Assetsoft - Blog #Pandemic

Common Problems found in Home Inspections that you can avoid to increase sales

Fri, 29 Jul 2022 07:58:00 -0500

It is an obvious fact that homeowners will do a home inspection before they move in. But as a property manager and real estate business owner, it is wise to conduct your inspections before you onboard an old property to sell or rent it. This will save you the cost of losing tenants due to uninhabitable living conditions, and you will be fully aware of the condition of your properties and sell them accordingly.

A licensed inspector can find many minute problems that the naked eye can overlook, and you need to be aware of these to not onboard any bad properties.

We have put together a list of typical home inspection troubles that real estate business owners face that can adversely affect their sales. We also speak about how you can solve and better manage them for better business. Read on to find out.

Why shouldn’t you skip a home inspection?

Yes, we mentioned that a home inspection would save you money, but it does a little more than that when you dive deep. Take a look.

It saves you legal battles with future tenants about undisclosed uninhabitable living conditions.
Ensuring the health and safety of your tenants.
Ensuring your company's reputation and brand image are maintained at all costs.
Forecast future costs of repairing or maintaining the properties you take onboard.
Find out what the deal-breakers are in each of the apartments you manage.

It will help you get ahead with your insurance providers, and you will know which areas can not function without proper insurance.

9 Problems found in Home Inspections: How to avoid them and increase sales

There are many minor issues like a broken window or minor repairs in woodwork or paint around the house. These might be highlighted in the inspection reports, but they are nothing to worry about. You can quickly mitigate these by scheduling regular maintenance work. But right below, we have listed out some of the major problems in homes that you need to pay closer attention to in order to get ahead of the problem.

Leaking or damaged roofs

This is a significant issue found in most old households, and worn and damaged roofs can be a major setback for property values. This happens more often if the house is in a humid place or storm-prone area. A home inspector will know where to look for roof leaks, damage, and places where it has become brittle and needs immediate attention. According to Forbes reports, even a minor roof repair can cost between $150 and $400, and a major repair can cost up to a whopping $7,000. If you see such damages in the property, you can quickly opt out of onboarding it and save later battles with your tenants about unlivable conditions.

Drainage and pipeline issues

There may be a hidden pipeline or drainage issue in the properties you onboard. Like there might be water backflow in the bathrooms, there might be pipeline leaks from the kitchen sink. If the property sellers cover these up, you might be scammed before onboarding them for sales if you do not do a thorough inspection through a professional inspector.

Faulty foundations and structural damages

Foundations and structural problems are the hardest to fix because they are at the core of the building and property owners need to tear down a lot of the building to solve these. It is best to steer clear of properties that show foundation or structural problems during an inspection.

Termites or other pest infestations

Landlords are entirely responsible for any termite or pest infestation in the properties. These can include ant infestations, wood termites, roach infestations, etc. If you find any of that in your inspections, ensure that the landlord takes care of it before you partner up with them to sell a property under your brand name. Plan your strategy and leadership in a way that the landlord is held accountable for such situations and the real estate company like you is not harassed in between.

Secret mold problems around the property

Mold is a hidden problem and is hardly ever visible at first glance. This is why a property inspection is crucial. Places below the carpet, behind furniture, and damp kitchen and bathroom corners can be affected by mold. They can be extremely costly to repair, and re-infestations can happen.

Incompetent heating systems

Survey findings say that it costs more than $6,000 for an average American household to change, repair or replace the house heating system. And such conditions can be a major turn-off for potential buyers. As a real estate property manager, you must thoroughly inspect and understand if the property has a failing and high energy-consuming system.

Faulty electrical wirings

Faulty electrical wiring can be a fatal thing for the whole community. Even if the faulty wire is in one property, it can risk the whole building, including all the residents. This is one of the primary things you need to have your home inspector get checked by to avoid any future problems.

Asbestos issues

Is the house you are looking to onboard built a few decades ago? There is a high chance that it might have asbestos roofs. Though the present construction of houses with such material is banned, many old houses still have this issue, and it is a significant health hazard for residents. Only a thorough inspection can help you detect such issues.

Lead-based paint

Any properties built before 1978 have a high possibility of having lead-based paint. Like asbestos, they are also a major health hazard, and finding them after a house sale can land you major legal problems with the residents. Hence, it is advisable to get it checked out before moving forward with a property.

Use property management to stay up to date with maintenance

A home inspection is only the first step in maintaining properties in your portfolio. Managing and maintaining them is a constant and daily task that helps you build your brand name and have cordial relations with tenants. But it is not a one-person job, and you need to have a proper selection of technology in project management to help you streamline the process.

At Assetsosft, we will help you choose the best property management software for your business to cater to your specific needs. Talk to us today to understand how we work.

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Canada's Hotel Industry Seems to Rebound in August

Mon, 13 Sep 2021 01:07:15 -0500

With the pandemic waning, most of Canada’s provinces have reopened using a step-by-step approach. For the country’s hospitality industry, this means more people, tourism, and revenue.

Last year, the hospitality industry was one of the hardest-hit sectors due to the pandemic. The hotel occupancy rates plummeted to an all-time low in April 2020, with 81.2% of the hotels being vacant. Now, the industry is already seeing a gradual recovery, with Toronto hotels having a 43% occupancy rate in July.

Adding to it, the Canadian government has introduced new measures which allow more tourists into the country. With these guidelines, more international tourists are willing to visit Canada for business and leisure. What does this mean for the Canadian hospitality industry? Read on to find out.

What was expected?

The sudden travel ban due to Covid-19 forced hotels to shut down or work on a low revenue. As the sector hit rock bottom, many industrialists were hoping to drive occupancy in the coming years. A study by HVS predicted a 15% rise in the market value of the Canadian hotel industry in the year 2021.

Hotels attempted to reduce losses by offering rooms and services at a discounted price. Yet, due to the Covid crisis, not many preferred traveling or staying at hotels. But, as predicted, 2021 has been a promising year for the hospitality industry.

According to CBRE, a commercial real estate company, hotel occupancies across major Canadian cities will range from 31% to 37% this year. Though these rates are far from pre-pandemic times, they are showing a gradual increase when compared to the rates in 2020.

What boosts the recovery?

With the vaccination rates increasing all over the world, more people are open to international traveling. Several countries, including Canada, have eased the guidelines and allowed international tourists to enter the country. From a surge in leisure tourism to essential business travel, many factors are boosting the hospitality industry in Canada.

Reopening of provinces

The country is gradually reopening provinces using a methodological approach. Some states are in the last stage of reopening, while others, like Ontario, are in the second or third stage.

Residents are seeing it as an opportunity to travel within the country. Boosting the revenue of the hospitality industry. A report by CBRE states that domestic travel is the key to driving hotel occupancy, with a 75% to 80% share in the total tourism revenue of Canada.

Provinces like Ottawa are coming up with programs to boost tourism. Hotels in the province are offering packages at discounted rates, especially for advance bookings.

International tourism

Canada welcomed the U.S. citizens and permanent residents back into the country starting August 9th. Lifting a 17-month travel ban across borders, the country mandated all travelers to be fully vaccinated.

