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Real Estate Development Document Management
Real estate development involves the careful management of many different business processes. From initial development needs like land assessment, permits, and feasibility studies to end-stage endeavors like ongoing marketing and buyer searches, the process creates a long trail of critical documentation that requires professional organization.
Fortunately, help exists. At Rabbet, we specialize in systems that help real estate developers and construction lenders streamline their internal operations. In this blog, we define real estate development document management and take a look at some of the benefits and features clients should expect to receive from their management platforms.
What Is Real Estate Development Document Management?
Document management refers to how your organization or development firm stores, organizes, tracks, and connects critical documents throughout the course of your operations.
In real estate development, organizations must create, obtain, manage, and retrieve a wide array of document types. Those document types include, but are not limited to:
- All land or property titles
- Permits for construction, plumbing, electricity, etc.
- Survey documents
- Environmental assessment paperwork and outcomes
- Marketing information
- Profit projections
- Press releases
- Materials receipts
- Payroll information
- Employee documentation
- Client communications
- Service contracts
- Budget information
- And more
While these documents received management through standard paper filing systems in the past, today’s technological advances have made it easier to digitize critical information and organize it in a fast, efficient, all-in-one system.
Digital document management systems serve as electronic filing systems for various organizations. With the right equipment, all hard copies of relevant materials may be scanned, photocopied and uploaded directly into one or more computer programs, Some software solutions even allow you to upload document images and the program can read your document and pull out the critical financial information which greatly reduces manual entry and associated errors.
These digital systems offer a variety of features depending on their developer, target clientele, and other factors. However, organizations can rely on standard features to include document storage, file search capabilities, data security features, organizational tools, and more.
On-Site and Cloud Storage
Real estate development document management software developers focus on the storage and security of electronic documents. However, how the software achieves these goals varies from developer to developer.
Some systems use on-site storage. With these systems, organizations must keep computer hard drives or services on-premises. In the event that this hardware fails, organizations must rely on backup digital copies, if such exist, or hard copies to retrieve information.
Other systems use what is known as cloud storage. Cloud storage utilizes storage space on off-premise servers that receive high-end maintenance and redundancy protocols. Using cloud storage, organizations can retrieve their documents and data anywhere, at any time.
Benefits of Using a Document Management System
Real estate development document management sounds like a hassle, but it doesn’t have to be. While many development firms cling to hard copy organization methods, digital document management systems make storing, organizing, and retrieving data more straightforward than ever.
In addition to allowing fast access to countless documents, document management systems offer a number of benefits for any real estate industry team, including:
- Increased productivity
- Improved document security
- Scalability for business growth
- Improved customer service
- Document retrieval via keyword searches
- Collaborative platform options
- Easy access for emailing and in-office references
- And more
What To Look For In A Document Management System
As with any software, service, or tool you obtain for your business operations, real estate development document management software must have features that suit your needs.
When considering software systems for purchase, keep an eye out for features such as:
- Streamlined document storage
- Keyword and date search capabilities
- Password or pin-restricted access
- Document access monitoring
- Document edit history
- Document restoration tools
- Auto-deletion or sorting of outdated documents
- Mobile access
In addition to these features, consider whether you’d prefer your document storage system to include on-site storage or cloud-based storage.
Expert Software Solutions For Real Estate Developers
Property managers and other members of the real estate business have a lot on their plates. With project oversight taking priority, these hardworking business people shouldn’t need to feel concerned about their document management processes.
If you’re looking for ways to streamline the storage, retrieval, and comparison of your real estate documents, Rabbet can help. With our real estate development document management software, your organization can stay streamlined and operating at peak efficiency. Get started by scheduling your free demo today.