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”We are proud to be a partner in our global real estate portfolio because it will allow us to grow our business in a very efficient way and allow our teams to drive growth for all our stakeholders,” – Mike Sales, CEO, Nuveen Real Assets
Take control of your deal and portfolio data by centralizing it online. Connected tools, systems and people empower smarter, smarter business decisions.
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Seamlessly collaborate with existing teams, partners, and tools, all within the platform, saving valuable time to close more deals. Our software is flexible to integrate and impact how you work.
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Work with our industry-leading implementation and customer success teams to get you up and running quickly, with minimal hassle. Our software is flexible and configured to your company’s needs.
We have partnered closely with hundreds of leading companies to ensure our platform continues to meet the needs of our customers and thrive in the real estate market.
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“gives us the opportunity to capture all types of data related to our acquisitions, and then use it in a very efficient and seamless way throughout our real estate business.”
“Our operational goal is to integrate the investment process with the execution platform to generate IRR and scale. Has been essential to our growth over the past two years, allowing us to have deal information at hand and to generate metrics and reports at the push of a button. Very easy to use and gave us a competitive edge.”
“is the only end-to-end customizable technology platform truly built for CRE. It has been instrumental in our company’s transition to data centricity and digital collaboration. “
“We have explored a few deal tracking solutions but nothing else has come close to being delivered. The robust platform and ability to adapt to our needs greatly increases collaboration and efficiency within our teams. It really made our lives easier.”
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“We doubled the number of deals reviewed and under contract in 2021. We closed and committed over $1 billion in real estate in 2021, which was a record year for Avanath, and we aim to achieve that every year in the future.”
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In fact, very few systems can provide the breadth and depth of functionality required by a modern property management organization.
So here are eight things to look out for if you’re a UK organization in the market for a multi-user integrated commercial property management system:
In any large property management organization, you will find many areas of professional practice, from inspection and facilities management to accounting. Each has its own specific requirements and complexity – often driven by law or regulation.
A multi-user commercial property management system should support all these expert activities, linking them together in a fully integrated system. Financial data and transactions should be available in real time to support decision making with accurate queries and reports.
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The ability to configure the interface, so that each professional has access to tasks and data specific to their role, will significantly increase efficiency in a large organization. User portals or apps must also be available to third-party users, such as suppliers, tenants, clients and investors.
The system must also be flexible enough to meet the needs of specific property management sectors, such as commercial or residential property owners, managing agents, corporate occupiers and housing associations. Each has a different focus, and the system should reflect that.
“Very few systems can provide the breadth and depth of functionality required by a modern property management organization” Roy Benton, Property Industry Consultant
As the number of properties being managed increases, so does the amount and complexity of data that the system needs to manage.
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Lease Data: the lease determines all subsequent actions and processes, and the system must import this data correctly. Systems vary greatly in how they import and then update data, but when choosing software you should scrutinize each data management system.
The data includes critical dates such as lease reviews and lease break options, set out in the lease, often with a regular review pattern e.g. every 5 years.
Therefore, a commercial property management system should include a Critical Incident Diary, which can generate diary events based on this pattern, while also generating related “notify by” date records, to ensure that the landlord serves statutory notices to tenants in time. mode. This whole area is governed by Landlord and Tenant law, and the property management software must be fully compliant.
But this is not the only law. In any large commercial lease, the financial consequences of missing the notice date and missing the rent review can be thousands of pounds.
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Break and Expiration Options are time critical. When the lease ends, notice needs to be served in a timely manner, if the landlord does not wish to renew the lease.
Property Data: Commercial property management systems must also contain many complex ownership structures if they are to provide the required financial reporting. Agents in particular face difficulties if the software does not cope with the task: for example, it is common for an agent to have to make separate financial reports for a) the client, b) the owner of the property, and c ) the mortgagee who financed the purchase of the property – each in a different format.
The end date of the service charge year is fixed on the lease and cannot be varied without the agreement of all tenants. However, this year’s end date is not set in the property owner’s basic financial accounting period, and may vary by property within a portfolio.
It should also use the correct treatment for VAT on costs – which can be different for Residential and Commercial property, depending on whether the property in question is subject to VAT.
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A commercial real estate software system should be able to manage service charge budgets at periods linked to the end date of the service charge year again, not always the same dates as other financial budget reporting periods.
Often, the services provided on a property are not relevant to all tenants within a single building (why, for example, should a tenant on the ground floor pay for the maintenance of an elevator?), and therefore need a cost center on separately, known in the industry as “Service Billing Schedules”. The property management system must cope with these Schedules and allocate costs accordingly, if it is to allow an accurate calculation of each tenant’s subdivision.
RICS service charge rules require that each property’s service charge account is treated as a separate fund, and never overdrawn. The system needs to manage this, in terms of financial commitment when purchase orders are made, and at the time payments are generated.
Budget vs Actual: RICS is also required to keep tenants up to date with service charge expenditure at times of the year, and notify them as soon as possible of any significant overspend, before the end of the year.
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End of Year Payments and Balancing Payments: as soon as possible after the end of the year, the landowner must submit a certificate of expenditure for the service charge year and, similarly in the Budget process, the a property system calculates these components and subtracts “account payments” from the budget process to produce a balancing or credit payment.
Again, the property management software needs to do separate calculations and documentation for each tenant, with explanations for any budget variations.
Automation: yes, service billing is complicated! This means you need a system that encourages maximum automation – sending accurate letters and statements to tenants when necessary – and it needs to be backed up by extensive intelligent exception reporting, which will be able to highlight any errors before they become costly mistakes.
“For commercial and residential properties, the service billing process is managed by RICS. The software must fully support compliance.” Roy Benton, Property Industry Consultant
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For example, not all commercial rents in the UK are subject to VAT. Where they are subject, the need to rent
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