We have highlighted the top 7 features that your MRI consultants must have to ensure you have the best integration experience. Check out the list below.  

1. An official MRI software partnership  

Any MRI consultant you work with should always be an official partner. MRI offers official partnerships, and the partners are all trained to know the software integration and upgradation inside out. That is why working with an official partner is crucial. This will help you transform your business with the best experts in the market. An official partner will help you leverage the specific software features that can help your business grow. 

2. Detailed working knowledge of the software  

Before you onboard an MRI software consultant always make sure you know about their previous work. If your partner is new to the real estate software integration market, then it might be difficult to work with them. MRI is one of the most niche software options; if your partner does not have enough experience, they may easily mess up the integration process. This will also hamper the disaster recovery process. An inexperienced partner will not have enough knowledge to properly test the platform to ensure a correct setup.  

3. Must have additional experience in real estate tech  

Your MRI consulting partner must also specialize in real estate tech integrations and solutions. MRI is a niche software, so basic software integration knowledge will not work here. Without this, your partner will not be able to suggest which MRI services are best suited for your business and which may not work great. 

If you want to manage an affordable housing project, then a basic commercial real estate management plan may not work for you. Your partner must thoroughly understand the real estate market to give you the best results.  

4. Must offer MRI software integration  

The MRI software integration process must provide an end-to-end solution. From consulting with you to understand your automation and property management needs to customizing software accordingly. Your partner must evaluate your business goals and provide comprehensive integration plans based on the goals.  

5. Must offer MRI software upgradation  

There are many businesses that have already integrated MRI software into their real estate business. That is where your MRI integration consultant must also provide a proper health check-up of your previously integrated software solution. 

A periodic check-up of your current setup helps you understand if you are using outdated features and if there is scope for growth. This also helps make the integration and implementation optimal, and you get the best value for your money. For example, at Assetsoft, we provide health check-up services for your current MRI software implementation. With this, we do a complete evaluation and provide you with reports on problem detection and solutions for the same.  

6. Should offer MRI software training for staff  

As we mentioned before, MRI is a niche software, and using it can be intimating for your staff who have worked with manual processes for too long. That is where your MRI software consultant should help with proper staff training.  

The right partner will make sure that each stakeholder and employee in the company knows about all the MRI features. They should also be trained to work with and optimize the usage of each feature to speed up work and automate your business processes.  

7. Providing advice on the software features  

MRI has many software features that may not work for your particular business. Your partner should be transparent about it and provide you with the best suggestions. They must suggest software features that will be the best value for your money and also put you ahead of your competitors. If needed, they should also offer feature customizations for better results.  

Beyond the 7 factors we already mentioned, your MRI consultant should also offer you other important things, like,  

• A completely flexible support system even after the software integration is compelete. 

• Offer affordable packages for your software integration plans. 

• They should help to adapt the software based on your real estate business needs.  

• They should also offer data conversion into the MRI software from your manual or other data systems.  

• Custom report writing solutions for MRI. Like Assetsoft offers correspondence, SSRS, Custom MRI Reports, and much more.  

If you want to leverage all of these features and more, it is time to consult with Assetsoft. We are one of the top independent MRI software consultants. We will help you upgrade your systems to the revolutionary MRI platform and help automate many of your tasks. We provide an end-to-end solution, from consultation to implementation, and further support post-implementation. So, when you partner with us, you no longer need to worry about half-baked solutions.  

o, what are the top benefits of using MRI software in New York? Can it help in combatting some of the most impending issues? Let us find out more about this.  

1. Real estate portfolios are diverse in New York 

In New York, all real estate businesses have a diverse portfolio. Multiple types of properties come under the same umbrella, from multi-family homes to condos. It can be very hard to manage all the properties and physically visit each one.  

You or your property manager no longer have to visit the properties to listen to customer issues. They can simply leave feedback on your dashboard, and you can address them from any location.  

