Assetsoft - Blog #Post Pandemic

Hotels and Post Pandemic Asset Management to beat the pandemic

Fri, 08 Jul 2022 12:04:48 -0500

Among all kinds of real estate, hotels and related retail businesses have seen the most disruption due to the pandemic. Neither families nor corporate companies had enough budget to spare on trips and tourism. This led to the hospitality and hotel industry taking a significant hit, with many hotels being closed down for business for months.

According to USA Today reports, even big hotel tycoons like Marriott had more than 25% of their hotels closed worldwide due to the pandemic. This definitely had short-term impacts like loss of jobs and lack of business, and massive loss of money. But these trends and the pandemic had many long-lasting effects too. What were they, and how can better asset management help get through this crisis?

Are you a hotel real estate owner or property manager who is still feeling the grilling effects of the pandemic? Is your business still suffering from the two years of the pandemic even when the COVID cases are going down? Well, you are not alone. The pandemic has left some significant impacts on the hotel industry, but they are not unbeatable.

Find out how you can steer through this problem and become more assertive on the other side of the pandemic.

Impact of COVID-19 on the hotel industry

According to the reports by the US Travel Association, travel expenses were reduced by 42% from 2019 to 2020. That was more than a $500 million loss in business for the hospitality industry. International and corporate stays in hotels suffered the most among these.

But the reports in 2022 look much better. Travel expenses in 2022 have increased by 3% over the 2019 yearly spending, which is a major and positive change after the two years of the pandemic. According to NRP research reports, 2020 was one of the worst years for American hotels. They saw only 44% occupancy till the year-end. This led to a lot of job loss, and many hotels closed doors permanently. The picture looked quite grim for the hotel real estate owners due to this steep fall in business.

Post-pandemic hotel real estate trends

Though the situations were challenging, the pandemic gave rise to many trends in the hotel real estate market and hospitality industry in general. Check them out.

Discounted sales are rising; this includes package deals and long-stay options to attract more customers and let businesses get back some of their money. Many hotels are giving such offers to stay afloat and not permanently close doors.
Virtual customer experience is on the rise. This includes virtual room tours and self-check-in facilities for customers to promote social distancing norms.
Sustainable real estate in the hotel industry is becoming more critical than ever. From energy-efficient projects to health and wellness tours are some of the demands customers have had from tourism ever since the pandemic.
Technology implementation plans to help manage hotels and customer relations virtual project management. From installing the correct CRM software to connecting with customers to using AI-powered devices to upgrade customer services, hotels are going through a lot of changes.

Handling the post-pandemic situation

Recovering from the two years of the negative impacts of the pandemic is not an overnight task. It needs careful strategy and leadership planning, and impeccable management to get a hold over the situation. Here are the best ways you can handle it.

Asset management

The assets you already have has to be rethought and differently used to increase the optimization of resources. You can use AI-powered tools and data analytics to predict customer behaviors and buying patterns. You can also change your hotel renting policies to accommodate the workation crowd. This crowd demands leisure and formal work atmospheres at the same place.

Due to the increase of remote workers, the demand for workation spaces is also increasing. You can revamp your hotel spaces a little to make a workspace inside the hotels and cater to these crowds.

Impactful marketing

The present world of business is all about marketing, especially when it comes to hotels and tourism. You must strategize and market your hotels across social media and promote your USP. Give your customers real-life updates about the COVID safety policies and how you have changed your business to best suit the customers' needs.

Revamping guest and service experience

Followed by the marketing, you also need to make real changes in your hotel services to gain back customer loyalty. Following hygiene norms, social distancing, and staff vaccination are some of the essential things that are a must for hotels to stay in business. You can try to change the layout of your hotels to do this if your old setup does not allow social distancing practices.

Cash flow and financial management

Liquid cash management and stabilizing cash flow are one of the biggest things in the hotel industry to stabilize everyday workflow. Without a stable cash flow, the general financial conditions of the business suffer and disrupt business. You need to employ a proper accountant or integrate back office accounting software to streamline the process and never run out of in-hand cash.

Staff management

With the proper selection of technology in project management, you can easily handle staff management from remote locations. You can keep track of your staffs whereabouts, their sales reports, and their general performances and communicate with them via the software dashboard without constant physical contact.

Employing property and asset managers

If all of these new trends and the added work due to these trends seem a little overwhelming for you to handle, you can easily hire property managers and asset managers to take the load off your shoulders. If you do not have the budget to employ new people for these tasks you can also integrate software solutions into your existing systems to streamline the management process.

