Yardi property management software plays a major role in handling the business of many real estate companies. This entails a lot of data work and handling essential business operations. When you operate a business, be it automated or human handled, it involves many risks. Yardi offers a series of risk management solutions, only if you know how to use them.
Their systems are secure, but businesses still encounter unprecedented risks. Having the right selection of technology in project management can help mitigate these risks before they become a crisis. These dynamic features that they offer have pushed up the market share of the Yardi software. According to research reports, Yardi has a 14.8% market share, and nearly 14,000 companies are currently using it.
Are you already using Yardi or planning to integrate it soon? You might be missing out on its underrated risk management feature. Read this article to find out all about it.
Reducing business risks with Yardi
Yardi has two specific features and solutions to help real estate businesses mitigate risks. There is an option for each, from handling tenant screening to vendor screening. Check them out.
Yardi VendorShield screening
According to PRN Newswire reports, in 2018, Yardi launched a VendorShield screening platform to help authenticate the identification of vendors that real estate companies work with. As a real estate business owner, you need to set some guidelines on the platforms on what licenses and compliances you want from your vendors. Post that, VendorShield will automate the verification process.
It ensures all vendor compliances and security of properties; it tallies all data with government watch lists and other sources. It cross-refers data, runs background checks on your vendors to ensure they are authentic, and minimizes the risk of fraud. It also goes through national and local verification lists to ensure the utmost safety of your business.
The data that the VendorShield system finds is also audited regularly to ensure no important information falls through at first glance. It also reminds you of vendor contracts, timelines, insurance updates, and other formalities. It ensures safety for vendors, business owners, and residents alike and makes for a one-stop vendor management solution.
Yardi Resident screening
Tenant screening is another hectic and risky task; if not done well, you can be stuck with non-paying tenants or even cross paths with criminals. Doing this work on pen and paper is never enough. Just filling out a few basic forms does not cut it. As a real estate property manager or owner, you already know the huge number of tenant applications you get in a month's time. It is not humanly possible to screen them alone and ensure authenticity.
That is why you need to automate the screening process with a selection of technology - the Yardi Resident screening platform. This platform will run background checks, authenticate their documents, track criminal records, and tally them against all databases to ensure security. You will no longer run the risk of getting stuck with problematic residents.
There are also options for you to pre-set some standards and compliance requirements on your resident screening portal. This can help you get top-quality tenants without having to physically filter through all their data. It will also go a step further and verify tenant income sources and their identities and send you recommendations on low-risk tenants.
Other risk management that Yardi offers
The two features we mentioned above are platforms that can be individually used for risk management. Other minor yet vital Yardi features can easily help you manage other kinds of business risks. What are they? Read on to find out.
Data back up on the cloud
Another major risk of running a business is the loss of data. You can lose client information, leads, financial reports, transaction history, and almost anything that can come under threat. But Yardi auto updates and backs up all your data in its cloud system, which helps business owners retrieve and recover data even if there are data breaches.
The 2022 Thales Data Threat Report mentioned that more than 45% of American companies face data security issues. And if you are a business that stores data on paper, then it is even easier to lose those documents or even misplace them. Backing up is the best solution to not lose out on all your vital information due to an online or offline data breach.
Automated alerts about discrepancies
The Yardi software offers back office accounting solutions to all real estate businesses. This helps the software gather information about your customer/vendor, buying patterns, payment patterns, and other financial data. The software sends automated alerts to all stakeholders whenever there are any abnormal transactions, discrepancies in payments, or undue withdrawals. When you do your invoicing on paper and record transactions in excel sheets, you will never be able to point out these incidents.
Keep up with all compliances
When you use the Yardi software to manage your projects, you will never fail to keep up with compliances. You can pre-set these requirements into the user dashboard, and the software will keep sending you automated notifications about upcoming deadlines. It will also point out if there are any missteps on your part to help mitigate major risks of non-compliance and eventual penalties.
Budgeting and forecasting to manage risks
Advance Yardi software features also offer budgeting and forecasting plans. But how does this help in risk management? Yardi helps develop a comprehensive budget keeping all risk factors in mind, and provides analytical reports on your financial conditions. When you have a proper budget in place for your business, keeping all variable and consistent factors in mind, you will any day be able to handle risks much better.
Integrating Yardi with Assetsoft, an independent Yardi consultant
The Assetsoft team has been a long-term independent Yardi consultant and has helped multiple businesses integrate this software into their existing systems. Not only do we help in integration, but we also provide customer support and employee training to help optimize your investment.
Talk to us to find out more about our services. Book a call with our tech experts and start the integration process today!