PropTech firms should invest in an ERP system to accelerate growth

As a growing sector facilitating digital transformation of the property industry, the PropTech arena is certainly achieving significant growth. But to accelerate this growth and capitalise on the growing opportunities the sector has to offer, implementation of an ERP system is a must.

From online letting platforms, deposit insurance provision, residential tech products, property-related FinTech and online tenant/landlord communication platforms – to name but a few – PropTech providers are fast coming up with new ways to use technology; helping those in all aspects of the property market achieve their objectives more efficiently. If you’re in PropTech, here’s how you can use an ERP solution to help further your business.

Integrating business processes facilitates early identification of opportunities

Having business processes such as financials, sales, marketing and CRM sitting in siloes can mask opportunities for growth, simply by not having all information available in one place for all to see. Transparency across business processes means opportunities can be identified and tapped into. In PropTech, with a target market still showing some resistance to change when it comes to technology adoption, it is important to have a strong and integrated sales and marketing, and CRM approach, to engage and convert current and potential customers. Oracle NetSuite ERP comprises a CRM system which offers the only cloud-based solution providing a real-time, 360-degree view of customers. It provides seamless information flow across the entire customer lifecycle: as well as fulfilment of sales orders, upsell and cross-sell opportunities are optimised. With the automation of marketing tasks and sales forecasting, no stone will be left unturned when it comes to identifying and managing sales opportunities in this challenging area.

Real-time data aids funding potential

Since property has been a latecomer to the party in comparison with other tech sector counterparts such as finance, attracting funding can be more challenging than it is for established tech-thirsty sectors. PropTech is relatively new and so being able to illustrate the required metrics for funding can be difficult. Using an ERP system such as Oracle NetSuite can help: with all financials streamlined on one platform, there is one version of the truth – and access to real-time data can facilitate the forecasting required to secure funding. Having the right information available at the right time could make or break that vital early-stage funding.

Laying the right foundation for growth

Investing in technology systems for any business in its first few years of trading can be perceived as costly, sometimes premature or unnecessary, and a major disruption. But any PropTech firm with growth ambitions should think about adopting a single business management architecture as early as possible as the soundest way to facilitate growth. Oracle NetSuite negates the requirement (and investment) for on-site servers and equipment, as well as ongoing upgrades. Implementation of the solution can be as hassle-free as you want; when an experienced team like ours takes the reigns, we will drive the plan based on our knowledge of successful business architecture, facilitate integration of existing systems – such as Salesforce or other required platforms crucial to business – and can phase ‘go live’ to harmonise with staff and operational needs. As the only company to partner with both NetSuite and Jitterbit in EMEA, we’re well placed to deliver future-proof systems that offer top to bottom integration and scalable growth. It is never too early for firms to get this important foundation in place to help them achieve desired growth.

While the real estate sector has been relatively slow to adopt technology and embrace disruption, there’s no doubt it is fast evolving now; emerging and start-up PropTech firms are multiplying, and there is a solid handful of unicorns headed by well-recognised names such as We Work and Airb&b. Andy Saull (Said Business School – Oxford University), co-author of the newly released report PropTech 2020: The Future of Real Estate, cites that “Real estate is on the cusp of its third and largest digital revolution to date” – and that the challenges presented to the industry by climate and cultural change, new regulations and rapid urbanisation will all be navigated much more easily with PropTech solutions.

So as a firm bringing the power of technology to provide solutions to challenges in the property sector, can you afford not to embrace technology to make your business more efficient? Call us to discuss your current business architecture set-up and goals, and let us identify the best cloud software to send your firm soaring.