Make Asset Management Easier with Assetsoft

Though no predictions or market statistics are sure when the hotel business or its associated hotel real estate will return to its original “pre-pandemic” state. But do not let these new trends intimidate you; rethink your strategy and leadership to keep these trends working to your advantage.

At Assetsoft, we can help you integrate the right technology, plan project management in line with all these trends, and help your business soar. Talk to us soon to find out more about our services.

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Top Real Estate Tech Trends to Watch Out for in 2022 and Beyond

Sat, 11 Dec 2021 11:04:06 -0500

The real estate industry suffered a setback due to the emergence of COVID-19. However, we are now past the pandemic and entering into a world of new normal.

Fortunately, demand for spaces is also increasing, along with changes in customer preferences. The real estate market is predicted to grow from $2687.35 billion in 2020 to $2774.45 billion in 2021. The growth rate is also spectacular and will increase the value of the industry by $3717.03 billion in 2025.

Interestingly, technology has now come up as a game-changer and taking real estate to a whole new level. It is making up for the traditional inefficiencies and helping target a demographic of young customers. Let’s explore the top real estate tech trends to look out for in 2022 and beyond.

The Popularity of Augmented Reality (AR) and Virtual Reality (VR)

AR and VR were limited to video games and entertainment even a few years back. Today, these technologies are transforming different industries, including real estate. Augmented reality is coming into perfect use to conduct virtual tours of properties. Customers now don’t need to step outside of their homes to check out a listing.

Instead, they can take a 3D tour or virtual tour of the property based on AR. Best of all, it also allows the agent to be present virtually and show the property around.

VR is more immersive and ideal for giving a tour of the neighborhood. The process is highly convenient for customers and helps realtors save time and cost.

Therefore, more realtors are choosing AR and VR to serve customers. In the time of the pandemic, listings with virtual tours on Realtor.ca doubled in just two months. We will see more agencies walking the same path in the coming days.

A Move Towards Artificial Intelligence (AI) and Machine Learning (ML)

AI is emerging as the winner to boost productivity and save effort. As a result, investments in AI startups have increased 6 times since 2000. Be it real estate or retail, AI is providing businesses greater capabilities and perks available nowhere else.

Additionally, AI is being incorporated with ML to facilitate decision-making and accurate forecasts. AL and ML have endless uses in real estate. They can help customers narrow down their choices by accounting for their preferences and needs.

Moreover, AL and ML bring the advantage of predictive analysis to the table. Be it the value of a property or maintenance, predictive analysis is creating new frontiers.

The same technologies also help realtors process big sets of data and generate valuable market insights. Therefore, AI and ML is the modern foundation to win a competitive edge.

Video Conferencing to the Rescue

The popularity of apps like Zoom and Skype skyrocketed during the pandemic. They became the tools of choice to arrange meetings as people were working from home. These apps enable real-time video calling and help people from different locations collaborate easily.

Real estate is also one of the early adopters of video conferencing technology. However, realtors are not only conducting meetings with employees on Zoom. Rather, they are using Zoom to meet customers and give presentations. Additionally, the apps can help customers stay in the loop while paperwork is being done. They can get a walkthrough of the documents and even access a screen share to be aware of everything. Best of all, 90% of people feel video communication gets their message across easily. So, there are no concerns for misunderstandings.

The Growth of Digital Signatures

Real estate agents have a busy schedule with countless tasks, from lead generation to managing properties. On top of that, they have to chase after clients to complete paperwork and get signatures.

In this respect, digital signatures or eSignatures are saving the day. Now, you don’t need to meet your client physically to sign the lease agreement. Instead, you can ask your client to sign the document digitally. They just need a smartphone or computer to send their signature and close the deal.

Today, the USA is the largest market for digital signatures. Globally, the value of the eSignature market is also growing and will climb to $14.1 billion by 2026.

As a result, even consumers are familiar with the technology.

The Demand for Automation

Industries across all verticals are taking advantage of automation to cut costs and boost efficiency. The technology is also improving at a fast rate, with new techniques like RPA.

It refers to robotic process automation and is ideal for eliminating repetitive and manual tasks. 53% of companies now use RPA, as per Deloitte. In the next two years, the percentage will climb to 72%. How can RPA help the real estate industry?

RPA can automate data entry and data migration. It can help agencies automate vital processes like invoicing and different supply chain processes. Additionally, you can create a new tenant application and even run criminal background checks. Moreover, RPA can verify information like income and credit scores. You can also program your RPA to approve or reject applications. Therefore, RPA has endless opportunities for real estate agencies to achieve their business objectives.

