Recommendations: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals. Reviews: Sorts listings by the number of user reviews we have published, greatest to least. Sponsored: Sorts listings by software vendors running active bidding campaigns, from the highest to lowest bid. Vendors who have paid for placement have a ‘Visit Website’ button, whereas unpaid vendors have a ‘Learn More’ button. Avg Rating: Sorts listings by overall star rating based on user reviews, highest to lowest. A to Z: Sorts listings by product name from A to Z.
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 informatio...Read more
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 manag...Read more
Prolog by Trimble is a hybrid construction project management solution that provides construction firms of all sizes functionalities for office and field management, collaboration, cost control and purchasing. The solution can be ...Read more
Contractor's Office from PrioSoft is an on-premise construction estimating software capable of handling the needs of contractors across a variety of industries include paving, plumbing, HVAC, electrical, concrete, general contract...Read more
Projectmates by Systemates, Inc. is a construction management tool that allows users to manage the entire project lifecycle from concept to closeout. Enterprise-level organizations from industries such as retail, real estate, gove...Read more
PlanSwift is the #1 Takeoff & Estimating software in the world! PlanSwift software is designed for Commercial, Industrial, Institutional and Residential GCs and Subcontractors in almost every construction trade.
With PlanSwifts...Read more
FAST, by Constellation Software, is an enterprise construction management system designed for large homebuilders. It’s best for land developers and production homebuilders that build more than 300 homes a year....Read more
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 automa...Read more
PMWeb puts nearly two-thirds of their resources into their product every year to improve the product offering. PMWeb was recently recognized as a leading Business Intelligence solution by Gartner....Read more
Profitool is a hybrid construction management solution that provides businesses across various industry verticals functionalities with real-time information via integrated project control and construction job accounting system. Th...Read more
Owner Insite is a nationally recognized construction project & facility management software company. The company was founded in 2009 in Austin, Texas.
Owner Insite’s software-as-a-service (SaaS) empowers key personnel and leaders...Read more
Project Insight (PI) is award-winning work & project management software that helps companies manage and visualize projects, allocate personnel, streamline accounting, and track what work is being done throughout their entire orga...Read more
For any SMB looking to organize and streamline their sales process or for those facing enterprise sales management challenges, Mothernode CRM offers a cost-effective, powerful SaaS CRM and SFA solution....Read more
HomebuilderONE is a cloud-based construction management solution designed for land developers and home builders. Key features include options management, procurement and estimation, business intelligence and workflow automation.
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, iS...Read more
In Microsoft 365, VPO offers construction managers and owners a single, secure, customizable collaboration platform for the whole project team. All internal and external participants can work "at" the same cloud-based project offi...Read more
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 stan...Read more
Clinical research data, loan applications, blueprints, and videos: It’s all content. And it’s your organization’s most valuable asset, no matter your industry. Box gives you a a single, secure platform for managing the entire cont...Read more
Basepin CONNECT is a cloud-based digital data and building information management (BIM) solution that ctaers to buisnesses in the contruction industry. Basepin CONNECT contains a host of features that help contractors, sub-contrac...Read more
CMIS by ECL Software is a cloud-based construction management solution for builders and contractors. The solution can also be deployed on-premise for various industries such as design or build firms, construction managers and prod...Read more
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.
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:
Conduct automated profit and loss calculations, create project budget, monitor accounts payable/receivable and track invoices/billing.
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.
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.
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.
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.
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.