Property owners, whether investing in commercial realty or multifamily rentals, or single-family homes, need to have a consistent and competent financial management. To ensure that their tenants have the most enjoyable experience, they should be aware of the appearance of their property and curb charm. To maximize the return on investment, they should be on top of tax compliance, budgeting and other financial reporting.
Real estate management is the collection of actions and processes employed to maintain and take care of physical property assets. It’s the role of the individuals who manage those physical assets, too. It’s a challenging job that requires both a mathematical mind and an understanding of the tenants.
Real estate managers are accountable for a variety of responsibilities like screening potential tenants and maintaining the property and even making lease agreements. These tasks are crucial to establishing healthy and happy rental communities that keep renters returning. They’re crucial to ensure that property owners are able to turn their properties into lucrative investments that will increase in value in time.
However, with the rise of digitalization, smart buildings and occupant expectations for quality new challenges that have emerged that are keeping facility managers awake in the night. These challenges include full access to their portfolio and project management, efficient maintenance and operations, as well as lease accounting. Accruent Lucernex offers real estate management software that can solve these issues, and boost productivity.