Leverage Real Estate Technology with Assetsoft

Real estate agencies can use a range of technologies today to attain business success. Whether it’s RPA or AI, you can improve your performance and boost your productivity. However, the tech scene is quite volatile and filled with endless options. You need to have the expertise and knowledge to understand what you need and how to implement the technologies.

Assetsoft can be your ideal partner to take advantage of real estate technology to grow your business. We can supply expertise, provide top consultation, and implement any solution you need. Contact us today to schedule an appointment and discuss your requirements.

Technology is transforming the real estate industry beyond our imagination. From virtual tours to signing documents digitally, realtors are relying on tech at every step. You can also be an early adopter and join the list of tech leaders to boost your brand and operations. Streamline your operations with Robotic Process Automation. We can help you choose the best real estate property management software for you. Contact us today to schedule an appointment and discuss your requirements.

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How British Columbia is Resolving its Supply Chain Crisis After Flooding

Thu, 09 Dec 2021 10:39:27 -0500

British Columbia (BC) suffered another severe natural disaster a few days back. Massive floods swept through the region destroying bridges, houses, and all highways. The incident left 17,000 people homeless, with around 10,000 properties on evacuation orders.

According to estimates, this could be the costliest disaster to strike Canada. The expense to rebuild everything can amount to a staggering C$1 billion. Along with the devastation, the floods caused serious disruptions in the supply chain of the area. BC is now disconnected from the Interior and Lower Mainland, affecting the supply of goods. Other forms of transport are also hit, resulting in a shortage of essential commodities.

However, the government and different stakeholders are coming together to restore normalcy. Let’s explore the challenges in the way of BC and how it is working to rebuild the supply chain network.

Supply Chain Crisis Facing British Columbia

The global supply chain suffered a setback last year due to COVID-19. People went into a panic and hoarded essential items leading to a shortage of commodities. History repeated itself a few days back when BC experienced severe flooding. Landslides swept away all major highways, leaving the region disconnected from the rest of the country.

Additionally, freight routes connecting railways to the port of Vancouver were also severed. As a result, the supply of food, consumer goods, raw materials, and more are still questionable. No one knows how long it will take to rebuild the infrastructure and get things back to normal.

Moreover, the situation had led to panic buying among people living in BC, according to CTV News. Shelves of stores like SuperStore and Walmart sported an empty look as people returned home empty-handed.

Therefore, the devastation of roads and railway routes is not the only problem. A spike in demand due to panic buying is also responsible for challenging food security. In addition, the fear of shortage of commodities is also leading people to hoard items. Worst of all, the supply chain crisis can result in inflation in the coming days. Several small businesses can increase the price of goods as they face a shortage of raw materials. According to the Canadian Federation of Independent Business, 31% of businesses are unable to increase production due to a lack of materials. As a result, inflation and shortage of commodities are the biggest challenges for BC. Additionally, the effects of climate change are also a challenge and can create future trade bottlenecks. Therefore, Robin Silvester, Port of Vancouver's CEO, has called for comprehensive action to combat climate change.

How British Columbia is Rebuilding its Supply Chain

Several stakeholders have come together to restore normalcy in BC and resume the supply of goods. The federal and BC governments formed the Federal Provincial Supply Chain Recovery Working Group to ensure people get what they need. The group consists of many agencies such as:

Vancouver International Airport Authority
BC Trucking Association
Vancouver Fraser Port Authority
Retail Council of Canada

BC Chamber of Shipping
BC Marine Terminal Operators Association
Canadian Fuels Association

Additionally, the coalition involves many departments and ministries from the governments of Canada and BC. The group aims to reestablish the local supply chain to ensure Canadians can meet their needs. It is focusing on logistics and contingency transportation of essential commodities. Moreover, the group will identify the best routes to transport goods quickly in the hour of shortage. It may also limit the capacity of the consignments to ensure everyone is served equally. Additionally, the stakeholders will try to strike a balance between the national economy and community needs.

Along with that, the group will also work to prepare against future disasters. It will also put an effort to create new logistics chains in the region and divert traffic for better results. Transport Canada has also stepped in a response to the natural disaster in BC. It is collaborating with the Port of Vancouver and the province to create normalcy. The air, rail, terminal, and towing agencies are also contributing to getting BC back on its feet.

Dave Earl, president of B.C.’s Truckers Association, assured the resident of BC that goods are on their way. He advised people not to panic as the delivery of day-to-day consumables was guaranteed. However, there might be delays due to the condition of the roads and transport disruption. Additionally, the Retail Council of Canada (RCC) urged buyers to refrain from panic buying and hoarding supplies.

