Assetsoft - Blog #AI Forecasting

Features of Zoho CRM That Property Managers Should Know

Tue, 08 Feb 2022 22:41:02 -0500

Installing Customer Relationship Management (CRM) software is a sure shot at improving your business relationships.

Why Do You Need a CRM Software?

Client satisfaction is what drives a company forward. But as a property manager, you also know that customer relationship management uses a substantial amount of data. First, there is the essential data- the personal information of your tenants and potential clients. Then there are the mails, the endless transaction records from previous years. Even without counting your business's marketing campaigns and sales drive, it constitutes a massive amount of data.

Benefits of CRM

A streamlining of all this excess information is what CRM software promises. This technology is beneficial for smaller businesses because they help cut down labor-intensive tasks. Consulting firms offer crucial software like Zoho and MRI to help these companies optimize their systems.

CRM technology helps centralize your business operations on one platform. It helps you stay at the top of your game by prioritizing customer relations. You can manage everything from sales negotiation to complaint resolutions on this platform.

Zoho CRM

Zoho CRM software boasts state-of-the-art technology that can take your business to the level. Powerful integrated tools like the AI assistant Zia can perform the same tasks as you, only quicker and more efficiently. With this technology, your team no longer have spend hours pondering over functions like lead generation and deal predictions.

As a client, you can choose from three versions of the software- Zoho Standard, Professional, or Standard. However, implementing any three CRM software can give you benefits like increased sales, a more efficient workforce, improved client retention, and more.

An internal survey advertizes impressive feats like a 300% improvement in lead conversion rates and a 27% rise in customer retention. Such accomplishments are made possible because of features like

Predictive Sales and Intelligence

The software's built-in AI assistant, Zia, plays a significant role in streamlining business processes. It can execute tasks ranging from budgeting and forecasting to computing sales numbers. One exciting feature of this AI is that it can predict the likeliness of a deal going wrong or right. This lead and deal prediction tool gives you an insight into the vulnerabilities and strengths of your sales pitch. The sales forecasting with Zia Ai uses a comprehensive reading of the existing market and sales data before making the forecasts. The technology tackles lead from every possible angle by

Being updated on market trends and sales history
Excluding bad leads
Assigning team members based on their skill
Testing all potential outcomes of the sale strategies

Meanwhile, Zia Voice, the voice-automated assistant, can help you with assistive tasks, including;

Running searches
Fetching records
Charting metrics
Taking notes
Placing orders

Calling tenants

Platform Customization

One of the best things about Zoho CRM is that this software is completely customizable. Some of the most helpful features of this technology include a custom layout to an option for creating your icons. You can even tweak the system to adapt to your local language and currency without any problem.

If you are a property manager in charge of multiple residential and commercial areas, this feature is sure to come in handy. The system has provisions for various layouts for your different businesses. You also have the option of validating data before it enters the system. Such a tool ensures that the correct information ends up properly and nothing goes haywire.

The filtering tool can save you a lot of time among the customization features. Adjust the views and the filters to the correct setting and get hold of the data you are looking for. This tool helps you customize your process by

Creating unique segments to collect specific information
Customize actions that would otherwise require constant watch, resulting in workplace optimization
Create specific landing sites to capture the correct CRM data
Be updated on crucial information to strengthen sales pitch/tenant interaction

Omnichannel

Zoho CRM lets you reach out to several leads across many channels from the same platform. Connecting your social media accounts to your business is old school. The software's technology lets you execute tasks like

Interact with leads as they enter the website via live chat
Customize Zoho SalesIQ to track visitor movement so that the sales team can use the data for future pitches

Organized specialized surveys for data collection
Autolog and update each call with added notes

Integrated System

Zoho CRM software works best for property managers because of its integrated framework. This system reduces workforce inefficiency by bringing different business channels under one roof. This integrated approach to customer management makes the software suitable for property managers.

Workforce Efficiency

For example, the finance team may collect the relevant accounting data for a particular month. With an integrated CRM system, a team handling the complaint resolutions can access the same data and use it to resolve the customer's issues. With this system in place, the entire workforce works as a single entity to ensure customer satisfaction.

