Most real estate developers spend the day:
- missing deadlines
- going over budget
- fighting overhead costs while trying to keep occupancy high
- tracking delinquent tenants
- processing write-offs
- tackling maintenance requests
Safe to say, developers are juggling a multitude of tasks. In today’s tech-driven world, to get things done, a popular option is to find an app or
- Relishes the prospect of sorting through those options, only to end up with a solution that doesn’t really serve their needs.
- Software package to handle some of those tasks.
However, in a bid to become more efficient while keeping costs low, property managers often turn to a free SaaS or a cloud solution available online. In many cases, what initially seems like a good deal is often “free” of many of the features that property managers really need to run their businesses.
This leads to many property managers avoiding the use of property management solutions, assuming they’re expensive and just not worth it.
Opting for a paid tool isn’t much better. For one, there are tons of products to sift through. At last count, G2 Crowd (a software directory) listed more than 260 options. Nobody r
Take data collection; are you really tracking the data that matters? Or do you find your staff seem to gather ‘incorrect data’? In a recent survey of 100+ companies in the property management industry, faulty data collection was found to be responsible for an average loss of $8.2 million annually.
I think department store magnate, John Wanamaker, said it best, “half the money I spend on advertising is wasted, the trouble is I don’t know which half.” His sentiment echoes the difficulty in collecting accurate data whether it’s marketing, sales, maintenance etc.
Real estate developers end up using multiple software and find that they must extract and move data between internal systems, just to keep track of paperwork. That’s a very inefficient process, if you ask me. Choosing the right software will help eliminate such redundancies.
An example is Soft4RealEstate, a property management software built on the robust Microsoft Dynamics NAV accounting and operations platform.
As a real estate developer, the top features you’ll benefit from in any software are:
Accounts Monitoring – To maintain a positive cash flow, it’s important to monitor and track all payables and receivables, bank reconciliation, tax filing etc.
This allows property managers to easily review unpaid invoices or rent to be collected. A robust property management software can even be configured to allow tenants make rent payments online.
The right solution is designed to help you manage every aspect of your tenant and landlord lease, for better financial management.
Comprehensive Lease Administration – Fed up with not being able to keep track of the entire leasing process, especially when managing multiple properties? Is asset tracking using spreadsheets taking up more time than it should?
A good property management software application like Soft4RealEstate, helps real estate developers reduce their administrative workload. It provides an electronic trail that documents all leasing details including lease creation, contracts, scheduled maintenance dates, exact CAM fees, and more. Access to this data helps make property management more efficient.
Managing Maintenance – Expert property managers know that the best way to retain tenants (and keep them happy) is to promptly settle any issues with maintenance. The right property management solution streamlines communications between managers and tenants, and keeps track of all property maintenance requests.
From monitoring job costs, assigning work orders to tracking maintenance progress, Soft4RealEstate can help you manage maintenance more effectively.
Streamlined Data Management – With multiple assets to manage, property managers can find consolidated reporting to be difficult. This scenario is made even more difficult if a tenant has multiple contracts.
Built on top of Microsoft Dynamics NAV, Soft4RealEstate eliminates the inefficiencies and redundancies of performing consolidated reporting manually. It provides an end-to-end business platform to handle accounting and property management operations, all in one solution.
By creating easy-to-read, accurate reports, Soft4RealEstate shows property managers the key data needed to forecast revenues, run “what-if” scenarios and make smart decisions to maximize asset ROI.
Easy Implementation – Let’s be honest, no matter how brilliant any software is, its success boils down to whether your employees even use it. Therefore, simply rolling out a robust ERP solution like Soft4RealEstate can lead to low adoption rates. Employees are notoriously resistant to change, especially if it appears they are being forced to use the new software.
But it doesn’t have to be this way.
By communicating its functionality and its compatibility with existing systems, real estate developers can foster higher levels of employee buy-in.
For example, most property managers are familiar with Microsoft Outlook; Soft4RealEstate syncs with Outlook, ensuring that vital information about meetings, due dates and other notifications can be shared and property managers are always up to date.
The right property management software will allow real estate developers to get tasks done faster, thus reducing waste in resources. Your business can eliminate the need to pay someone to perform these tasks manually, thus saving money.
What could you do with the extra dollars saved?
With features like maintenance request tracking and sending automated reminders, such as rent due dates, you can ensure accuracy and save time.
What could you achieve with the extra time saved?
Stop using the wrong tools in your real estate business. These days, a spreadsheet just won’t cut it; let the right software do the heavy lifting. Soft4RealEstate uses the analytics engine provided by Microsoft Dynamics NAV to provide crucial data about everything from tenant turnover to maintenance schedules.
Whether you’re managing 1 building or 100, let a dedicated property management software like Soft4RealEstate help boost operational efficiency and provide clear financial oversight.
Contact Admiral Consulting Group today for more information on how Soft4RealEstate can help your property management firm eliminate inefficiencies and improve decision-making.