Private Players Join In to Resolve Supply Chain Crisis

According to research, 85% of assets to respond to an emergency lie with the private sector. As a result, the cooperation of private companies is essential to rebuild the supply chain. Canadian corporate leaders are also worried about the situation and taking things into their own hands. For example, Walmart is chartering its ships to get over the shortage of vessels. It is also working with The Flying Buttress to ensure the supply of goods to all locations.

Companies like Target, Canadian Tire, and Home Depot are also chartering vessels to normalize supply chains. Some businesses like Roots Corp. are also paying more to transport goods using airways. Some big retailers already have stocked up for the holiday season and are in a better position. Therefore, BC residents may not have to worry too much in the coming days. They need to be patient and prevent themselves from panic buying.

Final Thoughts

BC is on its way to normalizing the supply chain and resuming the movement of goods. The government is working hard to restore normalcy along with other stakeholders. We may also see a new North American supply chain working group developed in collaboration with the USA and Mexico. Prime Minister Trudeau also discussed how the three nations could strengthen their supply chains.

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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 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!

Latest PropTech Conferences by Yardi and MRI

Tue, 22 Jun 2021 08:00:00 -0500

The real estate industry has been facing challenges for more than a year. From real estate investors to property managers, everyone has struggled with the impact of the pandemic. Most companies have shifted to remote working and relied heavily on technology to make it possible. Thankfully, PropTech has made it easier to deal with changes and uncertainty.

As the industry recovers from the pandemic, PropTech conferences are helping property managers. These serve as great opportunities to come together, learn about innovation, and build connections.

The first half of 2021 has seen two important PropTech conferences. The YASC Global and MRI Ascend focused on empowering the property sector with the latest technological innovations.

YASC Global 2021

The third YASC Global was virtually held from May 18-20. During the conference, more than 17,000 participants viewed a total of 60,000 classes. Through the classes, participants learned more about the latest products and initiatives by Yardi.

The sessions built awareness on how Yardi has helped clients automate their business to keep up with pandemic norms. The event was held on the company's own platform - Yardi Aspire.

We share with you some of the important highlights of the various sessions.

Marketing and automation solutions for residential

Esther Bonardi, vice president of marketing, discussed how Yardi could improve multifamily business marketing. The session shed light on many aspects, such as optimized marketing and automated chatbots. It also focused on the company's solution for marketing - RENTCafé Reach. The software has already optimized around 2000 websites, and given quality leads to clients. It was called the "most cost-effective marketing channel" for its ability to drive organic traffic.

Marketing IQ, a new analysis tool, was also presented in the session. The tool focuses on improving ROI, which positively impacts your NOI.

The informative session dealt with ways to use technology to improve your marketing and analytics. Bonardi spoke about how technology helped during the pandemic. The session also saw Paul Yount conduct some impressive demos of the latest Yardi software.

PropTech trends for the commercial sector

This session held by Rob Teel discussed the various tech trends and how the pandemic has influenced them. Teel spoke of two significant trends in the past 12 months: increased technological adoption and a priority for contactless transactions.

Teel discussed paperless transactions with an example of eliminating documents by using e-signatures. He discussed how getting rid of all physical documents was necessary to become paperless.

Similarly, for contactless transactions, he emphasized the need to make digital payments. Electronic payment options are slowly becoming the norm. Teel encouraged the use of digital payment methods such as credit cards over checkbooks.

And for the last part, he discussed the trend of virtual communication. Yardi has developed several platforms that facilitate online communication. Clients can choose from options such as TenantPortal, VendorCafe, and InvestorPortal.

Investment management embraces portal technology

Industry principal for IM, Chris Barbier, spoke of the important trends in this sector. Investment management platforms help investors understand how their investments are performing. As an investor, you can also manage all documents, such as published reports or even tax documents.

Barbier said that IM software had seen increased adoption last year. Tenant management platforms had also seen a similar trend.

Yardi's Investment Manager is the company's solution to all investor requirements. It allows you to assess your investment's performance and also calculates your returns.

As Richard Malpica, general manager at Yardi, said, "Access to such information is what sets their clients apart."

Senior living showcases product enhancements

This session presented product enhancements for clients dealing in senior living. Ray Elliot gave an overview of updates on Yardi's Senior Living Suite. The talk continued with an in-depth discussion of new features and upgrades in the product.

