Real estate issues are complicated and can bring challenges for property managers and real estate firms. Today, some of the most painstaking obstacles are sharing information with stakeholders, increasing portfolio value, improving tenant relations, and maintaining employee satisfaction.
Communicating with Relevant Stakeholders in Real Estate
Property managers are required to communicate with an expanding array of stakeholders that includes owners, investors, lenders, vendors, accountants, and tenants. This means real estate firms must customize reports in a variety of ways to meet the needs of their diverse stakeholders.
For example, tenants subject to expense recoveries will likely seek documentation that the property manager actually spent the money for which they are seeking reimbursement.
Similarly, it can be challenging to rely on paper records or spreadsheets to track important details as a real estate company’s portfolio grows. Along with basic details such as a property’s square footage, tenant deposits, taxes, and management fees, real estate companies need to maintain recurring charges, expenses, insurance documents, and other details that can be cumbersome to manage manually.
Managing Real Estate Data with Sage Intacct
Sage Intacct allows real estate firms to manage data, as well as the associated documents, using a centralized dashboard to drill down for details and to generate reports with different formats and information that can be customized for the firm’s diverse audiences.
Increasing Portfolio Value
Another consistent challenge for real estate firms is maximizing the value of their portfolios and improving net operating income. To do this, they must leverage their revenue opportunities and controlling expenses.
For example, it’s important to capture scheduled rent increases embedded within leases, expense recoveries, and other sources of revenue. This makes sure they are collected in a timely matter. Charges related to move-in and move-out, interest on tenant deposits, refunds, and other details can easily be tracked in Sage Intacct. It allows a real estate company to improve its overall financial management.
Improving Tenant Relations for Greater Profitability
Effective communication with tenants can help improve profitability of real estate companies in two ways. Firstly, it increases the chances of a happy tenant renewing their lease. Secondly, it can reduce expenses associated with preparing a vacant unit for a new tenant.
Proactive communications with tenants include:
- Tracking and responding to maintenance requests quickly.
- Providing accurate account information.
- Reducing errors such as applying late fees inaccurately.
Maintaining Employee Satisfaction with Technology
As with most industries, recruiting and retaining talented professionals is challenging for many real estate companies. One of the keys to maintaining employee satisfaction is using technology to automate routine tasks, reduce administrative headaches, and streamline low-level work that can make work frustrating.
This is especially important in attracting and retaining younger professionals, who have higher expectations for the technology they use routinely.
Overcoming Issues in the Real Estate Industry
Real estate issues can be a headache for property managers and real estate firms. Luckily with the Sage Intacct Real Estate Module, firms can effectively communicate with stakeholders, increase portfolio value, improve tenant relations, and maintain employee satisfaction. Sage Intacct can help real estate companies streamline their work, make data-driven decisions, and improve overall financial management.
To learn more about how technology can help with real estate issues, don’t hesitate to contact one of our Sage Intacct consulting professionals.