You can also install a chat tool in the CRM for maximum collaboration. This way, each team can remain easily updated on vital information, deals or announcements.

Hiring a Tech Partner

To receive the best possible outcome, look for professional, trustworthy tech firms to assist you. A Zoho-certified partner is a must if you want to take advantage of all the relevant features of the software. Since it is an extensive system, it can take you and your team some time to get the hang of things. Here is where the Zoho certification comes in handy.

The tag means that the software's parent company has recognized the firm. The implication is that these people know the system inside out and can help you be as familiar with the technology as them. Besides these, a team with Zoho certification also knows how to install the software correctly into your company's system. Since in itself, Zoho is fully customizable, they will also tweak the tools to create a unique, user-friendly interface.

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How You Can Prevent Data Overload With ERP Software

Fri, 06 Aug 2021 08:00:00 -0500

Data is extremely valuable for the real estate industry. Companies process huge amounts of data to finalize important decisions. In fact, 7 out of 10 businesses think data discovery is very important. But what happens when there is too much data? Your software experiences an information overload which can decrease its data processing efficiency.

Contrary to popular belief, huge amounts of data are not equal to better analysis.

As a property manager, your monetary decisions usually depend on data analysis. Real estate ERP systems can be useful in preventing data overloads in the CRE industry. Read on to know how you can utilize ERP software to prevent information overloads.

How to tell if my software is overloaded?

Software data overload can be detected by analyzing a few metrics. Even though it is capable of handling a lot of data, it won’t function as effectively if there is an information overload.

Efficiency: Does your software work as efficiently as it did initially? Are the performance results unstable? A decrease in software efficiency could be a sign of data overload.

User review: If you cannot detect overload through measurable metrics, ask the software users for insights. Are they finding the software difficult? Do they find too much irrelevant data in the software? This junk data might have occupied the place of valuable information.

Steps to prevent data overload

Data preparation

The first step for data overload prevention is to prepare the data. This helps you identify the problem areas and analyze data based on priority. Some steps to prepare your data are:

Identify data sources

Identifying where your data is coming from is crucial to filter out bad data. This data can be anything from emails and contact information to market analysis and tenant messages. Typically, this data comes from social communication tools, websites, or other data capturing software. If a particular source is constantly sending bad data, you can block it at the source and reduce the amount of data collected.

Eliminate bad data

When using ERP software, the quality of your data matters. According to Garter, organizations lost an average of $15 million in revenue due to poor quality data. Bad data is anything incomplete, inaccurate, irrelevant, or duplicate. Such data occupies more space without providing any value. Remember, for ERP systems, quality matters more than quantity. You can filter out bad data by analyzing all information and rejecting or deleting irrelevant data. Early elimination of bad data can prevent further complications such as lower productivity and increased expenses.

Make data ERP-ready

Data migration is not as simple as copy-pasting information from one place to another. Depending on your original data storage, your data needs modifications to be compatible with the new storage solution. You can opt for step-by-step data migration or move all the data at once.

Automation

Once your data is ready, you can automate your data management through ERP software. Depending on your requirements you can decide on the ERP implementation solution. Certain platforms have pre-made templates for various businesses. Your ERP solution should adapt to the company’s data management requirements. You can either train your in-house team or hire an outsourcing company to migrate data on your new ERP software. For smooth data management, you can take the following steps:

Divide the automation into stages

Automating is easier when done in steps. Start by dividing your data based on priority. If tenant data is more important than anything else, migrate it first. Automation isn’t an instant process. It can stretch from days to months. Planning your automation strategy beforehand can ease the actual process.

Streamline your software

Every company has different goals and requirements. Off-the-shelf software does not have custom features that suit your business. Through RPA tools, you can integrate various features to build custom software for your company. Platforms like UiPath make integrations easier through their various tools.

ERP modules for data management

There are different ERP modules you can utilize to automate real estate processes. By combining all the modules, you can streamline your data management and prevent data overload.