Development director of senior living, Ram Shanbhag, discussed the latest updates in the Yardi software. He covered different tools like Senior IQ, Voyager Senior Housing, and RENTCafé Suite. Lisa Conrad gave an overview of the EHR features such as immunization dashboard and infection surveillance.

The session focused on Yardi's updates for all of its senior living software.

Affordable housing explores efficiency and asset performance

Matthew Luna and Keisha Flen, managers at Yardi, discussed how affordable housing products could help clients. The features can optimize budgets, improve asset performance and approve renters.

Yardi Elevate Suite helps housing clients increase revenue by driving asset performance. It also helps manage expenses and optimize your budget. Within the product, there are multiple features like:

Asset IQ increases revenue while keeping expenses in check. It also helps to optimize your budget using relevant data.

Revenue IQ helps clients increase their returns by analyzing market trends such as inventory and occupancy.

Maintenance IQ helps with the maintenance of the property.

What's next?

Yardi has planned the next YASC Global in San Diego from October 5-7. The company hopes for an in-person event. We can look forward to learning more about leveraging technology for business development.

You can visit their YASC Global page for updates about the next event!

MRI Ascend APAC 2021

Over 1000 people from the industry attended MRI Ascend APAC for two days on May 18-19. The conference focused on learning through expert talks, technology displays, and interactive Q&As.

The event began with a session from MRI's Executive Leadership team. The CEO of MRI, Patrick Ghilani, marked the 50th anniversary by speaking about the company's leading role in PropTech.

Experts held more than 30 sessions discussing the latest innovations in real estate technology. A special session was held by Simone Heng, focusing on Mastering the Art of Human Connection.

The event held many talks that covered a wide range of topics--from experiences in PropTech to discussing the future of the industry. While all of them were informative, we are sharing a few highlights from the talks we loved.

How to retain great staff in Property & Strata Management

The panel consisting of David Bowie, Leanne Pilkington, and Joshwa Baldwin spoke on the importance of staff retention. Finding and keeping talented staff has been a struggle for the property management industry. The experts spoke on how you can attract the right talent and also gave tips on retaining them. The session mainly focused on residential and strata management.

MRI Social Housing – your proven technology partner

Director of Sales Sean Fogarty spoke on how you can leverage your social housing business through the MRI. He gave insights on the various programs and initiatives taken by the company to improve user experience. He also discussed the different tech solutions MRI offers for social housing.

Trends in Property and Strata Management

Anyone who has been in the real estate industry will know the importance of data analysis. This talk by Josh Symons and Greg Clancy discussed data backed

PropTech and market trends. They also spoke about how you can leverage this data to ensure transparency and improve your business. This talk was especially beneficial for people working in residential and strata management.

Digital transformation in post-COVID commercial real estate

The pandemic has made the industry aware of the uses of technology. It has also been quick to adapt and evolve using automation. In this session, Chuck McDowell, Greg Clancy, and Jason Stevens spoke about the usage of tech in post-covid real estate. They also discussed market changes and key technology trends to look forward to.

Building safety and presence management

Safety is one of the focus areas of property management. WhosOnLocation is a software by MRI that covers all your building safety requirements. Channel Relationship Manager Lindsay Harn spoke of all the possibilities through this software. The platform, already used by more than 1500 companies, lets you track people on-site and manage several access permissions. The talk covered more features and uses of the software, WhosOnLocation.

More initiatives by MRI

Ascend is one of MRI's many programs focusing on technological awareness. You can get more information about PropTech from:

myMRI Client Portal - As a client, this portal gives you access to many resources like software hints and usage tips. If you have any queries, you can also raise the issue through their Support and Services requests option.

Events - The events page gives you updates about upcoming MRI Events such as conferences and webinars. You can also know about any speaking slots and exhibition booths where you can learn more about the sector.

Resources - Get access to a wide range of resources such as ebooks, case studies, and white papers.

Also, you can look forward to the next MRI Conference - Ascend APAC 2022!

Take actions through Assetsoft

Whether you want to implement Yardi or MRI software, Assetsoft can help you with the whole process.

We can set up Yardi by updating your existing data to the new platform. We also provide disaster recovery planning, third-party integration, and training for your staff.

Similarly, Assetsoft helps with different MRI services such as finance, lease back office, MRI support, and help desk. We can assist you with onboarding, implementation, data conversion, and MRI training.

Make the most out of both software by implementing these through our expert team. Book your consultation now!

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.

Investment Management Trends Post Pandemic

Thu, 03 Jun 2021 08:00:00 -0500

COVID-19 marked a global change for all industries. With 2021 promising recovery, experts haven’t wasted time forecasting where real estate could go. Thankfully, most trends will be beneficial for companies and investors worldwide.