Later, on Sept 7th, the Canadian government introduced new guidelines for international visitors from other countries. The measures make it easy for tourists, both essential and non-essential, to travel to Canada. Out of the several guidelines, visitors are required to produce a Covid-19 molecular test report and also be asymptomatic.

As international travel reopens, the industry counts on “revenge travel” by tourists who couldn’t travel during the pandemic. Even otherwise, the country can expect a surge in the hotel industry revenue due to non-essential travel.

Essential business travel

Business travelers from across the world want to travel again to boost their business. Many believe that their business will suffer without traveling. A survey by SAP Concur reveals that 96% of the participants are willing to travel for their business in the next 12 months. Among them, 36% want to stay in hotels on their next business trip.

What does the industry want?

Even though hotel occupancy rates are gradually rising, the hospitality industry is facing new problems. Several hotels are unable to return to the pre-pandemic condition due to the following reasons.

Labor availability

As the industry revenue plummeted, many hotels laid off employees due to the lack of business. Now, as the business recovers, hotels are finding it difficult to rehire staff. Very few have returned to their previous company and many have joined other businesses during the pandemic.

Vaccine Passport

The hospitality community is also pressing for a vaccine passport to keep its employees safe. Hotels will treat such passports as proof of vaccination, and allow customers to enter restaurants, lodges, and other buildings.

As the hospitality industry requires close interaction between people, a vaccination passport is essential to maintain the health of all its employees. As Tony Elenis, president of ORHMA, told CBC, vaccine passports are one of the most efficient ways to protect the industry from another lockdown in the face of the delta variant.

What can we look forward to?

Many industrialists believe that the hospitality industry will see a full recovery in the coming years. The HVS Hotel Industry Outlook report predicts a return to normalcy by the year 2024.

Even though tourism is increasing hotel occupancy, considerable revenue only comes from large bookings such as meetings and conventions. Currently, hotels are receiving fewer bookings from smaller groups for events and meetings. But larger conventions are generally booked in advance, hence, hotels are looking towards 2022 or even 2023 for considerable business.

Additionally, hotels are also relying on the increase in vaccination rates to boost their revenue. As Canadian guidelines require tourists to be fully vaccinated, increasing vaccination rates are making more people open to international travel.

Prepare for the rising demand with Assetsoft

Assetsoft helps clients find the perfect property management software through integration. Be it Yardi or MRI, we combine the required features into a single platform. We work together with you to understand your requirements and build tailored strategies for your business.

Our software integrations help you improve tenant communication, collect online payments and analyze property data. We ensure continued support in the form of data integration, software health checks, and staff training. By choosing Assetsoft, you don’t have to worry about your technology needs anymore!

Talk to us at Assetsoft and find the perfect property management software you need!

The Long-Term Impacts Of COVID-19 On The Multifamily Industry

Thu, 09 Sep 2021 13:50:05 -0500

The Covid-19 pandemic disrupted multifamily fundamentals in unprecedented ways. While the industry made several short-term changes, the impact of the pandemic isn’t limited to a certain time. According to The Business Research Company, the global real estate market is expected to grow to $4.6 trillion in 2022.

As the industry is recovering, it is time to understand the long-term effects of the pandemic. For property managers in the multifamily industry, understanding the below trends can help you better accommodate our tenants’ requirements.

Properties adapting to remote working tenants

Remote working is on the rise ever since the pandemic. By 2025, an estimated 70% of the population in the US will work remotely at least five days per month. As such, many multifamily properties have introduced new amenities to accommodate tenants working from home. The right technology can help remote working tenants work at ease from the comfort of their homes.

One such amenity is a reliable internet connection. According to an NMHC report, more than 91% of residents want high-speed internet and more than 74% want pre-installed WiFi in their properties. This matters, especially to the multifamily sectors as more tenants, rely on a single connection for their work.

The demand for co-working spaces is also on the rise. Shared workspaces can provide a professional atmosphere for tenants looking to work away from home. Co-working spaces are also better than corporate offices as they have a relaxing yet professional ambiance. Property managers can charge a small monthly fee to give access to shared cubicles with all the required amenities.

Virtual property management

The increase in virtual meetings has only facilitated technological development in property management. Even after the pandemic, tenants prefer virtual interactions not only for their safety but also for convenience. Right from screening to lease renewals, almost every real estate task can be done without physical interaction.

More tenants want companies to implement contactless technology even after the pandemic. A survey by Seekbeak revealed that 67% of prospects want more businesses to implement virtual tours. It also showed that such tours doubled the interest in the property listings.

This is for virtual tours alone. If we consider other real estate tasks, 89% of tenants want online rent payments as an option. And they prefer communications through email, phone calls, or online.

Trends show that tasks requiring the physical presence of agents and managers will be done through technology. Upgrading to virtual property management is an excellent way to capture the attention of tech-savvy Gen Z prospects.

For companies that want to move to virtual property management, well-known software like Yardi and MRI are extremely useful. Features such as contactless tours, tenant portals, and online payments help property managers seamlessly transition to virtual property management.

Changing clauses in lease agreements

The pandemic saw many regulations that differed from the clauses in the lease agreements. Limited access to common areas, deferred payments, and a temporary ban on evictions have made property managers rethink leases.

Future leases will include clauses that specifically address challenging times. Rent deferrals and rent reductions in the leases could help tenants during an unforeseen financial challenge. Similarly, mentioning terms governing common area access can keep property managers legally secure.

Transparency is the key to lease agreements post-pandemic. Tenants need to be aware of the new clauses when signing the lease. This helps avoid any legal disputes in the future.

Need for larger space

The pandemic has made people value an active outdoor life. As most outdoor amenities were closed due to Covid-19, tenants are looking for innovative ways to access the same amenities indoors.

According to Assurant, 70% of tenants want more outdoor space and 68% want a larger indoor space with more amenities. People are looking for spacious properties that can accommodate their office, workout area, and much more.

Property managers can accommodate such needs by creating lower-density areas. Duplicating amenities such as gyms and play areas can help tenants follow pandemic norms while enjoying the facilities. Allowing a limited number of people at a time can also help manage them better.

Efficiently planned common areas can also decrease the tenants’ need to have everything indoors. For example, property managers can dedicate a certain area for remote workers. This eliminates the need of having office space within the tenants’ apartment.

Cleanliness and sanitation a priority

Even as the pandemic norms ease, cleanliness and sanitation are still essential for safety. Common areas like hallways, playgrounds, and parking lots need to be regularly sanitized. Apart from that, leased properties also need to be sanitized as a part of maintenance.

Such tasks can be easily managed through property management software like Yardi RentCafe. Tenants can submit maintenance requests within the software. Property managers can access these requests through mobile devices and assign them to the right vendor or technician. It is also easier to keep track of the sanitization of each apartment, so you don’t miss any.

Formation of digital communities

To make up for the limited physical interactions due to the pandemic, residents have created their own digital communities. These communities include other tenants from their multifamily buildings who communicate through online platforms. Such communities increase social interactions while being within the restrictions of the pandemic.

Property managers can facilitate such digital communities through tenant portals like MRI Tenant Connect. These portals not only help you manage tenants but also give them a chance to interact with each other.

