurate numbers and readings.

The property development software you select should have, as standard, validation controls to ensure data is entered in a uniform manner - resulting in consistent outputs. By implementing a standard method of analysis across the project, errors can be eliminated.

5. Scalability

Rapid business growth and expansion is welcomed by any company, but it does come with its challenges. For instance, is the software and IT infrastructure you're using able to adapt to and accommodate this growth?

You should therefore choose software that is scalable to your business's changing needs, preferably one that's cloud-based.

When buying any sort of business software, it's essential to know what to look for - as specifications can vary immensely across different industries. For a checklist of features when buying a property development software package, have a look at Estate Master's white paper today.

Date Published: 12 Aug 2014
Category: General NewsNews

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