However, we must focus on one fact: technology makes up a considerable portion of these forecasts. Investor managers have understood the benefits of innovation: efficiency, accuracy, transparency, and convenience.

During the pandemic, these advantages were lifesavers. As the crisis subsides, they’ll quickly become the new standard. Working with a professional software implementation service is ideal for reaping all the benefits. Assetsoft also offers you everything you need for your investment management business, from accounting outsourcing to business process outsourcing.

Trends for different asset classes

Firstly, we’ll look at which asset types have experienced trend shifts during 2021. If you’re thinking about portfolio diversification, these markets are definitely worth a look.

That said, you'll probably be surprised to learn some of the upcoming asset trends. Considering which markets performed the worst during the pandemic, property managers won't expect multifamily and office real estate sectors to offer growth potential.

1. Office space slowly recovering

Investors are starting to revive their interest in office real estate. With vaccination rolling out, workers are beginning to come back to their offices.

Current developments, like IT recovery, are breeding hope for the sector to recover faster than expected at first. This trend could turn the tides for many real estate companies.

2. Multifamily assets gaining popularity

Despite its losses during the pandemic, the multifamily asset class has shown its resilience. One of the main reasons behind it is the technology behind it.

Virtual tours and other innovations have sprung interest in multifamily properties. Investors planning to diversify their portfolios will probably reconsider this market as a promising investment.

3. Debt as an asset class

Running debt has also experienced growing demand as an investment instrument. The investor community has realized the potential benefits of debt financing.

It’s akin to the previous trend toward real asset alternatives: oil, infrastructure, and gas. The debt market has shown opportunities for property ownership due to current valuations.

Technology taking over the market

As we mentioned, technology implementation is becoming a priority for most companies, and COVID-19 merely strengthened these needs. Today, investment managers have no reason to settle for traditional methodologies.

Process automation, chatbots, AI, and big data are some of the most important developments for the post-COVID world. Which technologies attract more investors within the real estate market?

Investors keep prioritizing effective PropTech implementation in real estate companies. Make sure you don’t fall behind and contact a professional service.

1. Attraction toward purely digital interactions

Today, investors are still hesitant about personally assessing an investment opportunity. That's why we've experienced fast growth in virtual tours and augmented reality.

With time, this trend might shift from being born out of health concerns to remain relevant for its convenience. That includes document storage and signing as well.

2. Automation is still gaining ground

Naturally, automation remains a substantial investment for any property manager. Nowadays, investors don't have the time to develop and stick to busy schedules due to human resources.

As such, even primary automation (chatbots and personalized listings, for instance) goes a long way in making specific investment opportunities more attractive.

3. Technology implementation remains a priority

Naturally, automation remains a substantial investment for any property manager. Nowadays, investors don't have the time to develop and stick to busy schedules due to human resources.

As such, even primary automation (chatbots and personalized listings, for instance) goes a long way in making specific investment opportunities more attractive.

4. Online services and convenience become crucial

Likewise, most people have gotten used to finding all the options and solutions they need from their phones. Finding investors will demand companies to focus on convenience via digital services.

Investor portals, intuitive websites and catalogs, and even mobile apps will significantly attract them to specific offers.

5. Self-servicing preference

In the end, all that convenience translates into empowering investors. These people will demand more information and solutions to take a primary role in creating and closing deals.

With today’s hectic landscape, there’s little interest in waiting days for a request to process. Management solutions, like Yardi, have driven the “new normal” in self-service functionality.

Management and accessibility

The final trends aren't entirely related to the real estate companies, but investors are spreading their focus to more aspects than traditional markets and plain ROI. They wish to be more involved in their investments, often learning more about the assets and needs.

That doesn’t only mean becoming interested in the investments themselves but also innovative opportunities. Primarily, investor managers desire to have instant access to actionable data about their current portfolio and options.

1. Capital isn't the sole focus

With current financial uncertainty and market risks, investors need to know more than potential profits and losses. We'll see a significant spike in requests for more information about every investment opportunity as they look to understand everything about their asset.

2. Fundraising breeding new opportunities

Fundraising has also gained considerable traction among investment groups. Putting opportunities out for investor pools makes it more affordable to access new investment chances. Today’s software allows investors to access these methods online.

3. Debt investment and compliance

As we mentioned, debt has become a primary interest for many investors. Though, these investment assets mean complicated considerations, like compliance and governance.

Offering these options is as important as educating investors about what they can expect and how to leverage them.