Implement the Right Property Management Solutions Through Assetsoft

Assetsoft can provide you the right tech strategy to deal with the impacts of the pandemic. Our team of industry experts can guide you by choosing tools according to your requirements. We can integrate multiple property management software like Yardi and Procore into a single platform. This enables you to leverage the features of multiple software within your budget.

We provide you complete support right from planning to implementation. Apart from software integration, we also provide services like data conversion, training, and report writing. Together with Assetsoft, you can meet your business goals by leveraging the right technology for your company.

To know more about our services, book a 1-hour free consultation with Assetsoft!

The True Cost Of Eviction And How To Avoid It

Thu, 26 Aug 2021 11:30:00 -0500

The most important aspect of maintaining a successful property rental business is having top-quality tenants who abide by the rules and pay rent on time.

Bad tenants lead to a loss of income in the future in terms of back rent. To protect your property and income from problematic tenants, an eviction may be necessary. However, it is a time-consuming and costly process and can be taxing for both you and the surrounding tenants.

Even back in 2015, eviction rates were high in the United States due to the rising cost of rent payments. Landlords were faced with high eviction costs while losing out on revenue as tenants were not able to make the monthly payments. Now with the effects of Covid-19, property managers are further burdened by rising evictions. During the pandemic alone, over 470,000 evictions were filed across 6 states tracked in the US.

Each eviction can cost up to $3,000 for the landlord, making it a costly ordeal. When possible, finding alternative solutions would be the better choice.

Knowing when to evict a tenant

You may be tempted to evict a problematic tenant when the situation gets out of hand, but to avoid any legal trouble, you need to be aware of when a quit notice can be presented to the tenant.

Before renting out any properties, you should make sure that the lease agreement includes all the important terms and conditions of renting a property. Any terms not mentioned on the lease can be fought in court by the tenant.

Here are some common situations where you can pursue the eviction of a tenant:

Recurring months of unpaid rent
Lease violations

Damage to the property by the tenant

The process of evicting a tenant

Due to the lengthy and uncertain process of eviction, many landlords prefer to avoid eviction and try to sort out the problem themselves. A certain amount of time needs to be given to the tenant to resolve the issue. This will differ depending on where you live. However, if the problem still persists, here’s what you need to do:

A complaint should be filed with the local court detailing the issue
A court date will be sent to you, and a summons will be sent to the tenant
On the court day, both sides will be presented to the judge by you and the tenant

If you win, the judge will issue a Warrant of Eviction, forcing the tenant to leave. If required, an officer will be present at the property to evict the tenant. Depending on your lease terms and local laws, the tenant may be liable to all proceeding fees:

Court filing fees
Back rent
Attorney fees

Damages to the property

However, if the tenant wins, they can continue staying at the property and the landlord will be liable for the court filing and attorney fees.

A breakdown of the eviction costs

The cost of eviction may be higher than what you factored in. There are additional costs such as maintenance and back rent involved as well. These rates will differ based on where the property is located. Here is the full breakdown of the true eviction cost:

Back rent - The eviction process can take up to two months to complete. You will lose this income during this period. On average, this can cost upwards of $1500.

Court filing costs - This rate will depend on the location, but the average in the US is $90.

Sheriff’s office charges - To serve a notice of eviction to the tenant, the sheriff’s office will charge a fee, typically ranging from $50 - $300.

Legal fees - The eviction process is complicated and requires a lot of paperwork. Hiring an attorney to handle this and also make sure it is all legal is important. Depending on the attorney, this can cost anywhere between $500 - $900.

Maintenance fees - Once the tenant has been evicted, the property will need to be cleaned for the next tenant. Personal possessions may need to be kept in storage or disposed of properly. This on average will cost around $300.

Property damages - Any damage caused by the tenant will need to be repaired and you may even need to hire a locksmith for security. This cost will depend on the level of damage caused but can range between $400 - $1500.

Marketing fees - There will be additional costs to list the property back for rent. This can cost up to $150 in total.

All of these costs add up to be an expensive endeavor for the landlord and this is not considering the non-financial costs involved such as lost time and the stress of a legal case. Preventing problems before it leads to eviction is the most ideal situation.

How to avoid evictions

The eviction process may look simple on paper but it can be a stressful ordeal. Therefore, evictions should be a landlord’s last resort. Instead, the focus should be placed on finding high-quality tenants and preventing problems before they arise.

These are alternative methods to prevent evictions:

Offer a cash-for-keys deal - This method involves the landlord offering a few hundred dollars of cash to the tenant to move out. It acts as an incentive for tenants with cash flow problems. Paying the tenant this cash will be less costly than eviction.

Screen your tenants - The easiest solution is prevention before it becomes a problem. The best way to do this is by screening and analyzing each tenant before allowing them to rent the property. High-quality clients are much less likely to force an eviction in the future.

Screening tenants also include a small cost, but it is only a fraction of the total cost of an eviction. You don’t even have to do it yourself. You can use Yardi or MRI software to automate the screening process. This will reduce the overall time and cost spent on screening tenants.

Assetsoft is an experienced property management service provider that can help you avoid all bad tenant-related expenses by incorporating this software into your property today.

The Top Lessons to Learn from Working Remotely

Fri, 23 Jul 2021 08:00:00 -0500

Remote work is the new normal.

Though remote work is not new, businesses that required field visits found it challenging to go remote. But with digitization, they have found a way to stay connected with customers and in line with industry trends.

But it was the comfort and convenience for employees to make breakfast at home and work on their laptops that made remote working alluring.

Insights

The outlook of working from home does have a positive side, but it has its negatives too. The ability to wake up and head to work in pyjamas without a heavy, tiring commute is probably the best thing so far. But it may not be the same for all.

Having a better work-life balance and being with the family brings more responsibility. Employees aren't allowing themselves to slack off as there isn't any unnecessary time wasted in commuting.

If a mother were to work on her laptop while having a young infant child, she could complete her work while looking after her child. The best thing is, there is no need to put the child in daycare - which comes at an extra cost. Remote working has been a boon to women and will continue to do so.

Global outreach

Companies have been working from home offices across the world for decades. Call-center companies are outsourced to many American firms, collaborating with overseas offices to get the job done.

Executives at firms are now reconsidering their real estate choices. You don’t need as much office space as before. Employees prefer to stay home and only want to leave room for in-person meetings with their clients.

The money saved with keeping employees at home can be a huge contributor to minimizing overhead and other underlying subsidy costs. People are learning different cultures by blending in communities virtually for companies with multiple offices worldwide.

Green thinking

Environmentally sound choices for a company are a great initiative to keep the planet greener. Decreasing space means we are indirectly or directly reducing our carbon footprint. It's a win-win - both financially and environmentally. Having a lesser office space means the company doesn't need to pay those expensive gas bills to heat up for hundred employees within the workplace.

Sustainability should be the main focus of any business, and making environmentally friendly decisions without paying out of pocket has a significant impact on long-run survival.

Negative impacts

Aside from the increased productivity, working from home can lead to an unhealthy routine. A typical office job in a household can become a mindless task due to unhealthy habits manifesting due to lockdown.

