From managing investor relations to buyers’ inquiries and other projects’ real estate information, an advanced property management software, such as NetSuite Property Management Solution, allows the real estate businesses to grow.
With offices closed during the pandemic, property dealers face a challenge to connect with existing and new clients.
That’s why implementing cloud-based property management becomes the need of time to keep pace with the new norm. This way, the clients can search online for an expert property management company and real estate dealer without stepping out of the homes.
Read along to find out more about how property management solutions are transforming traditional real estate strategies.
Current Challenges Faced By Real Estate Companies
Before discussing the advantages of using property management software, it’s best to understand the current challenges that affect the real estate companies performance:
- Non-payment of the rent and other arrears by the tenants
- Keeping track of the appointments with the new clients
- Not being able to follow up with the potential customers
- Attracting poor quality tenants without doing a background check
- Poor contract creation
- Lack of coordination among the times
- No timely communication with the tenants and clients
- Maintaining cash flow on registers and spreadsheets
- No record of the current and previous cheques by different tenants
One of the most significant advantages of using a property management solution is to streamline and automate different processes, such as rent collection, property creation, contract information, etc. In addition, businesses can benefit themselves by using different ERP features to integrate different business operations.
For instance, the sales and property management teams can work closely to ensure better performance by sharing management reports on a unified platform. This way, the teams no longer have to juggle between different software and tools.
This way, the real estate companies can minimize cost, save time, and enhance customer satisfaction.
Similarly, the sales letter templates and contracts will be readily available online. Moreover, the real estate companies can maintain an elaborate pre and post-tenancy checklist allowing all the team members to access and verify the data.
The performance dashboards allow the stakeholders to keep an eye on teams’ contributions. Not only that, but the stakeholders can ensure consistent efforts by the individuals to keep up with the company’s sales targets.
A property management solution allows the property dealers to manage different tasks and implement workflows to ensure follow-up and update the calendar.
Real estate companies need to implement a property management solution to scale up their businesses and expand their operations. This way, they can integrate the information on an online cloud-based platform and share it remotely with other on-ground sales teams.
Benefits of Using NetSuite Property Management Solution
The detailed dashboards of the NetSuite Property Management solution offer property status, highest bid information, contract expiration, cashflows, and matured PDCs.
Read along to learn about the benefits of using NetSuite Property Management Solution:
Property Creation
The real estate business can create properties, apartments, and other units using the NetSuite Property Management software. Not only that, but the real estate companies can offer maximum information related to the property site, nearby amenities, and whether it’s owned or leased. For example, they can define address, property type and attach the relevant photos allowing the potential customers to search for the property.
While defining units, the property dealers can add the intended purpose, property type, link subsidiary, unit features, and offer regulatory information.
Tenant Cycle
The real estate business can manage and record the tenant life cycle to identify the prospect. Similarly, they can create real-time dashboards with graphs, tables, visuals, and sales representative information to gain valuable insights. For example, these dashboards offer information about upselling and renewals.
One of the greatest advantages of integrating the information on a single dashboard is to set the future tenant’s expectations. This way, the sales reps don’t overcommit to the clients.
Lastly, the CRM feature can help property businesses to manage and document the tenant lifecycle and definite routing rules for the sales representative depending on the property location or type. Moreover, the companies can define the Key performance indicators KPIs to gauge the sales agents’ performance.
Contract Creation
The property management tool allows real estate businesses to create and maintain tenancy contracts. All they need to do is to input the required information on the built-in contract template. The reason to fill the fields correctly is to ensure no information is left out on purpose or by mistake. Similarly, the businesses can ensure compliance with the local or regional real estate regulations.
Lastly, the property dealing companies can attach the desired documents and initiate single-click invoicing. This way, the information is integrated on a single platform, thus saving resources, time, and cost.
Cheque Management
The real estate businesses can maintain a record of the pre and post-cheques against all the listed tenants. Moreover, they can also view the record of the post-dated cheques on the dashboards to take quick action.
Facility Management
The Facility management functionality allows the property dealers to maintain, create, track, and manage all the tickets. This way, the tickets are assigned to the relevant times in real-time to ensure timely resolution. Moreover, the maintenance teams can track the tickets and view the live progress.
To sum up, the facility management bridges the communication gap between the support team and the tenant.
Finance Accounting
The Financial module plays a significant role by linking the property management transactions to the integrated accounting books and ledgers. This way, the transactions ensure accurate financial compilation and reporting without any manual error. Not only that, but the regular maintenance of the transactions facilitates the yearly audit.
Conclusion
The above guide explains why real estate companies need to automate their operations using a property management solution.
This way, the real estate companies can outshine competitors by integrating and streamlining revenue recognition, tenant management, and rent collection tasks. You can reap all of these benefits and many more by integrating the NetSuite Property Management solution at the earliest with the assistance of Certified NetSuite partners like Folio3. They are experts in NetSuite customization, integration, and implementation.
