The purpose of this study was to establish a method based on an iterative scheme to approximate the numerical solution obtained from finite elements analysis for an RVE in two and three dimensions based on the homogenization concept for the assessment of the effective properties. The bounds of Hashin–Shtrikman and Voigt–Reuss were considered in the iterative process based on an updating of the constitutive relations of these models respectively. In this study, by assumption, we took the particular case of the heterogeneous materials with several elastic isotopic phases. The output variables considered using the iterative process are the bulk, shear modulus and the thermal conductivity. We have found a fast convergence of the iterative solution to the numerical result with a suitable concordance between the two solutions at the final step.