However, studies have shown that productivity from working from home is increased with a healthy balance of work and leisure activities. Happiness should be the focus of your employees, and with a happier mindset, your employee's productivity increases too.

The mental state of employees should be looked at as well because performance and mentality go hand in hand in the same direction. It's simple: The happier the employee - the better their performance. If keeping your loyal workers at home makes them more comfortable, then why not implement?

The new social gathering in the workplace

The well-being of workers is the number one priority for management. With the lifestyle of working from home, companies should provide extra amenities for their employees. Simple activities such as yoga, recreational sports, massages, etc., are all possible activities to ensure the employees' health.

Funding programs will increase employees' morale and further inspire them to dedicate their time to the company with better benefits and rewards. Incorporating daycare for young children and extended time for new mothers will display its value for its individuals. As there is something offered for each person, everyone will feel included.

The equitable approach to take care of each employee will greatly benefit the company in the long run. Smaller companies may not offer a specialized program for individuals; however, various general programs would be available for the workers to choose from.

Conclusion

Remote work from home is the next wave of employment, as accessibility will ensure jobs and opportunities for individuals regardless of their abilities. Keeping employees happy while also providing safety at home seems to be the choice of employers as we advance. There can be a blend of both remote and in-office working environment for better productivity overall.

Ultimately, saving money and space isn't the only reason to work from home; happiness and effective collaboration are.

Streamline your work process with Assetsoft. We can help you implement property management systems that make for easy collaboration. From Yardi to MRI, we can help you choose the right real estate property management software for your business. Talk to us today!

How We See The Office Industry Shaping Up

Thu, 17 Jun 2021 11:00:00 -0500

It’s an understatement to say that COVID caught everyone off guard. Households, businesses, enterprises, and even governments failed almost equally at estimating the best practices during the onset.

Thankfully, it feels like the worst period might have finished now. Now, we just need to get used to living with the current safety measures and business practices. Most importantly, we should take note of which practices might be here to stay.

The office industry is most likely going to change. It’s already shifting rapidly, and many of the new measures companies have taken will most likely remain for long after COVID is gone.

What are office investors focusing on?

Office investors are one of the best ways to assess where the industry is headed. They monitor current situations for the ideal investment. That means spotting opportunities that can provide the best returns in today’s context.

CREOnline has an interesting article on office space trends, and we can highlight their most important observations.

Locations

Choosing the right location is critical if you want to survive the market during danger. That’s even more truthful for real estate companies, as location is paramount. Office buildings need to be located conveniently if you want profitable rents.

As the real estate sector calms down, you might be able to find better offers, but also stronger competition. Additionally, social distancing and cities’ propensity to outbreaks can play a big role determining ideal locations.

Infrastructure

Naturally, solid infrastructure also plays a huge role in your property’s profitability. Maintenance and CapEx are vital factors to consider, so infrastructure condition is paramount to keep in mind when investing.

Office space usually requires specific metrics, like room space, power outlets, and proper insulation. Ideally, you want to stick with low-maintenance design, like metal and glass instead of wood.

Credit

With today’s looming recession, any company or lender should think twice about who they’re leasing to. You should always aim for A-grade occupancy in your properties. These occupants guarantee responsibility with their rent payments regardless of the times.

That doesn’t mean going for large firms. It’s easy to assess a tenant’s quality with their track record. Your priority should be having people who can pay when they’re supposed to. There aren’t many reasons to assess their occupations. It’s harder to find good tenants with the pandemic, so you should take the ones that do show up.

Timing

Timing is a crucial factor to keep in mind for any investment, and real estate isn’t the exception. Timing matters because it plays a vital role in your property’s value and your returns. Right now, buying might be difficult because of the reduced supply, so you should be mindful of when this will change.

The best way to assess whether or not you should buy is to consider cap rates. Office property should have a 7% cap rate in the market. You should never buy when the cap rate dips below that percentage.

Spreads

Closely related to cap rates, we also have to consider spreads. If you’re not an expert investor, it’s okay. Your spread is basically the difference between the aforementioned cap rate and your loan’s interest rate.

Your spread’s values can vary quite wildly. It’s measured in points, and more points mean better returns. For simplicity’s sake, you should aim for a two points minimum, which often translates into around 15% returns.

How could offices look post-pandemic?

The coronavirus crisis has reshaped countless industries differently, but there’s always one thing in common. Every firm has implemented modern strategies and software to enable remote work and customer service.

The World Economic Forum compiled several innovations that could make it into our office spaces for long after the pandemic is gone. You might see several of these coming already: co-working and hygiene are easy predictions.

That said, other solutions, like Facebook’s, could change the world forever.

AR Stations

Let’s dive into the most surprising one. Several sites have reported Facebook’s experiments with augmented reality and futuristic desks. There’s already footage of how these “mixed reality” desks work.

That’s because Facebook is planning to make remote work a free choice for its employees. Their technology is an early implementation of a new platform that can merge virtual and augmented reality to develop virtual rooms for coworker collaboration and meetings.

Just like you’d expect from sci-fi, this hub would assign avatars to every worker. We still have to wait, but it’s a great example of how the pandemic is changing office spaces.

Distanced offices

To keep things balanced, we need to remind you that office life isn’t really going to disappear. Office spaces face their own adaptation challenges, and what’s called the “six feet office” is one of the many possibilities.

Distancing guidelines will likely stay for a while as vaccine development and testing goes one. Even after we overcome the pandemic, it’ll be awhile until we can feel safe enough to forget about it.

Some of the most interesting opinions suggest a reversal. For instance, larger desks might be necessary, and simple changes like desk placemats could become standard. Similarly, office density might switch as well, opting for less open layouts.

Signs (more)

Another interesting development we might see is more markings within office spaces. If you’ve been to a grocery store lately, you’ve probably seen distance markers on the floor. These kinds of signs help people keep the recommended distance in lobbies or even elevators.

These visuals instructions might remain for office spaces as time goes on. That’s because reopening operations doesn’t mean COVID is completely gone just yet. Proper circulation is vital to ensure minimal contact, and thus risk.

Less contact

Contactless technology is a relatively new trend that’s gained lots of traction with the COVID crisis. The WEF article points towards Zaha Hadid Architects as a great example of how this technology can change our office spaces.

Their main example comes as pathways, which enable employees to walk around without coming into contact with the building itself. For simplicity’s sake, that includes automatic doors using sensors and similar commodities.

Naturally, it also includes social distancing features, like movement tracking within the building using employees’ mobile phones and notifications. More traditional approaches include wider corridors, more department divisions, and alternative pathways.

Better ventilation

Fresh air is paramount to minimize COVID’s spread. We get reminded of that every day: keeping the windows open, avoiding crowding in the elevator, and more. Given how many offices’ windows can’t open, that’s likely going to change.

If you’re stuck with filtered air, then climate control systems will become vital for any office. Improving air quality and flow can make a world of difference, and it might be easier to access as they become standard.

Larger renovations might also be possible. Open cafeterias and lobbies are possible but more expensive investments.

Dawn of co-working

Many people have experienced co-working spaces during the coronavirus crisis. Co-working spaces need to provide better hygiene and distancing, but co-working might become even more popular.

