Real estate asset managers are tasked with the responsibility to oversee and enhance the value of real estate properties. Their decision making quality depends on how they manage asset data, and the type of asset management strategy they use.
In addition to those activities, asset managers must also overcome a few common challenges that plague the industry. The most effective way to combat real estate asset management challenges is to use a real estate asset management software. In this article we take a look at 5 major challenges and how asset management systems help overcome them.
Data in the real estate industry is largely recorded and stored in spreadsheets. These applications have several limitations that can stall business prospects. Spreadsheets rely on manual operations, lack automation and are not specifically designed to manage real estate assets.
Furthermore, different people responsible for managing real estate assets may have different spreadsheets containing unique data. For example, the accounts team may have a separate spreadsheet, so will the operations team, the sales team and so on. This challenge makes collecting and viewing data from different sources an extreme hassle.
Real estate asset tracking software solutions collect and consolidate all real estate asset information in a single, centralized database. The data is systematically stored and labelled under categories that can be customized. Using cloud technology, you can view and modify real estate asset data from anywhere at any time. All you will need is a device that supports a browser and connects to the internet.
The purchase of a real estate asset entails with it a series of expenses for servicing and maintenance. If you’re using any form of manual software application to stay ahead of your maintenance schedules, then there is a high chance for you to forget a fast approaching service task. Consequently, the asset may depreciate in value and require more money than what was allotted to maintain it.
Using a real estate asset management software, you can track when an asset was purchased, set up comprehensive maintenance tasks and view past maintenance jobs. To help you adhere to maintenance schedules, the software is also equipped to send you reminders via SMS and in-app notifications and alerts.
Lapse in communication
In addition to managing real estate infrastructure and facility assets, you will also need to seamlessly communicate with your customers. They may include potential buyers, occupants and tenants. These individuals will want to communicate with you for various reasons such as for requesting maintenance, facilities, feedback and grievances. Without a proper asset management strategy in place, it can be difficult to respond to hear and respond to all of your customers.
There are many factors at play when investing and selling an asset. It is important to analyze how an asset management decision will affect your budgets, how it will grow your portfolio and what is required to make the asset management move. All of these factors must be considered with prudence. Ignoring the tiniest of details in your accounts, sales or operations can result in long-term problems.
Real estate asset tracking software solutions contain dashboards that give you an at-a-glance yet comprehensive view of how all your assets are performing. They also include a summary of your accounts, total number of assets and approaching maintenance schedules. With this overall view, you can assess the prospects of your assets and run simulations to test and analyze your next big move.
By assimilating and processing all your asset-related data like asset value, asset expenses and more, you can gain valuable insights about the performance of your real estate assets. But performing this manually is an immensely cumbersome task. Not to mention the severe impact the slightest of errors will have on the way you view the health of your real estate assets.
Real estate asset management systems can generate detailed, accurate and timely reports. As they harbor a great deal of asset data, they can autonomously process and extrapolate them into visually appealing statistical reports. On viewing the auto-generated reports, you can optimize asset management strategies and discover opportunities to curb expenditure and enhance savings.
The 5 mentioned challenges are often the result of using manual asset management methods like spreadsheets and paper-intensive tools. Easily overcome them and the value of your real estate assets to brand new heights by investing in a real estate asset management software.
If you’re ready to purchase one, I highly recommend investing in SmartAMS. It is an advanced real estate asset tracking system that is loaded with an extensive list of features, easy-to-use and is highly secure. Purchase today.