One of the biggest challenges of real estate contract management is trying to find where you left your glasses the last time you were reading a contract. Without them, the small print might as well be written in ancient Greek.
But in all seriousness, the biggest challenge is trying to keep track of all the different contracts and deadlines. It’s like a game of contract Tetris, where you’re constantly trying to fit all the pieces together without letting any of them fall through the cracks.
In the end, real estate contract management is a lot like a rollercoaster ride – full of twists, turns, and moments of sheer panic. But with a good contract management system and a strong team, you can navigate the twists and turns with ease and come out on top.
What is a Real Estate Contract Management System?
A real estate contract management system is a software solution designed to streamline and automate the process of managing real estate contracts. It can help real estate professionals keep track of all the contracts they have signed. It also manages deadlines and ensures compliance with local regulations.
Required Features of Real Estate Contract Management Software
Contract storage and organization
A good real estate contract management system should allow users to store and organize their contracts in a centralized location. This can include features like tagging and categorizing contracts, as well as the ability to search and filter through contracts using keywords or other metadata.
Workflow automation
A contract management system can automate various tasks and processes, such as setting reminders for important deadlines, routing documents for review, and tracking the progress of a contract. This helps streamline the contract process and reduce the risk of errors. This can help ensure that contracts are not accidentally forgotten or allowed to expire.
Collaboration and sharing
Real estate professionals often work with a team of people, including brokers, agents, and legal counsel. A contract management system should allow users to easily share contracts with their colleagues and collaborate on contract negotiations and reviews.
Customizable templates
Many real estate contracts follow a standard format, but there may be some variations depending on the specific terms of the deal. A contract management system should allow users to create custom templates for their contracts. This makes it easier to generate new contracts quickly and consistently.
Electronic Signature Routing
In the digital age, it’s becoming increasingly common for real estate contracts to be signed electronically. A contract management system should support electronic signatures. It allows users to easily sign and send contracts without having to print, sign, and scan them.
Integration with Real Estate Data
A contract management system should be able to integrate with your real estate data stored in your property management systems, such as MRI, Yardi, Entrata, and RealPage. This can help streamline the process of managing contracts. It also ensures that all contracts are integrated with relevant data and kept up-to-date and accurate.
In summary, a real estate contract management system can be a valuable tool for any real estate professional looking to streamline and automate their contract management process. By providing features like contract storage, alerts and reminders, collaboration and sharing, customizable templates, electronic signature support, and integration with other systems, a contract management system can help real estate professionals save time and stay organized, ultimately helping them to close more deals.
How can we help:
CRES Contract Management offers an automated solution for full lifecycle Contract Management. It is a part of CRES Real Estate Solutions, our Microsoft 365-based software for the real estate industry.
Many of our clients had come across situations where contracts expired or auto-renewed by mistake. They needed a solution that would integrate with their property management systems and would allow them to easily access their contracts and alert them when contracts are about to expire or auto-renew. They also spent a lot of time manually populating relevant data in their contracts and needed a solution that would auto-populate data in contracts and route them for signatures. This is where CRES steps in.
CRES fully integrates with any property management system and sends alerts and compliance emails based on contract deadlines. As businesses grow, it gets harder to navigate through file servers to find your contracts and to keep track of all the deadlines. Integrated with our Workflow Management capability, it can also handle the complete lifecycle of documents. You can see contracts in the context of your portfolio and vice versa. CRES also integrates well with commonly used signature routing tools such as Adobe Sign and DocuSign.
About Irfan Butt
CRES Technology – Founder and CEO
A strategic leader with more than twenty years of progressive experience in Business Administration, Finance, Product Development, and Project Management. Irfan has a proven track record in a broad range of industries including hospitality, real estate, banking, finance, and management consulting.