Co-working has been booming as companies adapt to remote working. As remote work becomes more accepted after the pandemic, co-working spaces could keep their increased footfalls.

What does the Center for Disease Control and Prevention have to say?

Naturally, one of the best information and advice sources is the official CDC website. Thankfully, it’s filled with guidelines for office buildings. Focusing on slowing the spread of the virus, it offers expert insight into what you can do on different areas to help your employees stay healthy.

Their advice splits into three sections, each one focusing on a specific aspect of your office space and different strategies you can take.

Protecting your staff

The first step before resuming operation is to ensure your buildings are actually safe to occupy. Of course, it doesn’t relate directly to coronavirus, yet it’s still a significant change brought by lockdown.

Building maintenance and health assessment services will see greater demand. Back to COVID, the most important evaluation is for the HVAC system to ensure better ventilation. The same is true for outdoor air circulation.

Then, you need to ensure your workplace is safe. You should assess the more hazardous areas of your workplace, where COVID is more likely to spread. Evaluate areas prone to crowding and close contact. Solutions include tightening schedules and improving communications.

The last tip in this section includes applying the control hierarchy. As a summary, you need to assess the ideal way to reduce exposure:

Isolating workers from potential hazards. For safety, use general isolation whenever possible.
Be versatile with how your resources work: remote work, providing face masks, offering daily health checks, adapting shifts, and more.

Worker education

Educating your employees is the best way to help them stay safe. You should provide expert training and resources to provide accurate and actionable information. Focus points should include signs and symptoms, hygiene practices, how to reduce contact, and other safety measures.

You can find excellent posters and signs for download on the internet. Daily notifications and emails are excellent ways to keep everyone on the same page. You should also encourage face covering, and consider remote work for workers who have trouble using the accessory.

Social distancing for elevators/escalators

These two areas are the most common areas for significant crowding, especially elevators. You should promote using stairs as often as possible, and regulate how many people can enter the elevator. Additionally, consider indicating which stairwells and sides are for going up and down.

Make extensive use of signs and indicators for pathways to make proper pathways easier to understand and indicate proper distancing. The same is true for minimizing contact with surfaces and other employees.

Additional inclusions for these areas include hand sanitizer at the entrance of the elevator, or inside, depending on the size. You can also use stanchions on your lobbies to mark your pathways.

Additional advice

The UK government also has extensive documentation filled with tips for offices. It’s definitely worth taking a look if you want more insight than what’s provided in the CDC page. It’s part of their winter plan for COVID suppression while helping the economy.

It’s basically another guide on how to build a healthier workspace, but it offers a few additional tips you can apply regardless of your location.

It’s also worth noting that it’s a bit more than a guide for office spaces. It focuses on indoor environment management, which includes offices as well as operation rooms and contact centers.

Not everyone should go to work

The most important advice there is that you should assess who really needs to go to the office. As a good rule of thumb, you should keep as many people away from the office as you can.

The public sector is more dependent on worker presence. Education and essential services are usually less effective (or simply don’t function) with remote work. Outside of their tasks, you should consult with your employees to assess whether or not they need to be in the office.

Keep in mind that some departments might work from home effectively. However, individual employees might not have the right equipment (a modern computer or good internet) to perform accordingly.

Short-term lease becoming the norm

Fool’s Millionacres also has interesting insight into upcoming trends. Mainly, there seems to be significant chances for short-term leases to become more popular than their long-term counterparts.

The main reason is the pandemic’s effects on familiar and individual income. Job insecurity is unfortunately common these days, and short-term leases provide more versatility in case something goes wrong.

These leases will likely include monthly arrangements instead of yearly ones. Even commercial tenants could join this trend, as many businesses haven’t been able to keep up with the fall in client volume.

Conclusion

COVID is definitely shaping the world as we speak, but it doesn’t have to be something bad. As long as you can plan ahead, you could even take advantage of how the industry is shifting.

Want Assetsoft to help you with different outsourcing work? From lease abstraction to back office accounting, we can help you perform or automate all tasks. Talk to our team today to know more.

Procore Raises $634.9 million in IPO

Sun, 13 Jun 2021 07:00:00 -0500

Construction tech is one of the hotspots for investors in real estate. In 2018, construction technology saw a massive boost, with venture capitalists investing nearly $3.1 billion in contech startups.

Contech had a difficult year in 2020 with the pandemic restricting funding events. However, the post-pandemic world only sees an increasing demand for technology. The first half of 2021 saw a massive change with Procore, a construction software company, raising $634.5 million in its IPO.

What does it mean for the future of the contech industry? Find out below.

Procore’s IPO:

Procore technologies raised $634.5 million in its initial public offering, selling its shares above a marketed range. It sold around 9.47 million shares, each priced at $67. The company initially marketed them between $60 and $65, according to an exchange filing.

The company’s market value is above $8.5 billion, according to the filings listed with the US Securities and Exchange Commission.

But Procore’s market debut was valued at a whopping $11 billion, with each of its shares opening at $84. This is around 25% more than their share price in the initial public offering.

The effect of the pandemic

This was not Procore’s first run for the initial public offering. After nearly 20 years of founding, the company filed for an IPO in March 2020. But it had to eventually delay the process due to the ongoing pandemic. In the funding round held after the postponement, Procore managed to raise around $150 million.

The investors include big names like D1 Capital Partners, Lead Edge Capital, Dragoneer Investment Group, Bessemer Venture Partners, Tiger Global Management, ICONIQ Capital, Lumia Capital, and Scop Venture Capital.

During the pandemic, the company saw an increased number of users, with a 19% hike in its customer base as compared to 2020. In addition, Procore’s platform has facilitated more than 1 million projects accounting for $1 trillion in construction volume. With labor shortage affecting the costs and project completion rates of construction firms, the company said that digitalization is growing in the real estate industry during the past year.

Procore's future plans:

Procore aims to encourage the widespread use of technology in the construction industry. Unfortunately, the construction industry is one of the slowest in adopting technology. According to a report by Deloitte, other industries spend an average of 3.28% of their revenue on technology.

In contrast, the construction industry spends only 1.51% of its revenue on IT, standing lowest among the surveyed enterprises. Procore plans to change this by making contech accessible to all by allowing unlimited users to its platforms.

With its most recent expansion in South East Asia, Procore’s total user count reaches 1.6 million across 125 countries. Its core goals revolve around increasing its customer base and expanding globally while ensuring access to contech for everyone.

What does it mean for the future of contech?

A look at Procore’s 2020 survey shows the future of contech in the post-covid world. It shows that 46% of capital projects are on hold, and investments will drop by about 32% as the world recovers from the pandemic. But even with project delays and supply chain disruptions, 81% of the responders expected an economic rebound in the industry.

Tech emerged as a winner in this study, with 75% of respondents believing that there will be increased technology usage in the construction industry.

Cash flow key for Contech

With construction software companies overcoming pandemic restrictions on funding events, most rely on cash flow to get through these difficult times. As a result, companies offering software subscriptions have an advantage over traditional software companies, allowing access to technology at a lesser initial cost.

Contech industry soon to see a boost

Procore’s IPO has set a precedent for construction software companies to see a boost in investment in the future. The Covid-19 crisis proves to be an opportunity for the contech industry, as remote work has become inevitable.