Task manager

A task manager lets you organize your real estate tasks using a single platform. Through this tool, you can view and assign tasks to your employees. You can view all your tasks on the dashboard which makes it easier to plan them. The software keeps track of all the tasks and stores the data in its own backup.

Artificial intelligence

Data management has become easier and more accurate with AI. A PwC report states that artificial intelligence will change the real estate decision-making process. Using artificial intelligence, you can easily reduce the amount of bad data in your storage. The AI will analyze all the information and filter out irrelevant or duplicate data. It will also organize the data so you can access it easily.

Cloud storage

Local storage can hold only a limited amount of data. Moving to the cloud gives you a larger storage space that is also more secure. Moreover, you can remotely access the data through a connectible device. Sharing the data with your employees and clients also becomes easier.

Visual reports

Instead of the bulky analysis reports, AI can display the same through simple visual representations. Using pie charts and line graphs, it can show you all relevant information. This helps in easier understanding, comparison, and storage. These reports can also be conveniently shared with clients. This eliminates unnecessary analysis data, while still keeping the important information.

Prevent data overload through Assetsoft

With efficient data management, you can prevent your software from getting a data overload. At Assetsoft, we provide you with the tools and resources required to build a good data management ERP. Through platforms like Yardi, UiPath, and Procore, we integrate the best features into a single platform suiting your requirements. Our team of experts provides support and information throughout the process. From data migration to AI forecasting--we have all the services you need!

For more information about data management, reach out to Assetsoft!

The Top 8 Reasons to Use Chatbot Technology for Property Management

Fri, 30 Jul 2021 08:00:00 -0500

Chatbots are not new to the internet. 67% of consumers worldwide had an interaction with chatbots last year. Whether improving customer experience or collecting information, chatbots have made their way into every industry. In real estate, they are used to interact with prospects and convert more clients. They are quick, smart, and user-friendly--making them the fastest-growing communication channels.

As the CRE industry highly depends on lead conversions, consistent lead interactions are important. Chatbots can handle many real estate processes. Let’s look at the top reasons why you need to use chatbot technology to improve property management.

Digital Rental Application

Chatbots have made rental applications easier and quicker. Instead of filling long complicated forms for every property listing, they can simply upload all their information through the chatbot. This lets AI display relevant listings for you and also send digital rental applications. Prospects who are interested in a specific listing can choose to leave their contact information or fill in their digital forms, all at the comfort of their home. They can also keep track of the applications submitted by them.

Pre-Screening Tenants

Not every lead generated through your website suits your business. Filtering hundreds of applications to identify good leads can be tedious. You might also miss out on some good tenants by overlooking certain applications. Chatbots can carry out a conversation to collect predetermined information. It can further filter leads based on this information to identify good leads. For example, if you do not allow pets, you can collect this information during pre-screening through a chatbot. This way, only those leads who do not keep pets are filtered out for further action.

Automated Follow-Ups

Generating leads is not as difficult as nurturing and retaining them. According to IRC Sales, 44% of salespeople stop following up after a single failed attempt. But 98% of sales happen only after more than one follow-ups. Chatbots can eliminate this problem by automating lead follow-ups. You can send scheduled personalized messages to your leads through emails and texts. Chatbots can also collect any additional information and redirect important emails and texts to the relevant staff. This helps you to nurture your leads through AI and also handle it manually when required.

More Lead Conversions

Prospects looking at your property listing can send in an inquiry anytime they want. During office hours, your staff can handle such queries. But after office hours, replies to lead inquiries get delayed. According to Vendasta, 78% of customers buy from a company that responds to them first. You can either hire many people to keep up with customer queries or implement a chatbot. With chatbots, you can instantly reply to any prospects to collect relevant information, no matter what time it is. They can also handle multiple prospects at a single time. This increases the chances of conversion as leads develop a positive feeling about your listing.

Virtual Property Tours

Virtual or self-guided property tools have recently become more popular. During a time when people prefer contactless technology, self-guided tours have become a boon to the real estate industry. AI-based chatbots can give 360-degree virtual tours within the application itself. This helps prospects examine the property without visiting it.

