Finding software can be overwhelming. Software Advice helps small businesses select the right real estate development software to manage project finance and track key tasks, subcontractors bids and more.
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Procore manages your projects, resources and financials from project planning to closeout. The platform connects every project contributor with the owner and general or specialty contractor. The centralized dashboard allows managers... Read more
Platforms: MacWinLinux
Deployments: Cloud
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PlanSwift is an on-screen digitizing and takeoff system that is suitable for both commercial and residential GCs and subcontractors in a number of industries, such as electrical, heavy/highway, plumbing, and custom and production home... Read more
Platforms: Win
Deployments: CloudOn premise
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UDA Technologies’ ConstructionOnline offers a web-based, integrated approach to project management, project scheduling, and customer management. Designed for emerging construction businesses in the homebuilding and remodeling industries,... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Sage 100 Contractor (formerly Sage Master Builder)
Sage 100 Contractor, formerly known as Sage Master Builder, focuses on small to midsize construction companies, whether they are a general contractor, service or specialty contractor or a home builder. Suitable for companies that... Read more
Platforms: Win
Deployments: On premise
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PlanGrid is construction management solution built for general contractors, specialty contractors, design teams and owners. PlanGrid provides project teams with access to all project drawings and all related documents including specifications,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Sage Estimating (formerly Sage Timberline Estimating)
Sage Estimating is an on-premise based construction estimating software designed specifically to serve contractors and sub-contractors in construction and real estate industries of all sizes. The solution provides interactive tools... Read more
Platforms: Win
Deployments: On premise
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Acumatica ERP delivers a cloud and mobile technology platform designed for mid-sized customers with a complete, real time view across the business anytime, anywhere and on any device with a browser. From on-line accounting to full... Read more
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Deployments: Cloud
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WeBuild is a cloud-based, all-in-one software platform that enables zero-cost, frictionless project collaboration. WeBuild empowers contractors, engineers, architects, developers, subs, and consultants alike to collaborate like never... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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For more than 30 years, successful projects around the world have relied on Oracle’s Primavera solutions to plan, build, and operate critical assets. It is the only solution that integrates project and portfolio planning and delivery... Read more
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Deployments: CloudOn premise
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ProjectTeam is a cloud-based construction project management solution that caters to businesses in the construction industry. Key features include requests for information (RFIs), drawing management, action forms, file management and... Read more
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Deployments: Cloud
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BuildingConnected provides the largest crowd-sourced network in commercial construction, empowering builders to save time and increase accuracy while managing bids. BC Pro helps general contractors and owners find the right subcontractors... Read more
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Deployments: Cloud
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e-Builder is a cloud-based construction program management solution for capital projects that provides performance data across the project lifecycle. Facility owners can track business processes with centralized project information,... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Premier Construction Software is a true cloud, all in one accounting, job cost, project, document and drawing management solution, specifically designed to meet the needs of General Contractors, Land Developers, and Homebuilders. The... Read more
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Deployments: Cloud
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PMWeb is a cloud-based solution geared toward construction project management. The solution is built on the Microsoft .NET technology and can be accessed via a web client anywhere with Internet access. PMWeb can serve real estate development,... Read more
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Deployments: CloudOn premise
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Oracle Aconex is a cloud-based operation management solution for managing information and processes between companies on complex construction and engineering projects. Several functions include document management, workflow automation,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Job Accounting Plus is a single-entry construction job cost software and accounting solution which helps in job costing, billing, bookkeeping and financial reporting for home builders and contractors. It can be purchased as a stand-alone... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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WinEst is an on-premise database-driven estimating solution that helps estimators in businesses across various industries to manage and integrate project estimates using cost-knowledge management. Key features include construction... Read more
Platforms: MacWinLinux
Deployments: On premise
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Smartsheet is a work execution platform and collaboration tool with a familiar spreadsheet-like interface that helps teams plan, track, and manage projects in real-time. Smartsheet features include a range of project management tools,... Read more
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Deployments: Cloud
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With iSqFt, contractors of any size can streamline their entire pre-construction process and bid effectively. Designed to address the unique challenges of general contractors, design-build firms, and construction managers, iSqFt's... Read more
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Deployments: Cloud
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Kahua helps you manage processes, documents and cost on your construction programs and projects from inception to closeout. Purpose-built solutions for owners, program managers, general contractors and subcontractors help you minimize... Read more
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Small business real estate developers need to make many complicated decisions. Here's a look at just a few of their responsibilities:
- Identifying property (land/buildings) for purchase
- Creating project ideas (new construction/renovation)
- Bringing together a team (architects/builders/engineers)
- Procuring necessary finances (bank loans/investors/self-finance)
- Managing compliance requirements (legal approvals/licenses)
To execute these responsibilities efficiently, real estate developers need to be able to record and analyze large sets of information, such as project cost estimations, profit and loss reports, invoices, subcontractors bids, change orders and a ton of legal documents.