2. Meet all the state housing compliances  

Each housing sector has its own housing compliance requirements in the USA. From public housing to residential housing, or condos, each is different. From tax payments and insurance renewals to following community guidelines, there are a lot of other rules you need to follow. But human errors are unavoidable. Data says that businesses in the USA lose over $3.1 trillion a year due to minor human errors.  

You need to automate your compliance management process with the MRI software to avoid such monetary losses and stop failing to meet compliance guidelines. All parameters will be pre-set in the MRI system, so all your guidelines are followed and nothing falls through the cracks.  

3. Managing public and affordable housing to address the housing crunch  

According to the NY Times, New York never seems to have enough affordable housing units in the market. As fast as the demand for affordable housing is growing, the number of housing units is not growing as fast. There are now over 55 million people here, and the housing issue is affecting most people.  

So, amidst this chaos and shortage, it can be overwhelming to take care of the logistics and management if you are a public and affordable housing organization. The demand is constantly rising, and the number of people looking to find affordable homes is growing more than that. It can be an intimating process to keep up with all the state and federal compliances when the rising demand is taking a toll on you and your business. 

With MRI affordable housing management solutions, you can automate all compliance work. You can easily comply with regulations for HUD Multi-Family, Tax Credit, HOME, USDA Rural Development, Public Housing, HCV, RAD, MTW, and more.  

MRI also offers Housing Choice Voucher Program for public housing platforms. This helps you stay compliant with all government rules. These vouchers have a lifecycle, so you can check all their updates on the MRI dashboard to avoid any legal issues due to human errors.  

4. Waitlist management  

The number of properties to tenant applications ratio in New York is vastly irrational. It can be very hard and tiring to comb through all of the applicants on the waitlist and find good tenants. That is where the MRI waitlist management feature comes in to help you. It automates the process, helps you filter through the lists, and gives you some useful, understandable data. With this software, you can now avoid all long queues outside your offices and manage all applications remotely.  

5. Avoid all problems of false tenant checks  

There are many tenant checks which come up with false results. But not when you are working with MRI software. This resident screening feature always does a deep search into the history of each tenant so that you do not get stuck with problematic tenants. Tenant turnovers can cost you $2,500 on average in New York and also leave you with a lot of losses. So, it is always best to get high-quality tenants after filtering them through MRI resident screening than pay extra money for bad tenants.  

• Fractional ownership 

In typical scenarios, most individual property units are always sold to one owner. But blockchain tech gives the opportunity for fractional ownership of real estate properties. When one or two investors do not have a large sum of money to get one property, they pool their money together for one property. They can buy or sell fractions of the property through their blockchain usage and their trading apps/websites. 

When there is fractional ownership, then people do not have to pay for maintenance and upkeep all alone from their own pockets; the shares get divided as per the ownership ratio.  

• Liquidity 

Real estate is generally considered a non-liquid asset that takes a lot of time to process transactions and get the money rolling. So real estate investments need time to convert into real cash, making some investors wary of investing. But with the advent of blockchain tech, things are changing; even if sellers can not find one right buyer, they can quickly sell parts of it to multiple buyers and earn quick cash. 

In theory, cryptocurrency can be converted to fiat currency at any point in time, and hence dealing in crypto to get real estate sellers can speed up sales.  

• Decentralized data management system - low chance of fraud 

Blockchain uses a decentralized data system to store data which is set on a public ledger. The data is accessible to all peers, which increases the transparency and credibility of the data. This information can be verified at any time before the transaction goes through. This reduces the number of fraud attempts and also helps increase the level of trust between sellers and buyers.  

Why do you need this tech in your property management plans and head into the future with security? Market research found that cyber security fraud in the real estate industry amounts were more than $350 million in 2021, whereas it was only $231 million in 2020.  

Where can real estate use blockchain? 

Though many of blockchain's uses in real estate are yet to be explored, some of the top uses are listed below.  

