Property Management System
Managing Malls and Complex Multi Property Portfolios
August 20, 2020
Managing Malls and Complex Multi Property Portfolios
August 20, 2020
In every city of the world office buildings provide much needed working space in our crowded cities but they bring with them management complexities. Complexities arise in the management of revenues and costs, for actuals, budgets, and cash flows across the many stakeholders that include tenants, management companies and owners of the building.
Owners may additionally be large corporate financial entities that require reporting across multiple buildings using different accounting GAAP, currencies and languages. Complexities arise due to the property management issues being across the many business units or combinations thereof that can cover multiple floors. Also annual weather extremes of heat, cold, winds and rain storms can probe for any building weaknesses and various seasonal celebrations bring peaks and troughs for real estate management action.
Typical property management requirements that should be end-user driven are as follows:-
Management of Revenue
In the above cases comprehensive reporting is required to ensure that all fees are collected from the tenants in a timely manner and all unit renewals are handled efficiently to avoid dead time. Licensing rules from software vendors are not easily managed as property management systems are often not a purpose built module. Solutions are built from accounting components that are priced based on typically “non-property” scenarios that see multiple stakeholders as additional autonomous users acquired at extra cost.
Management of Costs
Transparency to stakeholders is important and can only be achieved by having the ability to record and report for all items in multiple dimensions which therefore allows for cash flow surplus and deficits to be visualized through any period.
New technologies today are fast and allow systems to work for you and not vice versa and some are optimised for management accounting meaning fewer steps to achieve the same result which means less errors and faster execution and that helps reverse the anecdotal 80% of time on process and 20% on management review. Contextual actionable alerts over contractual receipts and expenses allow you to quickly understand your business allowing you to take corrective action quickly to minimise losses and to organize your process flows as you want to organise them across all properties. Also business simulations with visualisations allow you to understand how changes in your business model will impact your business.
Paring management charges to an efficient level is a competitive weapon to maximization of profit and attractiveness to tenants in like for like comparisons. Additionally being transparent to any “Resident Committee” is also vital to show accountability to stakeholders.
Latest Blogs: