Real Estate Assets Management is a grueling process. In spite of property management software, things can spiral out of control if not managed properly. Anyone in the real estate industry knows that assets and lease management require lots of activities and documentation. You will find some useful tips in this article that can make the asset management processes a breeze.
Invest in a Property Management Software
One of the most obvious tips is to use a property management system. Therefore, investing in software such as MRI, Yardi, Entrata, VTS, and RealPage is a good step. Because these system are created for real estate industry, it will increase the efficiency and productivity of your business. Small businesses may be reluctant to invest in such software. They can go for free or cheap alternatives. However, these options are not very efficient and lack important features.
Know that standard Property Management Systems have inherent gaps
However, there are some caveats as most property management software lack many important features. And even when available, some of these features are very expensive. For example, most PMS systems do not have an integrated document management capability. And while Yardi and RealPage do have rudimentary document management available, it is both lackluster and expensive. Another example of the inherent gaps in standard PMS systems is that many real estate companies have both real estate and corporate data in multiple systems, making it difficult to have consolidated business intelligence and centralized business process management.
Real Estate Asset Management Software and Business Intelligence
With the abundance of data and increased competition, businesses intelligence is now critical for making informed decisions. However, most real estate companies don’t have that useful information available at their fingertips, because of the cost and inherent gaps in typical PMS systems. Interactive Business Intelligence provides a deeper analysis of data across the portfolio of properties, tenants, acquisitions, legal entities, loans, and much more. Therefore, it maximizes productivity and unlocks your organization’s potential. It would help if you rode on this revolution in utilizing business insights to increase efficiency, automate workflows, and reduce redundancy.
Automate workflow with Real Estate Asset Management Software
To be productive, you need to automate your business workflows, whether real estate or corporate business processes. The benefits of automating workflow are numerous. You can save time and increase productivity. Besides saving in costs, it reduces administrative errors. You can identify bottlenecks in the process as you can see the process visually in the system dashboards. Better task management increases smooth collaboration among different departments. So, in a nutshell, workflow automation is a must-have for real estate companies.
Good Real Estate Asset Management Solution must have a built-in contact management tool
Real estate companies have to communicate with different stakeholders such as tenants, buyers, sellers, attorneys, brokers, regulatory bodies, and contractors. Searching their contact details manually is a cumbersome process and wastes a lot of precious time for the employees. You can benefit from a built-in contact management tool to make the communication process fast and simple. And although, some standard property management systems comes with contact management functionality, it’s not integrated with your email systems and corporate contacts address book. However, despair not and head to the end of the blog.
How can we help:
As promised at the blog’s beginning, let me introduce you to our nifty solution that would help you in the aforementioned spheres. CRES Real Estate Asset Management, which is part of our suite of CRES Real Estate Solutions.
Many of our real estate clients had trouble managing their routine business processes and documents. They needed a system that seamlessly integrated with their property management systems. Customers didn’t have business intelligence tools to analyze data on their fingertips. They needed to be able to easily locate both their internal and external contacts associated with their properties, and automate their workflows. This is where CRES Asset Management comes in.
CRES Asset Management allows you to consolidate your portfolio data, documents, and business intelligence. It provides an Automation Framework for managing any initiative involving real estate, people, and processes. CRES allows you to make any number of property assignments to your employees for their roles within your portfolio. It also has a built in contact management tool that allows you to locate and communicate with the external contacts associate with your portfolio. You can also manage portfolio issues, work orders, and critical dates. CRES has everything you could need and makes things easier for you.
Contact us for CRES Demo to get started.
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.