Every asset manager in the real estate industry wants to minimize the organization’s expenses and ensure every asset and equipment is available where it is required so that no work operation hindrance occurs. In order to maintain a real state structure, it is important to create a complete list of assets attached to each real estate.
However, when all these activities are done manually then it leads to several issues. This is where automated Real Estate Asset Management comes into play! In this blog, we will know what exactly Real Estate Asset Management is and why real estate firms should utilize this software! So, let us begin without wasting any time.
What Is Real Estate Asset Management?
Real estate asset management is the process of maintenance and utilization of assets including real estate (lands, buildings, condos, duplexes, apartments, etc.) itself.
Each real estate varies in size, it can be 100 feet in area, 500 or 1000 feet in area and some can be even more. Now imagine there are assets that are located in different, different areas. Managing them can be very complicated.
This is where asset management software can play a crucial part in real estate asset management. Asset management software keeps track of every asset located in every real estate property.
It can be extremely helpful when there are lots of assets and real estate properties are huge. Since every asset is costly and it is important to be tracked in order to avoid theft and misplacement issues.
Recommend To Read: Advantages of Contract Management System for the Real Estate Industry.
What Are the Main Reasons to Use Asset Management Software in Real Estate Firms?
The main reasons to use asset management software in real estate firms are discussed below:
1. Saving Assets from Theft
Since there are lots of assets available in each real estate property and every property is huge in size that is why it is prone to theft and asset misplacement. In order to protect assets from theft and misplacement.
Every real estate firm must invest in asset management software. It is helpful in providing the real-time location of every asset with the assistance of asset tags.
These tags assist in providing accurate location and other information regarding each asset. If someone left an asset and forgot it, you can find it with this software.
2. Keeping Assets Maintained
Real estate firms have lots of real estate properties and each property has so many assets. It is important for them to keep them in running condition otherwise their business will suffer. But it is important to know which asset is maintained and which requires maintenance.
Asset management not only keeps every asset maintained but also plays an important role in enhancing and optimizing asset life. In this software, you can set the frequency for asset maintenance and schedule it.
For each upcoming maintenance, this software will alert you & notify you so that you can plan your maintenance scheduling accordingly. This software helps in minimizing maintenance expenses.
Missed To Read: What Are Asset Infinity's Software Features Helpful in Completing Equipment Management Tasks?
3. Valuable Information
Real estate asset management software lets you know which asset is productive, which asset is taking more maintenance, which asset is frequently utilized which asset is less utilized so that you can make better and more informed business decisions about assets.
Valuable data helps you set a baseline for assets so that you know when an asset is performing well or under performing. Every asset-based information sets out room for asset enhancement.
Characterizing the different money-related supporters of real estate property opens the possibility to optimize them for growth. In short, with valuable information, you can decrease maintenance costs and optimize return on investment (ROI).
With real-time asset management, you can get a complete asset list that is helpful in managing real estate. Moreover, you can filter data by property name, categories department, status condition of an asset, etc.
You can get complete information in a single view. Since there are assets in abundance you can classify assets as self-owned, partner-owned, or rented assets. For additional information, you can add images, files, etc.
For real estate asset management, all these features can be very helpful. If you still have any doubt about how to go ahead contact us. We will help you in choosing the right asset tracking technique along with asset management software with support at every step.
Managing assets in real estate require high skills along with that asset management software. There is no doubt that this software makes your asset run more effectively and efficiently.
Real estate firms must invest in this software to improve their business productivity. It can be a blessing for real estate managers, and portfolio managers as this software provide the simplest way to get real estate facilities' insights.
Frequently Asked Questions (FAQs)
Q.1 - Which Type of Asset Tracking Techniques Are Used in Real Estate?
There are several types of asset tracking techniques available such as barcode, QR Code, RFID, GPS, NFC, BLE, and IoT. All these techniques are helpful in accurate asset tracking. It depends on the requirement and objective you are hoping to achieve with the asset tracking technique.
Q.2 - What Are the Responsibilities of Real Estate Asset Managers?
Real Estate Asset Managers manage assets in real estate allotted to them. In real estate asset management managers need to ensure that each asset is working and maximize asset life. Preparing financial records and keeping track of real estate. Reporting to owners and investors about real estate properties.
Q.3 - What Are Various Types of Real Estate?
Real estate can be a piece of land or a permanent structure. There are various types of real estate that we have discussed below:
1. Commercial real estate such as grocery stores, gas stations, hospitals, hotels, vehicle parking spaces, restaurants, etc.
2. Industrial real estate such as property used for manufacturing, production, etc.
3. Land such as empty pieces of land, undeveloped land, ranches, etc.
4. Special objective filling real estate such as pilgrimage, schools, churches, parks, etc.