What becomes an administrative nightmare is when SMBs manage these responsibilities using cumbersome manual methods, such as Excel sheets. Moreover, costly human errors creep in, which limit businesses from making timely and accurate decisions.
The way to tackle this is by using real estate development software that helps small developers manage their work more efficiently.
That said, the right real estate development software for your business depends on factors such as what type of features you need, whether you own a full construction company or are looking to subcontract most of the work, and, finally, your software budget.
In this Buyer's Guide, we will closely examine the key factors that businesses should keep in mind while evaluating real estate development software.
Here's what we'll cover:
What Is Real Estate Development Software?
Common Features of Real Estate Development Software
What Type of Buyer are You?
Key Considerations
What Is Real Estate Development Software?
Real estate development software helps businesses analyze and track development projects. The software comes with process automation functionalities that simplify financial analysis, subcontractor management and project management.
An example of automation is the automatic analysis of project feasibility involving calculations of property lot types, estimated expenses and loans, as well as the tracking of financial reports such as profit and loss statements, budget reports and cash flow.
Construction project budget estimation in Budgetrac
Using the process automation features of these solutions, real estate developers can make better land purchase and construction decisions.
Common Features of Real Estate Development Software
Besides managing financial data to make faster and more accurate business decisions, real estate development solutions help developers manage different aspects of real estate construction, such as subcontractor compliance. The tool can be used to automatically identify and block subcontractors whose certifications have expired.
Likewise, these solutions offer many features that help developers manage various stages of the development process.
Here are some of the common features:
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Finance management |
Conduct automated profit and loss calculations, create project budget, monitor accounts payable/receivable and track invoices/billing. |
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Project management |
Monitor each facet of the job to ensure all tasks are moving along in accordance with the schedule. Determine process efficiencies to shave off tasks/time. |
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Document management |
Build a centralized file repository, that provides version control and allows teams to share and retrieve relevant project documentation such as change orders, contracts, RFIs etc. |
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Bid management |
Receive job prospects, upload plans to an online plan room, solicit and procure bids from subcontractors and put the best bids together in a quote for the job. |
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Reporting |
Understand financial status and project profitability with cost breakdown reports such as charts and graphs. |
What Type of Buyer are You?
The right real estate development software depends on various factors, but most importantly on which industry you belong to and your business size.
Listed below are three buyer types of real estate development software and their typical concerns:
Small business buyers: By small business buyers, we mean those that are currently using manual methods to manage and track real estate development projects. At best, these buyers would be using Quickbooks or other basic accounting solutions to build project costs estimates, track payments and invoices.
These buyers are typically evaluating real estate development solutions for the first time. Hence, they would be primarily concerned with software costs, rather than checking out specific features.
Enterprises buyers: Theses buyers are large real estate construction companies that are looking to replace existing systems with solutions that can meet their needs for large scale project management and financial analysis.
These buyers typically work on multiple projects spread across different locations and time zones. As a result, they need a system than can consolidate different aspects of managing real estate development projects such as financial accounting, bid management, compliance management and even sales/marketing management.
Best-of-breed buyers: Owing to the variety of real estate development projects, there are specialized solutions catering to the needs of businesses working in a niche space. For instance, if you're a real estate builder specializing in home construction, then what you need is home builder construction software.
Likewise, if you're a developer who also needs to manage the property post-construction, then you need property software for maintenance management, tracking tenant details, lease dates and collecting rents.
Key Considerations
Businesses buying real estate development software need to understand more than just features to make the right choice.
For instance, small businesses typically do not have experienced technicians to manage bug fixes and install upgrades to the software. In such cases, a cloud-based tool where the vendor takes care of software maintenance is more preferable than an on-premise solution, in which the company has to manage data storage and software maintenance.
We have grouped the key considerations when buying real estate development software into two categories:
Software budget. The pricing of software is a primary concern for small business real estate developers. As a result, cloud-based tools with a subscription-based pricing is easier on the wallet than on-premise solutions, which come with an upfront license fee.
However, tracking just the license fee for using the software is not enough. Businesses should also account for additional software costs, which include fees for phone support and third-party software integration costs.
Size of projects. Businesses working on multiple and large scale projects need advanced functionalities, especially when it comes to project accounting. This makes integration with third party core accounting solutions a key requirement.
Likewise, large businesses also need to integrate with their existing enterprise solutions, which typically consist of CRM solutions and ERP software. Last but not the least, mobile access is also important to manage and track the work of field service agents.