In addition, the challenges created by difficult economic conditions could lead to more innovation and automation in the construction sector. With eight contech firms receiving funding from investors in early 2021, the trends favor the industry.

Where is the contech industry headed?

With the construction sector adapting automation due to the pandemic, certain technologies are of focus throughout 2021.

Subcontract management platforms will be popular

Post Covid-19, contractors will see a rise in the use of construction software, particularly subcontract management software. The fragmented construction sector is better managed with such project-centric technologies which seamlessly integrate field and design data into a single platform.

This will help contractors understand the actual cost of projects and help increase the margins. With centralized data, it can also help with accurate analysis and provide valuable insights to contractors.

Streamlined workflow will improve efficiency

The pandemic has brought in a new trend of remote collaborations, which may continue post-pandemic to some extent. As the primary goal of most companies is to improve the efficiency of their remote teams, digital infrastructure projects are set to be more popular.

Companies are also focusing on cost-cutting, which can make them opt for platforms that streamline workflow. Cloud-based platforms will also grow in the upcoming days, as they provide better access to data remotely.

More focus on safety

The pandemic has made all industries rethink their safety standards. The construction industry, in particular, is finding it difficult to implement safety processes due to the nature of work. The post-pandemic construction industry will focus on implementing technology such as simulation and design to facilitate the required safety norms.

Infield data analysis using 3D models

Building Information Modelling (BIM) is a relatively new technology that is quickly becoming popular. Through BIM, you can construct virtual models of construction projects, enabling you to digitally create the infrastructure before physically starting it. This can help detect potential errors as well as implement any required changes.

As a result, BIM helps the construction industry become more efficient and focus on cost-saving, especially in trying times like these.

Bottom line

The construction industry is undergoing a significant change in 2021. However, with Procore Technology raising about $634 million, the contech sector looks at a bright future. While the industry faces some challenges, they can be gradually overcome by embracing technology.

If you want to leverage the trends using effective construction management software, Assetsoft can help you with a solution. By integrating state-of-art software like Yardi, MRI, and Procore, we can build the right platforms for you. We are experts in Yardi consulting.

Talk to us today to know more about how we can help find the right ERP solution for you.

Top Bookkeeping Essentials For Property Accounting

Thu, 10 Jun 2021 11:00:00 -0500

Bookkeeping can be a tedious task in the real estate industry because of the large number of transactions. A majority of Americans live in rental accommodation, with 41% of them renting single-family homes.

As a property manager, accounting for the client’s property will be your responsibility. If you have just started with property accounting, getting your bookkeeping fundamentals right can set a strong base for you.

Here are the top bookkeeping essentials to get you started.

1. Know the Guidelines

Every state has specific rules that serve as guidelines for property accounting.

For example, most states in the US have set a limit on the security deposit amounts that can be collected from tenants. Keeping up-to-date with the property accounting guidelines of your state can save you, your tenants, and your clients from legal hassles later on.

If you find administrative guidelines hard to understand, you can seek the help of a professional who specializes in real estate accounting.

2. Choose an Accounting Method

As a property manager, you can choose between two accounting methods to keep your books: cash-basis and accrual.

Cash-basis accounting is popular for its simplicity. It accounts for the cash as it is received or paid. The accrual method, on the other hand, records the revenue and expenses when they are generated.

A major disadvantage of cash-basis accounting is that it does not consider the accounts payable and receivable. It can show a profit for the company on the books when in reality, the company still has a large sum to pay.

The accrual method can be complex but is also more accurate. It records every anticipated transaction, which is a better way to gauge the financial health of the firm.

3. Choose A Bookkeeping Method

After accounting, you need to choose a bookkeeping method. There are two ways to do this: single entry method and double-entry method.

In the single entry method, you record each transaction only once, as income or expense. You can either use a single column or split it into two columns for both entries. This method is suitable for simple businesses.

If you own or manage several properties, you should go for the double-entry system. Here, you enter each transaction twice--one as debit and the other as credit. It can be more work, but it is better than maintaining several ledgers for different properties.

4. Organize Your Entries

Most property managers opt for accounting software to organize their transactions. Unlike spreadsheets, accounting software is designed to simplify the process of recording financial transactions.

Cloud-based software like Yardi Voyager combines property management and property accounting into a single platform. You can access and modify the financial data from anywhere if you have a connectible device.

5. Set Up Your Chart of Accounts

Setting up a chart of accounts helps you organize your financial entries by categorizing the transactions. You can use it to generate reports, measure performance, and go through past entries.

Depending on your business needs, the chart of accounts can be divided into as many divisions as you want. For example, you may have different accounts for “maintenance,” “insurance,” and “advertising.” Basically, it is a list of all your assets, liabilities, income, and expense accounts. A chart of accounts contains a few columns.

Every time a transaction is made, you enter it in the chart. Include an additional column to write in any details about the transaction. Make sure that every transaction is recorded in the chart.

You can use something as simple as an Excel sheet to create a chart of accounts. But, a more efficient way is to use accounting software. For example, ZohoBooks is an excellent software to keep track of your transactions. It manages your finances by automating business workflow across departments so you can access all the financial information with ease.

6. Separate Your Personal and Business Accounts

You should separate all your real estate transactions from your personal account. This helps to keep all your business transactions in one place. You can quickly go through the account history to know about processed and pending transactions.

If you mix it up with your personal account, it will be difficult to separate business transactions from personal ones. This can lead to poorly managed cash flow and disorganized books. Experts say that mixing your personal and business accounts is an early mistake that could add tax costs.

Having a separate business account makes you more professional from the client’s perspective. Clients prefer issuing checks in the name of your business, which increases your credibility as a property manager.

Other than a business account, it is good to have separate accounts for security deposits as well. Many state laws demand that a landlord or property manager hold the security deposits in separate escrow accounts. This makes the funds readily accessible when a tenant decides to move out.

If your state allows it, you can also hold the security deposit in a trust. That way, you can keep track of the income and expenses generated per client.

7. Organize Documents

Organizing your documents to support your accounting books can help you solve discrepancies later on. Some of the documents that you should keep are:

Bank Statements
Invoices and Receipts
Insurance documents

Tax returns
Contracts and Leases

You can keep a physical copy of the documents or store them online. But if you choose to keep them digitally, make sure to use a secure platform. Storing them digitally can help you maintain and track them easily, even a few years down the line.

8. Keep Track of the Collections

Keeping track of the collections can be difficult and time-consuming. But by following a few simple steps, you can easily complete this process.

The first step is to improve the terms of your invoice. If you use effective invoice terms, your payments will get quicker. Use these tips to make better invoices:

Include the contact information, due date, and the amount to be paid.
Keep track of your payments by numbering the invoices.
Accept multiple smaller payments to clear a large bill.

Next, you can collect payments through online platforms. Automating payments is the best way to make sure you receive them on time. It can send automated reminders to clients, enable online payment collection and alert you on missed payments. It also ensures transparency and security, as all the financial details of the client are encrypted.

9. Prepare for Unexpected Expenses

One business mistake that most property managers make is thinking that their properties will always be rented. Cash flow in real estate is not stable. Say three out of your ten properties aren’t rented for a few months. That’s a 30% reduction in your revenue. If you have to pay the mortgage for those few months from your personal account, you are not doing it right.

