The business of real estate is more than just locations and prices. It involves a lot of data about buyer’s purchasing power and demographics, sellers, financers, predictive analysis and a lot more.

Real estate and construction projects tend to be large-scale with technical complexities and a long-life cycle. The projects are usually located in a wide range with long-chain industry and huge data. Real estate development companies need to pursue economies of scale and require a management information system or MIS for multi-project management and target profits. A management information system or MIS becomes necessary to manage the real estate projects timely that could help the management with sufficient information in decision support with less input and high output.

Real estate MIS follows online transaction processing (OLTP) to gather user data input, process and update it to create valuable information from it. Some MIS improve productivity by allowing customers to process their own transactions through customer-integrated systems or CIS. It helps business managers do business in a better way. The application helps in managing information between different teams and payments through electronic funds transfer (EFT).

A real-estate MIS covers a wide range of complex business processes including financial, schedule and contract management. It calls for the systemization of business operations for an effective system design.

MIS Systems Development Life Cycle (SDLC) methodologies

Following methodologies are commonly used in SDLC for MIS:

Waterfall model: The next stage in this sequential design starts only after the completion of the previous stage. The first stage is drawn on the top and the subsequent stages below and to the left bottom. This methodology is used when the user requirements are clearly understood with a fixed scope and timeframe, and not expected to change radically during the development process.

Agile Development: The methodology promotes adaptive planning, continuous improvement and supports flexible response to change. Sprint goals and durations are set by the development team to accomplish a well-defined task in a given time. Continuous improvement, technical excellence and good design enhance agility.

Prototyping: The methodology makes it easy for the users to specify their requirements and developers to understand them. The requirements are used to create a simulation model that users can interact with and provide their feedback. The methodology is used to make important decisions related to feasibility time schedule and project costing.

Satisfying a range of user needs

Real estate MIS satisfies the diverse needs of the users through a variety of systems such as Query System, Modelling System, Analysis System and Decision Support System. To junior management, it provides operational data for planning. Middle management can leverage MIS for planning and control, while top management can use it for goal-setting and strategic planning.

Artificial intelligence in real estate

Artificial intelligence or AI brings innovation wherever it is applied, It holds the promise of increased efficiency when it comes to marketing, sales processes and due intelligence. In the real-estate landscape, AI can streamline complex processes and improve the efficiency of the MIS and other stakeholders. It creates a virtual data room that can be used to study documents and validate parameters in real-time.

Use of chatbots

Real estate agents can leverage AI tools like chatbots to communicate and analyze facts from different perspectives. Chatbots are also used by brokerages and crowdfunding platforms to answer questions that do not change from customer-to-customer, and optimize time spent in customer support. Chatbots are now becoming sophisticated to the point that the Russian chatbot Eugene Goodman managed to pass the famous Turing test in 2014 in a major British competition. Many real estate firms, such as ApartmentOcean Automabots are already selling using chatbots instead of human operators.

Buying and selling more intelligently

The advantage with AI tools is that they can learn, plan, comprehend and self-correct independently, thus saving valuable time and resources. They learn faster, think quicker and dig deeper to provide you more accurate analytics. A dizzying amount of data is sorted and searched by AI tools that are changing how deals are done. However, AI tools cannot take the final decision on anything.

Intelligent due diligence to increase value

Intelligent due diligence in real estate transactions is important to increase the value and complexity of deals. Real estate managers and investors don’t just sit on their assets. Transactions keep taking place where estates move from one owner to the next. Natural Language Processing or NLP is being leveraged by the developers to speed up the transaction process with the analysis of legal documentation. The virtual data room Drooms NXG not only structures deal-relevant information but also offers flag analysis and real-time documentation translation, thus allowing managers to bypass many tasks related to due diligence.

The volume and breadth of documentation involved in real-estate due diligence continues to grow. It has become crucial for the stakeholders to efficiently navigate their way through the mass of information and focus on the key points. It’s here that real estate and Fintech technology can play a crucial role for any real estate business.

Succeeding with real estate MIS and automation tools

Success is all about using the right tool for the job at hand. A custom MIS development company, Flexsin Technologies can provide you with the right real estate software development tools to remain competitive and profitable in the business. The need for implementing technology in real estate transactions is self-evident but the solution you implement needs to be elegant and powerful. Flexsin can help you succeed and excel in your real estate business with smarter due diligence processes that harness ML and AI capabilities.