• Asset management 

With the use of blockchain, all real estate assets can be tokenized, and all information about them is stored in the public ledger. These digital assets can include ownership rights and a series of unlocking procedures to ensure an ultimate level of security. 

Digital real estate assets can be customized as per customer needs and demands. Unlike physical asset distribution, where the transfer of assets/properties can be a real taxing process. As a real estate owner, you can keep track of all these assets and their transactions and owner details through any blockchain user dashboard you use.  

• Property management 

Sharing information and conducting business from one location can become a hassle when your real estate business goes national or even global. This is where blockchain tech can become really helpful. Data sharing and storage are very secure with this tech, and national or international borders are no barriers to it. This also helps generate much better quality data and helps in better decision-making for sales and business growth.  

• Investor and tenant identity  

Identity theft in the real estate industry is much higher than you would imagine. Identity Theft Resource Center (ITRC) says there were more than 1,862 identity theft cases in the first quarter of 2022 in the US alone. Blockchain can provide a much safer and more secure solution for personal identity data storage and makes sharing much easier for all real estate customers. 

There are different types of distressed properties in this volatile real estate market. Here is a quick view of a few of the most common types.  

• Foreclosures 

When the homeowners fail to pay the mortgage for a long time, the property will be foreclosed by the bank and sold off at lower costs to retrieve the mortgage value. In a foreclosed property, the title of the house is still in the owner's name rather than the money lender's name. This is the most common type of distressed property.  

According to CNBC reports, after the pandemic, when mortgage rebates and bailouts ended, foreclosures jumped by 32% in the first quarter of 2021. This sent a lot of good properties into the distressed sale category. Many real estate investors and business owners made good use of this and bought good properties at cheaper rates. Are you planning to do the same but don't know how? 

• REOs 

REOs or Real Estate Owned or Bank owned the bank already owns properties. The bank foreclosed on them where the previous owner had their mortgage. When the original owners fail to pay their due mortgage charges, the bank that gave the mortgage has an option to make the property in their name. 

When this happens, even if the owners do not vacate the home, they can be evicted by the bank. After this, the bank can sell the property at a lower cost to get a return on its investment and recover some of its losses.  

• Short sales 

Short sales are a unique situation where the money lender bank does not make the property in its own name when mortgage payments fail. But they agree with the owners to make a sale at a lower price to cover the mortgage costs and retrieve the lender's money.  

Buying a distressed property comes with its own unique advantages that real estate business owners can benefit from. Here is how.  

• Cheaper prices 

Since the owners or the money lending banks are selling these properties to retrieve their money, they have a lesser rate than the actual market value. You can evaluate and inspect the property and see that you are getting a great property at a throwaway price, then it is a great investment.  

• Has potential for growth in the future 

As a real estate property manager, you must know how to upscale an existing property to get higher market value. So, buying a distressed property can help you “buy low, sell high.” You can flip these properties, revamp them and sell them at a much higher price than your original investment. This will positively impact your ROI and increase your grasp of the real estate market.  

• Can have lots of repair work 

When people sell properties at lower values, there is a high chance that they did not spend money on repair works if they did not have money to pay the mortgage; they sell as-is. This means that some of these houses can be in seriously bad condition. So doing a house inspection before buying is a wiser investment journey.  

• Title and ownership issues 

The previous mortgage on the distressed property will be wiped off the payments you make during the sale. They are in the previous owner's name, and you might get stuck with them. But there is a high chance of getting burdened with unpaid property taxes. It is better to investigate all these before investing.  

• It can take longer to close 

Foreclosed or REO properties do not face this problem because they are already closed, and the deal has been closed. But if you are looking to bid on a short sale home, then there are chances that it might take a long time to close.  

Mixed-use properties are mostly rising due to the new lifestyle choices of the present economically-active generation. This primarily includes the millennials and Gen-Z, who have demanding jobs and not enough time to spare for other activities.  So they demand to have these activities right at their doorstep to get the best of both worlds.  

