Purchasing real estate software programs is a critical strategic decision for any organization. But the variety of products and service levels keeps expanding. How do you choose software that manages costs and aligns with your business objectives? Here are five must-have features for today’s digital economy.

5 Features for Key Real Estate Software Programs

Mapping Capabilities

Real estate software programs used to be numbers-focused and two-dimensional. The expansion of geocoding and spatial analysis tools has changed that. Given the rise of Google Earth and user-friendly geographic information systems (GIS), software should have some spatial capability. Real estate is all about “location, location, location.” Your software should allow you to view the locations of your properties and perform basic queries about the area.

Big Data and Usability

Good real estate software programs provide both “back of house” and “front of house” data capabilities. “Back of house” means the software’s ability to work with large data sets. It should also manage the organization of that data for analysis. “Front of house” means usability. The platform should provide usable analytics and business intelligence. Many software programs are often too focused on one or the other. An effective platform should provide both.

API Tools

An application program interface (API) is a set of tools and protocols that determines how software interacts. The definition and use for an API is quite wide. Briefly, it is the connection point between different applications. In today’s digital age, data needs to move across different programs, both online and offline. This means that API capability is a must-have. For example, an API could pull information from a website or database into a management software platform. Another example is the ability for the software to manage application add-ons.

Flexibility

As organizations’ data needs become larger and more complex, they require more customization. Useful real estate software programs should offer this feature. Organizations need to be able to develop their own analytics, outputs, queries, naming conventions and reports. This will make the program as easy to use and integrated as possible. Firms shouldn’t have to work around the software. Rather, it should be the opposite. Also, this flexibility shouldn’t add to the costs and coding needs. Ideally, it should be built into the platform.

Cross-Platform Compatibility

Large organizations often have many departments and service lines. Some of them overlap, and some do not. A key component of good software is integration. The software should have the ability to work seamlessly with other existing and future software platforms. APIs are one aspect of this compatibility. Another aspect is the way data inputs are defined across the various internal platforms. Purchasing decisions should include this consideration.

Strong real estate software programs help a business operate smoothly in the present. They must also scale to meet future needs. Select tools that work well with other platforms and embrace the newest industry technology. That way, you’ll ensure that your software is as useful and long-lasting as the data you’re collecting.

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