How can asset manager software boost resilience in property portfolio management?
In short, asset manager software can be key to making quick decisions when managing a property portfolio.
2020 has been a year of turmoil for asset management. In the UK, Q2 saw the weakest investment volume ever recorded (although it did begin to bounce back later). At the same time, we have seen an explosion in remote working with grave implications for office rental, a collapse in city centre retail and a rise in warehouse demand as more people shop online. All of these factors are likely to radically transform the face of commercial property for decades to come.
Asset and property portfolio management in these times is incredibly challenging. There is a huge amount of uncertainty in the sector about what these changes will mean for all kinds of property. It’s also unclear how property should be managed going forward.
To navigate this unpredictable period, property portfolio management professionals will need to be nimble, agile and resilient. And this is where asset manager software can help. By providing asset managers with tools that give them a comprehensive view of all properties on their books, it can make them better prepared to weather the storm.
What is asset manager software?
Asset manager software is a building industry technology that allows asset managers to collect and store data on all properties under their administration. From an easy to use interface, it allows you to visualise all your properties. You can also drill down into individual assets, review their status and monitor how facilities managers are looking after them.
Asset management software draws together the data that you need to create reports on properties you are managing. It also provides a valuable history of each building when you come to sell them. That history can include blueprints and floor plans plus a list of all repairs/modifications that have ever been made.
How does asset management software work?
Property portfolio management requires asset managers to continually monitor the performance of properties to ensure a solid return on investment. In many cases, this involves frequent visits to sites, liaising with property or facilities managers, and compiling status reports. Asset manager software digitises these activities and therefore makes the asset manager’s job much easier.
Here is an example of how asset management software works:
- Henry is an asset manager who specialises in corporate offices in Wales. He manages a portfolio with over 50 properties in Cardiff and Swansea.
- Every day, he opens up his asset management software programme and receives reports on properties in his portfolio. They include modifications, upgrades or major problems.
- One day, Henry decides he wants to sell a property in Swansea and knows a buyer who might be interested.
- Henry can use his asset management software to quickly bring up a comprehensive file in the building in question – which includes its blueprint, a history of any modifications and other data.
- When he approaches the potential buyer, this report contains all the information he needs to sell the property.
- The buyer can also quickly get an idea of how the building has been managed over time and has all the information required to begin negotiating a price.
5 benefits of asset manager software
There are multiple benefits to using real estate management software. These include:
Quick overviews of a property portfolio
Firstly, asset management apps make it easy to gain an overview of the state of all properties in your portfolio. You can quickly see how each asset is performing, its current status, see how many tenants are in place and much more. This is significantly easier to consume than complex and unwieldy spreadsheets.
True representation of portfolio status
Using asset management software, you can get a near ‘real-time’ view of the status of all your properties. Reports on upgrades and repairs arrive immediately – rather than in emails or even post at the end of the week or month. This allows asset management professionals to save time, act faster and be more agile.
How much money are your property managers spending on repairs? Are certain buildings costing more to maintain than expected? Is one location failing to attract tenants? Accessing this information can be challenging when you have properties in multiple locations run by people working in different ways. However, by bringing all the data into one centralised app, you can far more quickly get an appreciation of current costs.
Demonstrates due diligence
If you are going to sell a property, asset manager software makes it very easy to demonstrate you have performed due diligence. An asset manager can quickly drill down into the file of one specific property and provide a report of all ongoing and historical repairs.
Show value to clients
Asset management apps provide easy-to-understand reports on how specific properties in a portfolio are being managed. Right within the software, you can show clients what you are doing to improve their properties and also show how this is giving them a return on investment. As a result of regular reports, clients have peace of mind and confidence that their investment is in safe hands.
Learn more: What is construction management?
PlanRadar helps make asset management more resilient
PlanRadar provides asset management professionals with a smart, easy-to-use tool to monitor properties across their portfolios. The mobile and desktop app allows facilities managers to record everything that is happening in a specific building, which feeds valuable data and reports up to the asset manager.
Using asset management software like PlanRadar means that asset management professionals can make faster, better-informed decisions about the property in their portfolio – and be more resilient and nimble in challenging times as a result.