According to a National Association of Realtors (NAR) survey on community and transportation preferences, they found that more than 62% of millennials prefer to have all amenities within walkable distances. Beyond that, there are 5 more factors driving this trend. Take a look.  

1. Urban development 

Mixed-use properties are one of the major developments in nearly all metropolitan urban habitats like Ohio, Boston, Texas, and more. The high migration of millennials and baby boomers into these cities due to employment and other opportunities are increasing by the day. Even neighboring suburban areas are getting urbanized, and properties offering amenities beyond simple residences are becoming increasingly attractive.  

2. Change in lifestyle 

Big brands and chain retail stores are no longer the only places of attraction for millennials. They are increasingly indulging in one-off boutique and localized stores. Providing these services under mixed-use properties is helping this generation sustain this lifestyle change.  

3. Concept of co-working spaces 

With the abundance of technology selection available for the new generation, their office attendance decreases. Extended remote work is also playing a part in this trend. But not everybody prefers to work from home constantly; some prefer to work from casual workspaces like co-working spaces. Residencies that offer additional facilities of leisure combined with workspaces are becoming a rage.  

4. More sustainable 

More and more CRE business owners and investors are going for more sustainable real estate options for a more eco-friendly business approach. According to Forbes news reports, the real estate produces more than 40% of the total global carbon emissions. Having more facilities under one complex helps bring down the overall carbon footprint of managing properties when people cut down on their everyday travel due to most resources being available at walkable distances.  

5. Demand for homes closer to work 

Research says due to the advance in remote work, employees are saving thousands of dollars on the commute, and now they desire to live close to work or even live in the same complex as their offices. This allows them to save up on a lot of money and reassign that to rent or other basic amenities, increasing the demand for mixed-use properties.  

• Broader appeal 

Your properties can now appeal to a larger audience and collect more on rent from families to single working people and even migratory working class. This has a higher chance of selling if your property can cater to a larger audience.  

• Integrated management 

There are multiple different types of facilities and amenities to manage in a mixed-use property. You need proper property management software to get the job done. Integrating software like Yardi or MRI can help solve this. They can manage residential, commercial, and retail properties at the same time and streamline your tenant and property management work. You will not need to run to and fro to different properties to get the job done; you can do all of it from your user dashboard, even from remote locations.  

• Diversified business 

A mixed-property has a diversified business portfolio, so it can help you sustain during tough economic crises. You can collect revenues from multiple avenues without solely depending on one source. Even if your retail does not work, your residents are still there or vice versa.  

There are some slight disadvantages of a mixed-use property. But they can be easily mitigated if addressed at the right time, and your leadership and strategy are planned accordingly.  

• Can cause parking issues 

Due to multiple facilities being under one community, the number of cars will increase; with poor management, this can become a real issue. Retail shops and family parking should be managed separately to avoid any hindrance.  

• Residential tenants might be agitated 

1. Choose the right software and equipment 

There are multiple different software and technology selections out there which are the talk of the town when it comes to VR. But as a real estate property manager, you have to find one which works best for your real estate business and is not just VR for general usage. Do not get intimidated by the umpteen number of options available in the market; that is one of the biggest reasons why many real estate property managers backtrack from the idea. If necessary, make a list of everything you want to achieve from this virtual tour and start the technology selection process to streamline the process. 

Beyond the technology selection, you also need the proper equipment to shoot the virtual tour, edit it and upload it. Some virtual tour cameras are very affordable these days. Do your market research and invest in one.  

2. Plan what you want to show 

We get that everybody is not great with photography, so do not let the process scare you need to planning ahead. Make a script for all the shots you want and the property features you want to highlight. Talk more about your property’s USP but also highlight all the essential features to attract the right set of customers.  

3. Decorate and stage each room 

A raw room or property will never look nice in photographs, no matter how good your listings are. You need to stage every room before you start shooting to avoid bad shots. Decorate with fine elements and do a minimalist job to give the customers a clear idea about what their furniture would look like around the home.  