A CNBC study says that nearly 20% of American renters are behind on their payments. If you encounter expenses due to late rent payments, repairs, and unexpected maintenance, then your emergency fund can save the day.

You can also be better prepared by analyzing the expense reports of previous years. Also, consider worst-case scenarios such as a tenant breaking the lease or an unexpected leak in the property. Calculate the numbers to decide how much you should save in the emergency fund.

10. Regularly Reconcile Your Bank Accounts

Keeping track of your collection can be worth nothing if they aren’t reflected in your bank account. Regular reconciliation of accounts can help detect missed transactions, incorrect numbers, and duplicate entries.

You should reconcile the accounts at least once a month to ensure accuracy. The process includes identifying bank errors, time delays, and other mistakes and rectifying them using relevant documents.

Many property managers put off reconciliation as it can be time-consuming. A simple solution is using software like Zoho Books to initiate the reconciliation of your bank accounts. You can choose to do it at the end of every month or a period of your choice.

11. Save on Tax Deductions

If your records are up-to-date and accurate, it’s easier to save money on tax deductions. You can claim the cost of education, travel, and professional services you hired for your businesses.

Given the Covid-19 pandemic, tax laws have been changing from time to time. Keep track of the current tax code to build an effective tax strategy.

Good accounting practices can spare you a lot of liabilities and make your business flourish. It is not enough to just update your knowledge. Instead, you should implement it in your business strategy. Sparing few minutes a day to manage finances can go a long way.

Having a solid grasp of bookkeeping fundamentals, along with proper software, can make bookkeeping an easier task.

If you have difficulties finding the right software for bookkeeping, we have the right solutions for you.

At Assetsoft, we ensure seamless implementation of all the necessary tools to build automation software that fits your requirements. We provide complete solutions to all your software needs through multiple systems like Yardi, Uipath, and Zoho, among others.

Talk to us to know more about how we can help you with your back office accounting needs. Outsource your bookkeeping and focus on what’s more important. Contact us today!

Investment Management And Accounting For Real Estate Businesses: All The Benefits

Tue, 01 Jun 2021 12:00:02 -0500

Real estate technology advances at its fastest since the COVID pandemic began. Rapid adoption has been the main goal for most companies. Today, we'll go through what investment management software can do for property managers.

If you’re interested in leveraging all these benefits, we advise you to work with a professional Yardi implementation solution. Our Yardi consulting services will help you find a property management software that fits in with your business needs. From accounting to collaboration, make it all a seamless affair.

Leveraging current investment trends

Property investment trends have been moving toward unexpected assets and markets. Accommodating this new demand will prove invaluable for property managers wishing to take advantage of the recovery wave.

1. Certain asset classes gaining traction

Multifamily and office real estate have attracted considerable attention from investor groups. Data analysis and similar features will yield crucial insight on the best investments.

2. Embrace digital adoption and modernization

The real estate sector has managed to catch up considerably on innovation during the pandemic. Investment management software will be a crucial investment for managers.

3. Accommodate more investor expectations

Investors will demand more than capital metrics. Property managers must paint the whole picture for every property, and the right software can streamline this.

4. Generate fundraising and investment opportunities

Lastly, fundraising has become the main leverage for investor groups. Managing these strategies with accurate data and flexible options is a must.

Accessing an advanced investment and accounting management suite

Providing investors with all the information and functionality they need will drive most companies’ focus during the post-pandemic world. Luckily, investment management software understands that.

From providing necessary transparency to digitizing operations, property managers can’t miss these features.

1. Fundraising management

Property managers can provide all the information on possible investment opportunities for investor fundraisers. Attracting this capital becomes easier with modern solutions.

2. Evaluate capital investments

Investors can access in-depth metrics on every capital investment via intuitive dashboards. The metrics include critical dates, current developments, and valuation models.

3. Run operations and detailed reports

Via investor portals, users can locate their portfolios and manage their assets in minutes. Modern solutions offer real-time reports for all the metrics they require.

4. Measure market performance

Finally, companies and investors can measure their assets’ performance and compare them with the market. That includes other properties within the same portfolios.

Tracking all investments with in-depth data

Big data has become the center of attention for most of the real estate industry. Investment tracking will become crucial for investors planning to diversify their portfolios to ride the recovery wave.

Thankfully, most real estate software solutions have understood this and accommodated their features accordingly. Make sure you seek aid from technology selection experts to integrate the best tools for you.

1. Study prospective investors

Property managers can evaluate potential investors thanks to intuitive data rooms detailing their proposals, milestones, and fundraising opportunities digitally. It’ll prove critical for locating the right investors.

2. Onboard promising candidates

Real estate firms can manage candidate subscriptions via detailed profiles providing all the necessary data on each prospect. They can also access detailed payment information and their commitment.

3. Manage investment capital

Managing investors’ contributions and their share distributions is traditionally lengthy. With accounting software, all these processes are viable automation options to streamline investments.

4. Create positive relations

Property managers can communicate directly with investors within the system’s dashboard. That includes accessing contact information, managing correspondence, and assigning responsibilities and tasks.

5. Keep everyone up-to-date

Modern software excels at generating in-depth reports detailing investment metrics and tax documents. These measurements go alongside property information for storage and evaluation purposes.

6. Leverage extensive data per entity and asset

Modern software excels at generating in-depth reports detailing investment metrics and tax documents. These measurements go alongside property information for storage and evaluation purposes.

7. Advanced customization features

Every user can segment data columns according to the properties they wish to focus on. This customization extends to visualizing individual assets and establishing their preferred KPIs.

8. Fundraising and opportunity tracking

Fundraising becomes considerably more straightforward thanks to pipelines and workflows. Companies can assess which opportunities attract more attention from confident investors as well.

9. Monitor user activity in the portal

Investor portals register every user’s login times and frequency, which files they download, and which properties and opportunities they’ve seen. This feature allows companies to understand investor behaviors and interests.

10. Multi-currency functionality for international investments

Finally, companies handling international investments—or those planning to do so—can set up multi-currency metrics from their dashboard. It allows them to track their metrics more accurately for accounting and tax purposes.

Monitor and manage debt within portfolios

Real estate debt had already been rising in popularity before the pandemic. Investors have understood its advantages for property acquisition. With current market shifts, this asset class will only scale in relevance, and these benefits will prove vital for property managers.

1. Account for all loan terms

Critical dates, responsibilities, payment terms, and other clauses are easy to register within the investor portal’s dashboard. It’s crucial for managing debt assets without missing deadlines.

2. Automation for due payments

Property managers can automate payments for every loan according to the mentioned terms. It reduces the time and room for error often related to these investments.

3. Loan and value forecasting

Additionally, investors can check their loans and how much value they’re providing against their investment. It allows them to make the right calls before moving to other assets.

4. Evaluate debt assets and compliance

Investors can manage their insurances, taxes, covenants, and more from a single dashboard. As debt assets can be delicate, these features can save considerable money.

5. Track multiple investors within a loan

Loans often involve investor groups, and companies need to track individual contributions and shares in these investments. Thankfully, intuitive user interfaces can reduce these tasks to minutes.

