A Checklist for Property Onboarding 

12.03.22 10:55 PM Comment(s) By Assetsoft

Adding new property can both be exciting and exhausting. The thrill of acquisition fades fasts enough. All that remains after the 'rush' is a series of tasks like data onboarding and payment processor setup. Working like this can be taxing on you and your team.  

Software to Use in Property Onboarding 

An efficient real estate management software can be a lifesaver. MRI and Yardi are easy to integrate into your existing CRM systems. An automated onboarding system can save you hours of work while providing you with error-free results.  A system like this, which is accurate and quick, also breeds confidence from your client. They are more likely to get on board with the deal after seeing how professional your setup is. 


MRI  

If you are looking to streamline your property onboarding process, you needn't look any further than this. MRI Rest Professional is one of the best management software for real estate.  


This system manages ownership change by emphasizing inspections for portfolios, strategies, or finances. The system helps you manage deposits and investments accounts and store the vendor's details in one platform. It also keeps all relevant documents in REST Professional for more efficient filing. This software boasts highly developed sales management as well.  The software also excels in reporting, helping you optimize your portfolio. You can rest assured that the most current information backs your data from the latest vacancy rates to profitability. 


Yardi 

A bonus of using Yardi is that it gives you free access to RentCafe. RentCafe lets you rent out your property to tenants via a safe and verified platform. As a result, you can put it on the market as soon as the property is legally yours. 

What Are the Steps Involved When Using Property Onboarding Software? 

Transferring new property information into your existing database is complex work. Data migration involves the shifting of all property-related files to your current system. Such data includes amenities, floor plans, vendors, type charges, tax information, and more. If not executed properly, you can lose a lot of essential data.  


The details of the new property can be transferred in two ways when using Yardi. The first is a manual transfer where you load the property portfolio into your existing platform via an ETL. The second method lets you move this data electronically via a Yardi to Yardi conversion. Configuration to third-party apps or even Yardi tools follows this procedure. 


Getting help from a reliable firm is an excellent idea if you happen to be using Yardi for the first time. These professionals have a lot of experience in data migration and can help streamline your onboarding process.  From tuning settings to integrating the new property into your media library, these firms are sure to lend a high-quality finish to your work. 

Advantages of Outsourcing Your Property Onboarding Needs

Outsourcing onboarding processes has a lot of advantages. Your business benefits from the in the following ways 

  • Your team may not have a grip on using Yardi yet. A tech firm can help you get the best out of the software. They will help optimize Yardi’s processes to make your work shine. 

  • There is no denying property onboarding is a tedious business. Apart from the initial thrill of the acquisition, there is not much in it. Getting a firm to help you outlets you focus on more critical tasks. Instead of painstakingly inputting property data into the new system, your team can focus n new acquisitions.  

  • With years of experience under their belt, the work of these firms speaks for itself. These people know how to maximize the potential of the system. The result works more accurately and efficiently than your team's. 

  • Outsourcing saves both time and money. You get to emphasize more dynamic tasks while the outsourcing team produces better work in lesser time. 

What Are Some Important Things To Verify During Property Onboarding? 

The onboarding process involves a lot of steps. From document verification to data migration, the number of tasks is varied. It is easy for you and your team to overlook specific small but crucial details in such a situation. An error like this has the potential to cause irreversible damage to your deal. 


Having a list of items ready to check off can be handy in such situations. Therefore when onboarding property, these are the items you must be careful to verify. 

  • Right to Rent checks on existing clients, if any. Verifying the validity of current leases helps you avoid future problems. 

  • Address verification. 

  • ID check. 

  • Building history review 

  • Vendor management with utility billing, credit screening, and more 

  • System setup template 

Teaming Up With Firms 

If you plan to make a huge acquisition, you can do it with some extra help. Getting a reliable consultation firm to collaborate with can improve your onboarding experience by leaps and bounds. 


Years of Experience 

These companies are highly experienced, with years of knowledge in property acquisitions. Their involvement ensures the quality of professionalism of all your contracts and transactions. A partnership with such firms also gives you valuable access to necessary software. These companies provide a variety of services for real estate businesses. 


Lease Abstraction 

Among these, property management is a prime sector. Contracts play a crucial role in all property dealings. Therefore a lease abstraction software is almost always one of the services they offer.  Such a system lets you distill your contracts to their vital points.  


A lot of property contracts are written in legal language. Such a document is difficult to understand, even for a real estate business person. The software works to simplify the lease into concise, easy-to-understand points to make it accessible for both you and the other party. 


Lease Auditors 


These consulting firms are also professional lease auditors. The term 'auditor' here refers to a thorough lease review. All contracts are bound to have loopholes and some vague language in their clauses. Such a gray area makes it vulnerable to misinterpretation. Any of the two parties can take advantage of this vagueness later on. 


But you can avoid such a problem by partnering with the right firm. The Assetsoft team has experience in lease auditing. We check all existing documents and verify the contract clauses. With our help, you can get onboard a property deal without fear of the transaction falling through later. Want to know more? Talk to us today! 

Assetsoft

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