To state the obvious, the last few years have seen the market mood go from boom to subdued. Despite this, Scott Keck, Chairman of Property Advisory Firm, Charter Keck Cramer encourages those working in the property industry to stay the course - and hold on tight for conditions to improve.
The most reliable way to grow a successful real estate business is to keep all of your properties in top condition and maintain a pool of happy and satisfied tenants. Whether you are an owner or investor managing your own buildings or you manage on behalf of owners, then versatile, user-friendly property management software in can save you time, cut costs, mitigate risk and help you grow your business in 2023.
With the Covid-19 pandemic accelerating many already growing trends, it’s predicted that paper billing will become obsolete by 2026. Businesses will now, more than ever, be opting in for synchronised and streamlined practices for managing their payment process from start to finish as opposed to using traditional methods. This is particularly important when managing commercial real estate as the easier it is for tenants to pay you with online rent payments, the quicker they do. For property managers and landlords, you’re also significantly reducing the time spent reconciling invoices and chasing arrears. To offer customers a solution that keeps them ahead of the game and able to track payments coming into their business in real-time, we introduced Re-Leased Pay – a secure digital payment solution reducing administration time, at little to no cost to your business and that can be set up within minutes.
Melbourne, 9 February 2022 – Re-Leased, today announced it has been named to G2’s 2022 Best Software Awards, named as one of the top 25 best ANZ software sellers. Operating a software marketplace used by more than 60 million software buyers annually, G2 is the definitive online destination to discover, review and manage the technology that businesses need to reach their potential. Its annual Best Software List ranks the world’s best software companies and products based on authentic, timely reviews from real users.
When setting your practice’s goals for 2022, it is important to understand what your clients’ priorities and pain points will be in the coming year. Knowing what’s ahead for your clients will allow you to give more proactive business advice and help you to anticipate how you will need to adjust your advisory offerings to better serve your clients.
In a time where most everything is digital, utilizing cloud-based technology to run your business is no longer a want to have, it's a need to have. Commercial property management software enables landlords and property managers to automate leasing, accounting, tenant management, operations, and marketing activities. Taking this approach one step further, a property management system with the right integrations creates an efficient, cloud-based operation that can manage commercial property and accounting in one central location, eliminating human error and duplicate data entry. Xero offers a cloud-based accounting platform that integrates with specific property management solutions to provide financial transparency for owners, investors & all necessary stakeholders while ensuring bookkeeping is completed accurately and promptly. Xero users can view their tenant contacts and financial transactions at all times with a constant flow of information between platforms. Property managers can upload their transactions and sync all their key contacts from any device alleviating the need for accountants to chase down information & allowing for the business to always be financially up to date. In this article, we break down the top property management systems that integrate with Xero.
When shopping around for property management software, you may have found you have many to review. One of the many consideration factors is which accounting tools are available. Most property management platforms offer a simple sync of your income and expenses. However, finding a property management software system that fully integrates with QuickBooks Online can be more challenging than you might think. Eliminating being tied to a PC in the office and double entry by your accounting team are essential features that can be found in the best-integrated systems. In this article, we break down the top 4 property management systems that offer full integrations with Quickbooks Online.
In the world of real estate, there are several metrics that can help gauge the health of a real estate investment. In addition to net operating income (“NOI”), understanding cash flow is a key measure allowing owners and managers of real estate to track the health of their property and provide projected returns to their investors.
The real estate industry has always been a laggard when it comes to embracing technology.
In May 2021 office occupancy in London, as measured bythe Metrikus Occupancy Index, surged above 50% for the first time since lockdown measures were introduced in March 2020. The trend is being seen across the UK, with occupancy for the country coming in at 47%. As restrictions ease and vaccination numbers rise, these factors will help boost worker confidence in returning to the office. But it won’t be a return to the office as we knew it, as demand grows for flexible leases and spaces that offer experiences and amenities that cannot be found at home.
Sam Caulton, Re-Leased CFO reflects on how the return to work is tracking from Auckland to London reviewing vacancy rates and rent collection data as well as his experience moving offices in the middle of the pandemic. What can these insights tell property managers and landlords about how to manage re-occupancy?
