Having a contract data management system should be the priority to every real estate company owner or manager. Today, relying on spread sheets and calendar apps is only a digitization of papers.
Small or medium real estate company in the UAE could deal with an average of 100 contracts per year. Using obsolete methods to manage them is a slow way to kill the business. You are only creating bigger room for errors, wasting employees time on manual work, and being left behind while competitors take control over the market.
Why do real estate companies need contract management solutions
A contract is a paper with a list of rights and responsibilities for real estate companies and the customers. Each new contract whether it is for a property sale or rent, will include:
- Paying instalments for bought property
- Collecting rent money from tenants
- Making repairs in properties
- Performing regular maintenance
- Renewing contracts
Ensuring compliance is essential for both parties. Late payments from the customers could cause legal problems or fines. Delayed services lead unhappy customers and creates bad advertisement for the company.
What is a contract data management system?
contract data management system is a software that is used to facilitate contract and clauses management. The software can be used to:
- Create new contracts
- Manage contracts lifecycles
- Store existing contracts in an organized way
- Make the existing data available for all the team
- Collect customers data from the contracts
Benefits of contract data management system
Since getting a contract data management system is not free, you will certainly ask why do I need a contract management system? Or what will I get from implementing the system in my company.
There are different advantages for the management systems, they include:
Improved lifecycle tracking and management
The system tracks the lifecycle of each contract for you, notifies you when there is something needs to be done. The system can detect dates from contracts and create events accordingly with notifications and reminders.
It can automatically tell you when it is the time to pay the contractors. It will remind you that you need to get the apartment in the new building painted by next week. You will have an organized schedule of payments dates the moment you create the contract in the system; thus, you will get rid of the fines and fees due to not meeting the deadlines.
Centralized database for contracts
The main advantage in contract management solutions is having a centralized repository for contracts. The system allows all the teams to access the needed information all the time.
The maintenance team can get the list of the properties that needs work, the sales team can tell know when properties are due to be handed over.
With a single source of information, the error from transferring data are eliminated or reduced. The time spent on data entry is also minimized to give employees more time to do other tasks.
Compliance is crucial to real estate companies. Failure to comply with the deadlines comes with high costs, thus the late party has to pay a compensation. Studies show that about 9% of the revenue can be lost due to failure to compliance per annum.
Contract data management system increase the speed rate for employees, reduces the chances of forgetting tasks due to deadlines, provides a clear calendar for payment dates and more. It does not force compliance, but makes it easier to comply with clauses.
Why choose Odoo for contract data management system
You may ask yourself, why do I need to have my system made by Odoo when there are already many several systems available in the market? Or what are the benefits of having contract data management system from Odoo
Here are some of the benefits and advantages:
- Customization: Odoo allow you to have the software modified to meet your needs. Odoo developers works on your software to tailor it for you.
- User friendly interface: Easy to use UI is important to avoid productivity fall while your employees are shifting to the new software. Odoo UI is simple, and allows you to perform fast.
- Support: Odoo support team is with you all the time to help you to overcome any problem you may face.
- Cost effectiveness: the cost of implementing Odoo depends on how many users you have and the features you need. You will only pay for what you need as Odoo help you ward off unnecessary expenses.
Hence, when you ask, what is the best contract management software? We can simply say Odoo systems is the best for you because we will make sure they be so. WhatsApp us, or Request a call if you have any