HOW OPERATIONS MANAGEMENT CONTRIBUTES IN REAL ESTATE INDUSTRY ?

March 29, 2024 0 Comments

A guide towards Operational strategies, process mapping and its contribution in real estate industry. Operational strategies signifies its diversification in real estate industry and proven to be the back bone of it. Managing and maintaining properties is a fundamental aspect of real estate operations hence it diversified to leadership , Inventory, making quick decision , customer satisfaction , planning , coordination , budgeting , organising ,handling strategic issues, supporting HR , processes etc. Constructive guidelines are pivotal for companies in the real estate industry, including those involved in property management and real estate investing. These guidelines works to ensure the accuracy and integrity of financial information and prevent fraud. Implementation of methodology and process for finding out the best way to ensure the operational and financial accuracy along with its integrity to protect real estate assets. By following these best practices, companies can reduce the risk of fraud and errors and improve the efficiency and effectiveness of their operations. 1. Lay down the foundation of clear policies and procedure For efficient and  effective work flow clear policies and procedure should be implemented. It enhance the growth and streamline the system. Policies should clearly defines the responsibility and accountability in such a manner that each one should be on the same platform to work together in the purpose to attain company’s goals.  2. Segregation of duties Responsibilities and roles must be segregated to enhance balanced work flow to avoid errors and fraud in data management as well as financial flows. Proper planning and delegation of duties ensuring that they stay within budget, adhere to timelines, and meet quality standards. 3. Use of technology Technology plays a very vital role in streamlining the operational flow , Lead generation , Digital marketing and maintaining the system outcomes in an objective way to ensure best productivity. The main purpose is to automate the work flow ,attracting potential buyers and conversion of leads into sales , online presence and to track the financial transactions to avoid any frauds. Such tools help in data analysis and defines a clean pattern of work. 4. Project Risk assessment and financial Information which includes the regular reviews of audit – Operations management involves risk assessment such as identifying and managing potential construction delays, market fluctuations, or changes in regulations. System should safeguard the financial information and give accuracy and integrity, such as accounting records and reports. Regular audits are essential for identifying areas of risks in the accounting system. These reviews should be conducted by an independent party to maintain impartiality. This is especially important for companies in the real estate industry, where large sums of money are often involved. 5. Effective customer service to prevent fraud Real estate fraud in its different guises has been shown to be on the rise. Quality system control, product analysis , timely updates , complete product guidance to customer which involves buying helps in effective customer service to prevent fraud. CRM (Customer Relationship Management) should be designed in such a manner that help in maintaining positive relationships with buyers, sellers, and tenants, enhancing the reputation and credibility of the real estate business. 6. Employee Training and development : The real estate sector is the second highest employing industry and works as a multiplier for India’s economy. HR must focus on training  and development of work force which is crucial for maintaining an effective system. HR leaders must furnish different learning styles. This can include instruction on data management , CRM, financial reporting, fraud prevention , Lead generation etc. So an strong upskilling programme should be designed to attain greater employee retention , revenue and success.

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