ERPNext Conference 2019* ERPNext.com Blog

Real Estate Implementation Best Practice

stock
itemprice
erpnextpaymentterm
item
item-variation

#1

Hello,

We are a Real Estate Development Firm, it has been a while since there has been any activity regarding this industry on ERPNext. I am aware that there is a Service Module currently being developed for the implementation of the Real Estate Industry on ERPNext.

However, using the current core modules available at hand, any Ideas on what would be the best practice on using Items and the Stock Module to manage Apartments/Units?

We usually have residential units and commercial units that are sold based on the unit’s total area (square meter/square feet), floor level, view, and finish level (attributes) and a price ($/m2 or $/ft2) based on the attributes provided. ex a 102 meter square apartment, 1st floor, garden view, basic finish is sold at $1,000/m2 means that the total price for the unit will be (102 x 1,000 = $102,000).

One of my friends recommended that I set the warehouse tree structure as
Company -> Projects -> Project Name -> Residential -> Bldg No. -> (Item 1, Item 2, Item 3 etc… as apartments)

As a result, each branch for the tree can have a branch in the cost center to monitor the cost of each level for the whole company projects.

Any recommendations on the previous approach, and how to implement the price list based on multiple attributes, and how to manage the items (block transactions on specific items, get a report on the total numbers of items sold, total number of units available, and total number of blocked units, total number of units under construction etc.) Also if it is possible to view the trend of the price changes through out the year (as the project may have a long life 5 years for example).

Also, how can we adjust the payment plans to be over 7 years for example (10% down payment, 25% on contract signature, remaining percentage is to be paid over monthly installments, quarterly installments, semi annual installments, and annual installments along with a maintenance fee etc…)
Each unit sold is based on an agreement between our company and the customer, so how can we make it easy to enter on the fly?

Thank you very much for your kind support and cooperation.

Best Regards,
Sherif Malek