Or, interested leads can also opt for self-guided tours. Through the chatbot, leads can schedule an appointment to tour the property. They can use the bot to ask questions, collect information and send in queries. The bot fills the gap of an agent and helps deliver a complete property touring experience to the prospect.

Better Time Management

One of the biggest purposes of using AI chatbots is saving time. Chatbots can handle multiple prospects at a single time. It can interact with them with the same speed and accuracy. This can free up most of your staff that is focused on simple and small tasks. For example, the chatbot eliminates unqualified leads by collecting information. So your sales team needs to focus on a smaller number of pre-qualified clients, saving time and effort. Chatbots can handle the most mundane processes and complete tasks where human interaction is not an absolute necessity. This can boost efficiency and productivity as your staff can focus on other important tasks.

Easier Property Maintenance

Property managers receive a lot of maintenance requests every day. You can better organize your property maintenance through chatbots. They can open tickets for tenants to submit maintenance requests. As the bots are available 24x7, tenants can submit their requests anytime. If a staff member isn't available to handle the issue immediately, the chatbot can collect necessary information and forward it to the relevant person. It can also organize the requests based on priority, so you can deal with the high-priority ones first. All the maintenance requests are stored in the database, so you can keep track and handle all of them.

Better Management

Chatbots use a variety of technology such as artificial intelligence and natural language processing. This enables the bot to understand and process user messages. Even though it is a robot, the chatbot tries to generate human-like responses to prospect queries. Instead of templated answers, chatbots can read and understand prospect replies to send relevant answers. This increased engagement between the prospect and bot helps retain more leads.

For example, Yardi’s RENTCafé Chat IQ uses natural language processing to understand texts regardless of spelling and grammatical errors. It can easily read user messages that use abbreviations and slang to give custom responses.

Automate Your Property Management Through Assetsoft

Implementing chatbot technology requires the right knowledge and expertise. At Assetsoft, we have helped several clients choose and integrate the right tools for their business. Through platforms like Yardi, MRI, and Procore, we can help you leverage the best features--chatbot technology and more! We also help clients harness the benefits of automation through RPA, IoT, and AI Forecasting. Our experienced staff can provide practical solutions to all your property management problems.

To start with property management automation, reach out to us at Assetsoft!

Texas Retirement Systems $100m Commitment with Real Estate - What to Expect

Sun, 09 May 2021 15:31:53 -0500

COVID-19 has claimed hundreds of thousands of lives and changed how we work.

Thankfully, monetary stimuli like the Biden administration’s $1.9 Trillion stimulus plan has kept the U.S. economy relatively healthy.

Real estate has continued to fare well across U.S. and Canada. The demand for housing has grown considerably even during the pandemic. Commercial real estate—one of the most significant victims—showed promising signs near the end of last year.

Now, the TMRS (Texas Municipal Retirement System) allocated $200 million in real estate funding in recent months.

These funds are split into two, which we'll go through in a bit. Each fund received $100 million, and they promise relief for the municipal real estate sector.

The first fund: Transwestern Strategic Partners Fund III

Managed by Transwestern, it's a value-added fund. The partner organization is among TMRS' managers. The fundraiser launched in January, yet it seems like it didn't reach its $450 million purpose.

However, TMRS secured six investors, adding up to $259 million. This capital will provide relief for assets related to multifamily, healthcare, and industrial sectors. It’ll also aid some medical office and retail properties.

The second fund: Platform Ventures Real Estate Strategies V

On the other hand, Platform Investments owns this fund, and it’s a recent TMRS manager. Unlike its counterpart, it targets opportunistic real estate assets. It opened somewhat earlier, in October 2019, and it raised $14 million in its first year.

It might sound like a lot, but it’s far from its $300 target. Nevertheless, COVID-19 took over most of the fundraising period, making the goal harder to reach.

Government's interest in real estate

Governments have always prioritized real estate for its role in developing cities and contributing to virtually all markets. That’s why we have so many government grants.