Assess the performance of multiple assets

While the industry shows a promising future, it's still crucial to understand which assets provide better returns. Performance data will become a vital consideration as investors strive to maximize their profitability amid the recovery period.

1. Customizable performance metrics

Investors can configure the KPIs they wish to focus on and segment-specific metrics according to what they want to care for.

2. Stronger transparency

Every investor gets to check how their assets are performing, reducing the need for in-depth reports and trust issues with the company.

3. Real-time database updates

All databases come from multiple sources, often integrated with other systems in the company. They keep every metric constantly updated for better accuracy.

4. Sort and segment data

Investors can customize how they wish to view their performance metrics, prioritizing certain aspects over others without compromising other users.

5. Individual asset evaluation

Lastly, investors can open separate dashboards for specific properties to evaluate them separately. This feature also streamlines comparisons thanks to the amount of data available.

Valuation models for current portfolio assets

Finally, property valuation will go hand-in-hand with performance metrics. Investors will base most of their decisions on promising valuation models and forecasting. Providing transparent and accurate data must be a priority for all firms.

1. Valuate properties faster

Investors and property managers can create advanced valuation models in minutes. Features like automation and real-time databases make these models more accurate as well.

2. Manage assumptions and related information

Comparing current assets’ performance with future developments and investments takes considerable time. Modern investment management software compiles all the information necessary in one dashboard.

3. Sync valuation models with other databases

System integrations allow companies to sync their valuation models with other data sources within the company. Thanks to this connectivity, investors can assess multiple models depending on possible future outcomes.

4. Segment valuation models by timeframes

Finally, modern software allows for segmenting these models into weekly, monthly, quarterly, and yearly valuations. It enables investors to consider more variables and investment opportunities.

Want to do more? Pick a property management software that’s right for you. Talk to the Assetsoft team today!

How Can Tenant Portals Help Real Estate Companies?

Fri, 28 May 2021 12:04:21 -0500

Real estate is among the fastest-growing industries regarding technology implementation. Tenant portals pose a promising development for any company wishing to streamline its tenant support.

These portals allow property managers to provide a direct contact channel for their tenants. It enables property occupants to reach out, request services, access lease documentation, and pay their rent online.

Naturally, implementations such as tenant portals are crucial advantages for any company, especially in today's market. If you're interested in implementing a professional tenant portal, consider working with a professional Yardi implementation service.

Streamlining transactions and processes

The real estate sector has experienced massive evolution thanks to technology development. Cloud solutions, enterprise software, and communication apps have shaped the industry in recent years.

Why does that happen?

Today’s solutions allow companies to shed complicated filing systems and cumbersome paperwork. Simultaneously, they optimize countless processes thanks to features like automation, remote collaboration, and data centralization.

Tenant portals cover all those needs. One platform can keep all information related to your leases. Your tenants can also access the necessary information, which means more manageable payments, requests, and more.

The current need for digital solutions

Today, virtually all industries depend on digital implementation to recover from the pandemic. Many real estate firms still rely on traditional paperwork for lease agreements, accounting, and other processes,

Tenant portals aren't the same as ERP software, but their advantages extend to numerous departments. For instance, remote communications keep your resources safe by aiding with social distancing.

Robust functionality and customization features

One of the issues with traditional practices is their lack of versatility. Tenants must stick to their landlords’ schedules for payments and disputes. These requirements cause general discomfort in a lease agreement.

With tenant portals, tenants and landlords can instantly access the information they need. Companies can arrange their listings depending on priority, risk, or profitability, among other factors. Dashboards offer extensive customization possibilities.

Intuitiveness for tenants

Paperwork has lost its intuitiveness. It typically requires expert advisory to audit and analyze clauses for compliance. Likewise, traditional rent collection practices require too much effort from both parties.

With tenant portals, everyone can access payment channels and lease conditions from any device. Tenants can pay their rent in minutes thanks to payment processor integrations. All these quality of life improvements make the relationship more pleasant.

Seamless access to documentation

Documentation is as extensive as it is essential for any lease agreement. Tenants need their documents to verify their rights, responsibilities, and benefits. The same holds for property managers.

Tenant portals allow landlords to upload and sort lease documents seamlessly. This advantage also applies to tenants, who can download and evaluate their lease agreements anytime they need.

Paperless transactions

As we mentioned, lease agreements translate into seemingly endless paperwork. Initial contracts, requests, payments, services, and virtually every transaction requires it. They can quickly cause accounting nightmares for everyone.

Tenant portals eliminate the need for paperwork. All transactions occur in the cloud, and all related data remains stored within the platform. Naturally, this benefit also reduces the need for physical proximity and complex scheduling.

Accessing advanced features and tools

Tenant portals offer more than communications between tenants and landlords. Even fundamental features — like document storage and request submissions—can provide crucial advantages.

However, today’s solutions offer much more than that. Tenant portals generate constant data streams: lease statuses, income data, tenant risk, and more. You can turn your tenant portal into a central database for the rest of your company.

The right tenant portal helps you find room for improvement. These benefits manifest throughout your firm, offering unique returns outside of the portal’s functionality.

Manage deals and lease pipelines

Every lease agreement is a lengthy process. You need to market your properties, sort through applications, reach an agreement, and keep track of multiple contracts. That takes time, and it can get tedious quickly.

Tenant portals let you gain insight into your applicants and tenants from one system. You can access data from marketing to lease generation in minutes, and the entire process is easier for everyone.

Receiving and tracking requests

Every property needs maintenance and repairs, and the same is valid for common areas. Traditionally, all these requests require at least days to process and provide.

With tenant portals, every occupant can access their profile from any device and place an online request. The platform processes them, and property managers can access vendor lists and status updates for every request.

Boost financial accounting and forecasting

Accounting requires lots of data and said data is also essential for developing forecasts. Traditionally, acquiring this data meant sorting through countless files and paperwork.

Tenant portals centralize all the information you need for you. Are you registering income? You can segment the data. Do you need to assess a lease’s risks? You can do it from the same dashboard.

Property valuation and modelling

Studying properties’ market values was a similar challenge. You needed to sort through countless folders and physical documents for the simplest valuation models.

Tenant portals provide real-time data on every property: occupancy rates, number of deals, upcoming vacancies, and more. All this data considerably streamlines property valuation regardless of the property type and sector.

Evaluate individual leases

Finally, tenant portals let you evaluate every lease within a property. You can register multiple buildings and break them into property-specific lists for every lease.

It allows you to evaluate every tenant individually. You can see when their rent is due, overdue payments, risk factors, and the rent's term, among other factors.

Make your and your tenants' lives easier

Tenant portals have myriads of advantages for everyone: tenants and landlords alike. Today, digital solutions are vital for any company and service. Providing an outstanding customer experience is one of the best marketing strategies you can use.

Similarly, making it easier for your tenants to abide by their responsibilities is a direct benefit for you. They’ll be happier because they can pay their rent and services in seconds, and you won’t have to worry about overdue tenants.

In the end, benefitting your tenants is a direct benefit for you—in addition to all the operational benefits of implementing a tenant portal.