Professional property asset management softwares are changing the real estate industry by a storm. Why? Most importantly, what are the benefits property asset management softwares can give to their users?
To put it bluntly, these softwares make property and asset managers’ work easier and rational.
If you are a property or asset manager, you probably have to deal with several properties on a daily basis. Some of these properties require more time than others. Also, tenants make you jump up and down about layout changes, maintenance, and lease terms.
Others are a piece of cake and just work for you. These tenants triple net properties and they turn your cash flow positive.
In all of the cases, you need to do hard work at some point, due diligence, analyze the market and negotiate the lease portfolio. You need to have the property information and local market insight to understand the big picture and make smart decisions.
For property asset managers, a lack of information and tools can mean their business is on hold and business development is done by competitors in the market. Adapting technology is in a key role in business development in property asset management.
What are the benefits of property asset management softwares?
Let’s go through the most important reasons why property asset management softwares are beneficial for you and your stakeholders.
1. Build a better communication
Property asset management is all about people and heavily relying on the use of property, market and tenant information.
When you have the information at hand, you can react to things faster and plan your move wiser. More importantly, you can make sure that everybody is on the same page.
Communication is easy if you have the tools to support the process.
Surprisingly, few organizations know how to utilize, for example, mobility in knowledge management. Mobility ensures your place on top and e.g. our customers have taken full benefit of using Assetti with a tablet or smartphone.
However, many operators in the property business don’t know how to get the best out of new technologies. They are struggling to implement new processes to support better information sharing and knowledge management practices.
Companies which utilize cloud-based applications can trust that the web apps run smoothly and files are delivered. These are just a couple of reasons why implementing new technologies should be easier than ever.
2. Get a clear strategy and a committed team
Choosing a property asset management solution to enhance your business requires a more strategic approach than just buying an IT system for the features. In order to realize all the benefits for your organization, it’s all about getting your employees and stakeholders using the solution in their daily life.
In order to succeed in this, they need to feel that it helps them to make their work better and easier.
Strategies are sometimes seen as heavy and hard to implement, but the strategy is the backbone of the business.
Also, it is the reason why investors pick a certain asset management company to add value to their property holdings. A purpose-built property asset management tool offers you an effective way to communicate and implement the strategy.
All the information your team and your stakeholders need is on your hand – anywhere and anytime.
A solution of that kind also helps you to collect the needed information to build and update the strategy. All your team members can work together on that property strategy or business plan and share it instantly with your investor.
3. Make great decisions with good data
Almost everyone today is an information worker, but we also suffer from information overload. Quantities of data that are stacked without a clear purpose.
In many organizations, the quality of the data is missing and such things as outsourcing is bringing its own taste into the equation.
In a competitive situation, it is important to be able to differentiate yourself from others. Demonstrating your potential through knowledge management capabilities has a big difference.
When new property investors are making a decision to start or continue doing business with you, they are evaluating all the areas of the business and capability of making good decisions should not be the last one.
Good data provides you the accuracy and the efficiency to make great decisions. Using the tools consistently helps you to streamline processes, improve the quality of data, and ensuring compatibility of the information across the organization.
4. Engage your stakeholders
Property’s best assets are the tenants and you won’t have any assets to manage without the owners. Building trust and reputation capital for keeping good relations with your tenants and investors are essential for any property asset manager.
For engaging your stakeholders, you need to keep them informed and aware of your activities and performance.
Investors want to make sure that you develop a shared understanding of where to take assets and by what means. Tenants want to make sure that they have been heard during and especially at the end of a lease – hopefully leading to renewals and to the maturity level of your lease portfolio.
But it is not only tenants and investors that you need to satisfy. For example, analysts and media are in a very big role in property business as market insights and location promotion is key for getting the best tenants and customer flows.
5. Spend less time on rows and columns
Property asset managers are used to deal with big spreadsheets full of numerical data. In the digital world where we are living now, it is just the situation that we have more than enough data. But does it help us in daily decision-making?
The main reason is that the data has fragmented to multiple systems and documents. These data sources are not in any way compatible or comparable with each other. So asset managers are forced to do lots of manual work – often in spreadsheets – in order to sort them out. And still, the data just numbers in rows and columns!
Asset managers can be prepared on market changes and discrepancies with data-driven tools which helps to improve the quality of the data and enabling fast decision making when needed.
A tool that supports your business and communication
In today’s business, communication is the key to success. Utilizing the latest technology is the only way to stay on the same line with your competitors or even better – a bit ahead.
Credibility as a competitive player on the market comes through standardizing routine, ad hoc information flows and adding value through better information. Web apps create you the means to share information and be prepared for anything and anywhere.