Some may say, the best approach to 2021 is to become or stay agile. When times are uncertain, flexibility will be the key to success in many cases. And it is technology supporting us in achieving our goals. The last year brought change to all of us. And it is fair to say that there is no going back. We as a technology company can help the real estate industry to become more agile and improve Property Asset Management processes with the help of PropTech. Here are our 3 ways to improve Property Asset Management in 2021 by taking Assetti into use.
#1: Up-to-date Risk Analysis
The uncertainty of rental cash flow, loan leverage of the portfolios, ongoing CAPEX investments in properties, future financing: all of these need to be taken into account in your risk analysis. Assetti can help you get a clear understanding of the tenants’ industries and identify potential risks in terms of industries in your portfolio, whether those be hospitality/hotels, retail, restaurants/catering, or IT companies.
You will be able to make a demographic-specific analysis and see, with a couple of steps, who are your tenants and what is the overall risk in terms of leased area, rental income, or geographical risks. Understanding your risk exposure will help you to capture the “big picture” situation with Asseti’s KPIs.
In addition, Assetti provides property strategy and SWOT analysis. By, that, users can document the market situation and risks involved with the property and portfolio. Updating your strategy in changing circumstances is crucial. It might reveal whether your previous analyses are accurate or not. And how to prepare and manage the change with a required action plan. Through the up to date property and portfolio strategy, Assetti´s customers can make analysis explicit and communicate clearly to the investors and other stakeholders.
#2: Communication is key
We all know – with industries struggling, jobs, and people’s personal income collapsing due to the COVID19, many tenants are having a hard time paying their rent.
This especially affects the commercial real estate owners, like hospitality, restaurants, and the retail industry are facing times that are even harder than the credit crunch years ago.
A proactive and improved tenant communications practices are essential. Landlords and tenants have to stand together and cooperate in these times. It is important to treat each other fairly and find constructive solutions. After all, a trusting relationship is in the interest of both parties.
When you have a tenant relationship management system in use, you will be able to effectively manage your daily tenant operations and update the numbers as well. That eases up your administrative work: One place for the lease agreement, rental adjustment, and to make notes on tenants and payments. Additionally, you can see the history of every single tenant and lease agreement now and in the future.
Sometimes we still struggle to connect and communicate important information. With Assetti you can send notes and tasks to your coworkers with end dates and times to ensure they see them. You can check all of these in your inbox in Assetti and even send notifications to your work email. Best of all, you can make those notes public to everyone in your account, or just to the person you tag. Now all your communications are accessible for everyone at any time and in just one place!
#3: Get rid of data silos
Let’s face it – we have a lot going on. From tenants to property managers to repairs and everything in between, tasks and information slip between the cracks, never to be seen again. Especially when you use those outdated excel sheets for the data. But Assetti can help you to improve Property Asset Management. With our user-friendly UI and search options available, you can easily find your information with a couple of keystrokes. Keep all the information available and up to date from the lease level to your portfolio level. You can even use integrations with other systems for Assetti so you don’t have to manually update the info, leaving yourself open to human error. Everything will be simple, easy to find, and up-to-date with Assetti.
When managing deals and contracts, there is a huge amount of data to be overseen. For professionals, this means we can pick and choose what needs to get done and when occasionally waiting until the last moment to panic and finish those undesirable projects. But Assetti can watch over and alert you about expiring leases across all your properties and portfolios. Simply set it in the Settings and you will be notified well in advance before the expiry date. We even have a calendar integration so that Assetti will send a notification to your company calendar. Now you will know when those changes need to be done and get them done right away.
And yes, it is all cloud-based. That means full support and up-to-date data for your remote working team.
You can access a full, private trial account for free for thirty days and see for yourself all the benefits!
For more information about Assetti, you can contact us here or sign up to start 2021 with improving your Asset Management.