Commercial property management is more competitive than ever, yet commercial property managers are persisting with legacy residential management software, building in workarounds and force fits. Commercial and residential property managers have many things in common, including:
Congratulations, you’ve decided on a new property management software to boost your commercial real estate company’s performance! But before you start seeing the benefits, you’ll need to get the system setup and running. This process can have many names – implementation, onboarding, migration – and it can be an unknown if you’ve never gone through it before. The ideal scenario after you’ve purchased your software is that the implementation runs smoothly, you get to learn the ins and outs of the platform, and then you’re ready to hit your target go-live date. In this blog, we’ll outline 4 steps to get your company ready for the move and get up and running without any headaches. If you haven’t quite settled on your new software of choice, read through our guide to selecting the best platform for your company here. Understand what’s involved in the implementation Firstly, it’s important to know you will have to commit time and effort to the project during implementation. Having someone in your office who will own this on your end is key. They will act as the bridge between the software provider’s implementation specialists and your team. There will typically be a kickoff call with the software provider and this is where they will outline what will happen each week and the training sessions that will take place. A standard implementation can take three months, so having buy-in from your team is critical to keeping the momentum going as you progress through the onboarding. Working together with your software provider and asking for transparency in each stage, helps to stay on top of the implementation. While some companies might be looking for a quick fix when it comes to bringing on new software, the reality is that you have to be prepared to commit to learning and understanding a new system to get the full benefits. Clean up your data One of the main questions companies have when moving to a new system is, ‘What should I do with my data before migrating it?’ The simple answer is to clean it up by making sure everything is correct and up to date. Often, businesses are not as vigilant as they should be in ensuring data accuracy. But, once again, putting the effort in before making the move will streamline your data migration and the overall implementation. Important data to check and update: Inspections and maintenance tasks that need to be closed off Reviewing owner and tenant profiles - name, contact number Rent reviews and lease renewal dates Outstanding invoices that need to be paid Check your whole database - have you got information in there that you don’t need? Attend the training sessions No one expects you to become an expert on a property management system straight away. That’s why it’s essential to attend the training sessions and get familiar with how the different features, workflows and dashboards work. These are some of the typical sessions you will have with your provider: Introduction to core features and functions Property management functions Tenancy management functions Expense recovery Trust Accounting functions Before or after these sessions, your software provide might also direct you to their Knowledge Base or Help Centre which will have articles and videos with comprehensive step-by-step guides on how to use specific features. The Knowledge Base is a valuable resource that should be taken full advantage of to help speed up your learning. Inform your clients, tenants and owners of the change While you would have communicated the system change with your staff internally, it’s just as important to notify your clients, tenants and owners. This is a great opportunity to reach out to your clients and let them know all of the benefits they’ll now experience with the new software, such as access to a mobile app or online portal, or greater visibility of a property’s performance. Keeping clients updated avoids any surprises on their end when they see some of these changes. Going live Reaching the end of your implementation should mean you are ready to go live with your new software. But don’t fret that you’ll be left on your own, the implementation team will be on-hand for that first month while you get fully acquainted with the system. After that, you’ll have access to the customer support team who will be your port of call for any issues, guidance, or questions you may have as you start a new chapter. Check out our in-depth guide for more tips and insights on streamlining the implementation process so you go live in time for the new fiscal year. Get the guide
Commercial real estate has always been an industry centered around relationships. Arguably, they’ve been the most valuable asset for a property professional to own.
It is coined one of the largest, if not the most significant, aberrations for our industry. Messages surrounding the need for real estate companies to harness the utility of data and to ensure its visibility are plentiful. And they aren’t wrong. We operate in a sector where anecdotal evidence is the norm, insight on deal size and nature is communicated on a phone call. Real estate information is amassed in the human cerebral as opposed to online data stores, even in 2020. There is a ripeness for greater transparency as to how our industry operates and the intricacies involved.
Cloud computing and ‘tech stacks’ transformed Re-Leased CFO Sam Caulton’s role and here he talks about how it can be transformational for property businesses.
Sitting down with Mathew Tiller, Managing Director of LJ Hooker Commercial based in Sydney, we chatted about the company’s growth plans, emerging trends in the Australian commercial property market, and how the company is embracing tech as it looks to the future.
Switching from manual to digital processes may sound daunting – but apps can bring it within reach for businesses of all sizes, as one case study demonstrates Matt Fitzgerald MRICS joined Commercial Property Partners LLP (CPP) in 2015 as a partner to launch its property and asset management division. Since then, he has scaled the team up to seven people and added a specialist maintenance division, CPP FM & Projects, enabling the firm to offer an integrated property and facilities management service. Technology has played a substantial role in enabling this expansion of the business.
Building relationships in business takes hard work and dedication. There needs to be a clear understanding of what each party’s vision is, and how that pertains to the goals set in place that determine business outcomes.
Commercial landlords who manage their own property portfolio can do a few clever things to increase their yield, one of them is to save on property management costs by managing their own portfolio.
The conventional office leasing model has gained fierce competition from the new and shiny co-working model that has become a hand-in-glove fit for modern businesses. Should commercial landlords revisit their office leasing strategy to recapture potential tenants? We dive into whether co-working spaces have thrown a spanner in the works for commercial landlords. Read on.
As humans sometimes we make decisions quickly, other times not so much. We draw conclusions based on our calculations of what we think is right – we live with it and then go on with our day. If we break down the anatomy of a business decision it always looks the same: we want the best out of the cost-to-benefit ratio. What if there was a more sophisticated way to make decisions? So to do things well, to do them on time, and to do them more efficiently than ever before? Well, there is an avenue to achieve this in real estate today: enter PropTech, and more impressively, advanced analytics. Let's dive in.
The way we look at customer experiences is changing quite rapidly, and this is evident in the shift in the way buyers and sellers are interacting.
Juliana Bennett is Re-Leased's Product Manager, and she's based in the beautiful Hawkes Bay region in New Zealand.
This article was produced in partnership with AIRE Software