4. Comprehensive digital process management

Lastly, investors expect to have all the information and tools they need to evaluate and close their investments. These solutions must be digital and accessible to provide the required empowerment.

That means integrating complete systems to offer the functionality expected by a seasoned investor population. Investor portals and management suites will likely become invaluable for property managers.

How can real estate companies leverage these trends?

As usual, there’s little value in realizing upcoming trends if a company can’t take advantage of them. Since technology is the foundation for many developments, we must start on that front. The first step is to assess your current systems and what you’re missing.

Even the trends that aren’t directly related to technology benefit from finding the best solutions for your company. As you’ll see, our tips revolve around digital adoption and integration.

1. Professional technology implementation

Firstly, any company needs to consider how modern its systems are. Legacy software becomes obsolete faster than ever, and with rapid adoption being today’s norm, you can’t fall behind.

That’s because finding an expert technology implementation solution can prove to be an outstanding investment. The right software will provide investors with all the features they need to feel confident in their assets.

2. Big data analysis

If you wish to check promising markets to see if they’re still profitable, data analysis is the best way to do it. Real estate firms generate prominent big data volumes, and the right AI intelligence & data forecasting solution will turn that into a crucial competitive edge.

Likewise, integrating efficient software for data gathering and management streamlines all your data analysis efforts. Qlik is among the best systems for this task.

3. Adapting to relevant trends outside of investment management

Finally, don’t neglect other developments and trends because they’re not directly related to investment management. For instance, the ERP software market promised considerable growth in the upcoming years before COVID-19. The crisis boosted that growth.

ERP software will likely become the standard in the real estate sector, driving investor trust toward companies using this software. We can find countless other trends that can indirectly affect investment management, and the right strategy must keep them in mind. Let us help you with your investment management accounting needs.

The Assetsoft team understands your accounting outsourcing needs. We can help you free up time. Talk to an outsourcing company that brings to the table what you need. Give us a call 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.

Back Office Accounting Post-Pandemic: How does it look like?

Tue, 25 May 2021 13:30:00 -0500

The coronavirus pandemic is a game changer, and its repercussions on many industries will probably last for years after it’s gone. Some of the ways companies have adapted might even become the new standard.

Yet, it still feels like an understatement.

Back office accounting is one of the main challenges we’ve seen companies facing. As most resources must work from home, accounting efficiency seems to take a hit. If you’re interested in learning why that happens, and what you can do to solve it, you’re in the right place.

Can accountants work from home?

As the Telecommuter Guide explains, yes, it’s entirely possible for accountants to work from home. In fact, many businesses outsource their entire back office accounting to offshore services, but we’ll get to that later.

In theory, there shouldn’t be any difference between working as an in-house and a remote accountant. That said, preparation and having the right resources available is what matters; this is where we see clients fail.

How has COVID popularized remote work for companies?

The CBC has a great article on how the current pandemic might have changed office work forever. Even as the quarantines around the world have flexibilized, a minority of workers have returned to their offices.

Most workers who adapted to their home offices have stayed that way even with less strict measures. Moreover, it seems like this trend isn’t prone to changing soon. Whether or not it’s due to health concerns or comfort it’s still to be seen, but the numbers are there.

It might change the future

It’s worth noting that the virus came just in a time where flexible work is a hot topic. Younger employees and managers believe flexible work is better, and that might tip the balance towards it.

It’s easy to believe working in the office means better performance. Managers can monitor workers in real-time, but that’s not always the case. Daily commutes can take hours with particularly bad traffic, and that means exhaustion that’s not present when working remotely.

The issue with working from home right now

The Stanford News site has a great article on how working from home might not be as good as we might think, at least during the coronavirus crisis. Economist Nicholas Bloom opens up saying that it might cause productivity slumping and even economic stagnation.

It’s worth noting that Bloom is an active supporter for flexible work. However, we can’t forget that context and preparation are vital to make this approach work. Ideally, working from home would improve focus thanks to less exhaustion, but that’s not what’s really happening.

What’s the problem? Well...

Parents need to double as teachers

With the COVID crisis, children also need to study from home. That means parents likely have to help them with their classes, which tend to take place during the parent’s working hours.

When flexible work faces discussion, supporters often assume children will be in school, thus allowing parents work without interruptions. If you’ve had a meeting interrupted by your kids screaming, you know that’s not the case right now.

Lack of preparation

We also need to consider what an accountant needs to perform their tasks. Ironically, some could argue that accountants would have an easier time working from home back in the day. They could just take the books home and catch up.