Essentially, helping the real estate sector yields superior returns for governments. In exchange, startups and established companies can offset many hurdles, like the recent pandemic.

Multiple funds available

Only in the US, that linked article lists 19 real estate funds. They come from government and private entities alike. However, each fund has its eligibility criteria and available capital per company.

Outsourcing city projects

Why are there so many public funds? That’s because real estate is critical for any city’s development. It provides the space necessary for industries, offices, retail businesses, and housing.

Governments can outsource city development to real estate firms. These funds allow said firms to perform more effectively because they can invest in resources, technologies, and logistics.

Governments’ role in the sector

For some experts, the government is among the most influential factors determining a property's value. Whether it's more important than social factors, location, or other aspects, we can't deny the influence.

Additionally, a government’s role in the industry goes beyond public funding for development and management companies.

Financial intervention

Firstly, government intervention is considered crucial for the economy in many cases. The extent of this intervention changes whether it’s good or not. One of the best examples is the Fed bailing out banks during the 2008 crisis.

Is today’s funding similar? In some ways, yes: the government is intervening in the market to aid one industry. That’s the first half of how the government is abiding by its responsibilities.

Infrastructure development

Infrastructure is among the governments' primary responsibilities, with the most common instance being roads. According to experts, these "free goods" that everyone can use can only be provided by the government.

For-profit companies are unlikely to spend resources building a road that won’t generate profits. However, governments can pay construction companies for these developments, benefiting all parties involved.

When intervention gets out of hand

When government intervention aims to control the market, distortions begin to appear. Overinflation and other phenomena become more prevalent, and asset values tend to plummet.

For instance, you can check the prices per square meter for buying apartments in the US compared with other American countries. For reference, the average price per square meter in Caracas—the Venezuelan capital—is around 10% of the median US price.

Is this the current case?

So far, the stimulus provided by the TMRS is solely an example of financial incentives. There's little reason to worry about market distortion. That said, it raises unique concerns about competition and how you can take advantage of the fund.

As such, let’s go through what property managers should expect and how they can prepare.

What can real estate companies expect from these moves?

We can simplify this movement by injecting capital into the real estate sector. Increasing liquidity leads to more investment power for the companies receiving it. That means better investment opportunities for companies in the region.

How does that translate? We can foresee three significant benefits and requirements (simultaneously) for real estate companies.

More flexibility

On the one hand, companies gain financial power. That means better reach into more markets, technologies, and project development.

However, it means companies need a proper methodology to accommodate this liquidity influx. Taking advantage of these benefits still requires effort.

Proper forecasting

Secondly, companies will build better forecast structures and implement the necessary technology to improve their accuracy. AI forecasting is a great example.

Nevertheless, accuracy improvements might become necessary, as companies require better assessments of how the market evolves.

Strategy development

Finally, building a robust investment strategy to leverage these funds will likely prove invaluable.

It could be pretty challenging, though. Average liquidity will increase as companies receive funding. You'll need effective strategy and leadership to overcome stronger competitors.

Finally, we can’t overlook the need for proper technology implementation for real estate companies. As trends like remote work become standard, leveraging cloud ERP solutions can make a significant difference.

How can Assetsoft Help?

Assetsoft have worked with several enterprises, helping manage the medical, dental and hospitality funds. We have helped our clients invest into hotels and build their portfolio, while we took care of the investment accounting.

Talk to us for Yardi consulting or MRI integration, and let us take care of the back-end work. We will help you calculate the distribution amount while avoiding accounting inaccuracies and errors. Our accounting experts are well versed with all popular and complicated accounting methods, from capital call fund accounting to Waterfall calculation.

Some calculations like bridge loans may bring up inaccurate results when done automatically. For these, our team members do it all manually, to ensure accuracy and avoid errors.

Want to use the right technology to do more? Assetsoft offers professional technology selection services to assess the best investments for your company. Know how we can help you choose the right ERP, or help you with everything from back office accounting to robotic process automation.