Is the time spent managing the day-to-day tasks holding your team back? With current manual processes, like scanning spreadsheets, entering data, and trying to stay on top of accounting, more lucrative and big-picture assignments risk being pushed aside.
After speaking with asset managers, AppFolio Investment Manager found that many shared the same concerns regarding agility and efficiency. As a result, today’s asset managers are looking for ways to free up their time to work on high-level and operative tasks.
If you’re ready to stop drowning in a sea of manual processes and low-priority tasks, there are five ways to maximize asset management software for greater efficiency. Plus, we examine leading and affordable software asset managers are using to level up their businesses.
Top challenges facing real asset managers
After collaborating with asset managers, we uncovered some of the leading challenges they face today, many of which stemmed from a manual and outdated approach to internal processes. These included:
- Difficulties compiling reports from several property managers
- Sinking time into data-heavy processes such as excel or analyzing KPIs
- Issues forming an overview of all assets in the portfolio
- Losing time and hitting roadblocks when compiling performance insights for investors
- Trouble finding economical software solutions that provide ongoing support without additional headcount
In addition, unprecedented shifts in the market and new regulations driven by the Covid-19 pandemic forced asset managers to consider their transparency, processes, compliance, and resilience during and in the post-pandemic landscape.
Enter asset management software that allows you to optimize your portfolio, streamline data-heavy tasks, and gain a competitive edge through digitization. Choosing a flexible, intuitive, and innovative software solution will put you miles ahead of the competition.
Five tips to maximize benefits from your asset management software
Effective software solutions allow users to leverage data, apply analytics and create opportunities by reducing the time and effort required to complete fundamental tasks.
Here are five ways businesses can choose and leverage software to improve their asset management processes. Consider the following five points as ‘must-haves’ when deciding on your business asset management software.
1. Get ahead of lease expirations
A long-term view of lease expiration will help save money, maintain financial stability, and support more substantial margins. In addition, forward-thinking businesses can fill vacant spaces quicker, meaning minimal to no breaks in cash flow.
Quality asset management software should visualize your occupancy rate and lease expirations well in advance to understand your exposure points and promote future planning.
Effectively managing lease expirations with software has additional benefits, including providing flexible options to residents, preparing for updates/renovations, and the foundation for setting appropriate rental rates.
With predicted growth in the short-term rental market, staying on top of lease expirations becomes even more significant in 2023 and beyond.
2. Streamline and automate data processes to save time
Collecting, analyzing, and managing data can take hours (sometimes even days). Entering data manually into excel spreadsheets is not only a time-wasting process but is more prone to human error.
Although it’s considered a time-consuming task, data is the foundation of all decision-making, and you want access to it quickly. As they say, what gets measured can be managed.
In addition, as regulatory bodies push for more stringent reporting, especially in relation to environmental governance, access to data for reporting will become a top priority.
By opting for asset management software that automatically aggregates and visualizes data, you’ll spend less time consolidating reports and more developing the performance of your assets.
With automatically consolidated data, you’ll be able to share pertinent insights company-wide, boosting collaboration and focusing on revenue-generating projects.
3. Surface insights across multiple portfolios and property management solutions
Tracking insightful measures such as NOI, operating income, operating expense, CapEX, and lease expiration will help prevent unnecessary financial losses and prepare to report on the KPIs most relevant to your business.
Focusing on actionable on-demand data means greater scalability and flexibility. With instant and team-wide access to critical metrics, you’ll be able to move quickly on insights that are most important to your business.
4. Elevate the investor experience
Communicating clearly and effectively with investors has never been more integral to success. In the post-Covid landscape, many investors are considering their decision-making and remaining extra-cautious in the uncertain market.
With asset management software that offers performance visualization and error-free reporting, investors are kept in the loop with the most up to date information, meaning they are less likely to pull capital and emboldened with greater transparency.
Software that provides an investor portal will take the lead as investors become savvier about where and with whom they invest their money.
5. Reduce overhead
The right real estate asset management software should be economical and eliminate the need for headcount. While there are several asset management software on the market, choosing one that is affordable yet comprehensive will contribute to overall profitability.
According to Deloitte, fewer than half of all commercial real estate companies plan to increase technology spending, which is deemed shortsighted. This presents a unique opportunity for companies willing to take a long-term view with their prop-tech investments.
Partner with Appfolio Investment Management for asset management success
Choosing the right asset management software can be a challenge. But without one, you’ll be falling behind, losing valuable time, and unable to remain competitive in the market.
Data insights and investor relations will be critical pieces of the commercial property puzzle in the coming years as competition heats up and investors become increasingly discerning.
That’s why asset managers are turning to Appfolio Investment Management’s solution, AppFolio Alpha™. Appfolio Alpha™ is the only asset your team needs to beat the market.
For scalable insights, time-saving data aggregation, and more, the Appfolio Alpha™ solution easily allows users to take control of their data and plan for the future.
Book a demo today or reach out to a team member about how Appfolio Alpha™ can help you level up your business in 2023 and beyond.