Of course, that’s an exaggeration, but today’s solutions still have their own challenges. Most companies use ERP systems for their back office accounting needs. If you keep an in-house accountant, they’ll likely not worry about setting up the company’s system on their home computer.

Other issues include not being used to working from home, having outdated equipment, bad internet, and more. The crisis hit suddenly, so a lot of people don’t have the commodities they need to work from home; not everyone has a home office, either.

Working from home isn't for everyone

Speaking of home offices, some people simply perform better from an office. Commuting to your office takes you to a “working mindset” that’s basically telling your brain it’s time to work. Some people might have problems focusing when working from home because they lack that stimuli.

The same is true for lacking personal interaction with your coworkers. Teamwork towards solving problems is easier when you can speak directly with others. Similarly, separating your work from your home life can be difficult already, and working remotely can make it worse.

How have companies offset this challenge?

Most companies had to overhaul their entire operations because of COVID. That made the difference between closing and staying on business, and working from home is part of many people’s lives today.

The World Economic Forum offers an outstanding article on how companies offset the crisis. If you’re facing problems with your back office, it’s worth taking a look. Some of the most important points are the following.

Retraining teams

Acquiring new skills—however minor they might be—is paramount for employees starting to work from home. Your back office accounting isn’t any different, as they’ll need to perform various additional tasks: troubleshooting, setting up your software, and more.

Needless to say, that’s a challenge. Many in-house accounting departments specialize in their tasks and nothing more. Once they don’t have your help desk readily available, productivity tends to take a dive.

Altering management

Management also faced a plethora of new platforms. Managing remote workers is an entirely different world from managing inhouse departments. This issue adds to our previous factor, as solving problems becomes a lot more difficult.

Most managers have zero experience with remote workers, and many workers don’t even know how to work from home. This lack of experience results in improvisation, which can lead to more mistakes.

Reducing control

In the end, companies simply need to trust their employees more than ever. Not having an overseer at all times means everyone has to make do, and you’ll need to trust your employees will get used to their new routine with time.

Of course, it’s a lot more difficult when working with resources without the experience necessary. That’s why modern management and collaboration systems are paramount for success.

Supporting wellbeing

Mental issues are at an all-time high during the pandemic. Anxiety, depression, and similar conditions are prevalent in most workers today. Not only is social isolation unhealthy, but the overall uncertainty around the world makes everything worse.

Mental health support programs are a necessity for many companies, and you should try to implement these methods into your own business.

Outsourcing during COVID: the ideal solution?

We place this option in its own section because of how unique it is. Information Age reports that outsourcing has become a main focus for many businesses. Offshore resources offer better resilience and adaptability: both are critical qualities in today’s workforce.

Outsourcing offers a large market with talents experienced in remote work. These resources usually have the necessary equipment and software in their home offices, so you can integrate them into your company almost immediately.

Outsourcing did take a hit, but it's looking promising

We must note that outsourcing hasn’t had an easy time during COVID. The CBI reports that COVID has been a huge negative for the sector, but it might become more relevant after recovery starts.

In fact, one of the reasons for that relevancy is precisely how many companies have discovered the benefits of outsourcing. Even those who’ve never outsourced their tasks are taking an interest in the industry.

Accounting is one of the best outsourcing departments

In fact, your back office accounting is a perfect candidate for outsourcing, as reported by BKD. We already mentioned how accounting has been a traditional outsourcing option for businesses, and COVID has only helped this fact.

Operational efficiency

Offshore accounting solutions have all the experience you need from a remote worker. All the obstacles from resources adapting to working from home aren’t factors with outsourcing.

We can speak for experience, as we’ve helped companies outsource their back office accounting before the epidemic. Our clients always enjoy professional resources without the additional expense.

Collaboration is easier

Today’s platforms have a plethora of communication and collaboration features. Our experience with platforms like MRI, Yardi, and Zoho taught us that remote work is a lot easier thanks to these systems. Real-time updates and editing are great examples of these features.

Saving on training

Finally, the most prominent advantage of outsourcing is the amount of experience and talents you can access in relation to the prices available. Outsourced senior personnel can be as costly as internal junior resources, thus saving significant money on training and onboarding.

With COVID, the outsourcing market has become a lot more secure. We’ve personally offered (and seen other offer) safety agreements to ensure clients can cancel or reduce the payment if they don’t receive their results.

Conclusion

Working from home wasn’t popular before the pandemic, and that resulted in a broken industry now that it’s necessary. The companies who managed to integrate their remote departments quicker gained a significant edge, and outsourcing seems to be one of the most effective ways to do so.