4. Do a few trial shots 

Without a professional photographer, it is a must that you do a trial round of photographs and understand which angles work best and which light setting, or color schemes do justice to your property. Move ahead accordingly.  

5. Always use a tripod 

Do not let your shaky hands do the shoot; you need to use a tripod to stabilize all shots and get a professional video.  

6. Create your virtual tour 

A raw video on camera does not do justice to your property listing. Finetuning it with proper editing is crucial to get the best results. Once you are done shooting the video, you must remember to edit with a professional tool.  

7. Share the tour 

When you are done with the process, you will need to upload it to your system with an online link and also ensure that the video quality is maintained in the online version.  

• Try to use natural light 

Shoot the whole video in natural light. If you are not a professional photographer, handling artificial light can be daunting.  

• Can shoot with a phone camera 

If you do not want to invest in the whole photography equipment set, you can also try to shoot the video with a good phone camera, but the tripod is a must even with that.  

1. Meeting housing compliances 

There are many governmental guidelines and compliances in running an affordable or public housing facility. But due to many hindrances n their daily tasks, it is hard for Public Housing Agencies (PHAs) to keep up with these compliances but any violations can also lead to a legal fine and further harassment. MRI has developed features to effortlessly keep up with all Housing and Development (HUD) compliances. They have a tenant screening process assistance for residences to get all documents verified and sent on time to avoid any challenges.  

2. Online rent payment and automated reminders 

The pandemic has shown real estate business owners and property owners the true value of digitalizing their process. MRI software helps in online rent collection, works with late payment requests, and sends automated notifications to all customers when rent is due. This helps property managers and landlords collect rent remotely, never lose out on money, and hamper cash flow due to travel restrictions of the pandemic.  

3. Waitlist management 

There are many applications that come in for the same property and even the same units, and screening through all of them is a crucial but boring task. MRI software can automate this process with its waitlist management process. It filters through incomplete and fraudulent applications, tracks all dates and data, backs it up on cloud storage, and reduces the waiting time for all tenants before the onboarding process starts.  

4. Voucher management 

The Housing Choice Voucher Program is a strategic scheme by the US government to get affordable housing for low-income families. These voucher systems have a lifecycle and need to be managed throughout to avoid fraud. All information on FMR, Payment Standards, Income Limits, and Utility Allowances is already there in the system and can be accessed with a click to never land in any legal trouble due to ignorance or human errors.  

5. Workplace management 

Most real estate offices follow a “get it done” practice around the offices; though that process might work for you in the present, it makes management quite a pain. Automating this process not only saves up your valuable time, but your employees can then also work remotely.  

6. Lease lifecycle management 

Commercial leases are complicated legal documents, which might seem quite boring and incomprehensible in general, but when any of the regulations are not met, they can end up in long-term legal problems. So MRI services offer an AI-powered lease abstraction plan where bigger commercial leases are summarized and simplified into shorter versions for better understanding. Such streamlined lease accounting can stabilize the financial and accounting work of the company. It helps real estate businesses keep up with FASB regulations, including ASC 842, IFRS 16 & GASB 87 compliances.  

7. Investment and asset management 

Investments in the right places and managing your assets properly, and incorporating preventive methods for their upkeep is the best way to grow your real estate business. MRI services help you get better industry insights on the right investments, like technology selection, market trends, etc. MRI can also keep track of your asset lifecycle, from current conditions, insurances, and subscription deadlines and help you prevent any complaints from tenants by getting ahead of the curve. The right technology selection and your strategy and leadership body can get you your money’s worth on your assets and investments.  

8. Gain performance insights with data analytics  

A proper strategic plan based on customer buying patterns, authentic market trends, and data can significantly help in business growth plans. MRI services can tell you which of your properties sold out faster, which one had maximum tenant turnover, which ones are dead investments, and which have the potential for growth. Analyzing these data with the human workforce can be time-consuming and bound to be filled with minor yet fatal human errors.