It is increasingly critical to have a solid real estate strategy. Real estate managers are tasked with staying within budget and reporting accurate numbers for crucial, expensive decisions. Answer these six simple questions to find out whether you are truly in control on your most expensive asset: your real estate.Learn more
Property management software for efficient management of real estate
Whether you are in commercial real estate or corporate real estate, property and real estate managers have unique needs when it comes to technology and software. This becomes even more challenging because of the different roles and responsibilities in property and real estate management. Landlords, investors, fund managers, occupiers, facility managers, and real estate service providers all have their specific needs when it comes to software solutions.
There are many solutions on the market that meet these specific needs, either as a point solution or as integrated software. The property management function within an Integrated Workplace Management System (IWMS) typically focuses on corporate real estate processes (CRE) for both property owners and occupiers. In real estate management, an IWMS typically supports business processes like lease management, portfolio management, transaction management, and strategic property planning. Distinctive from stand alone tools, in an IWMS these property management functions integrate with adjacent real estate processes like maintenance management, sustainability, facility management, space management, and workplace optimization.
The huge financial impact that is involved in corporate real estate for large organizations and multinationals combined with the increasing need for portfolio transparency, compliance, and business continuity, builds an immediate business case for the implementation of property management software. Because markets and demographics change fast, organizations that exploit and operate many branches or locations have an urgent need for property management systems. Banks, retailers, pharmacy, production or hospitality companies need fast acquisition and sale of properties, timely lease cancellation or renegotiation, and assets that represent their brand properly.
Learn more about property management software
Brochures | 03/09/2015
Brochure - Planon Real Estate Management
Planon offers a complete, integrated solution that provides your organization with a clear overview of its real estate portfolio to ensure your real estate strategy is in line with your corporate objectives anytime, anywhere. With Planon, companies can quickly evaluate total cost of ownership and maintain a holistic view of their entire portfolio.Learn more
Lease management and lease accounting
Core functionality of any property management software is managing leases for landlords or tenants. Combining lease management for all in one software solution allows corporate real estate organizations to manage both their owned and rented real estate in the most efficient and effective way. In both situations all financial aspects of lease management like lease payments, lease incomes, financial forecasting, price adjustments, price indexing, and service costs calculations are managed and reported with a single integrated software solution.
As individual lease contracts can include complex arrangements and deviations, property management software is a need for any organization that has multiple lease and rent contracts. This allows organizations to timely assess rental options, renew and archive contracts, monitor the resulting financial and legal obligations by automated notifications for deadlines or cancelations, and proactively align their real estate supply with future business demand.
In lease accounting, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced changes in the way leases will be classified and the way lease costs are defined. These changes will not only impact the balance sheets of most organizations, but also the lease administration practice of corporate real estate managers, accountants, and controllers. The changes include the requirement for companies to capitalize operating leases and include them as assets and liabilities on the balance sheet. It also includes a change in the definition of a lease payment, which will include certain variable rents, contractual payments, and renewal rents. The scope of the changes includes leases on many types of assets and includes real estate related leases for companies reporting under US-GAAP (FASB) and IFRS (IASB).
Download our Lease Accounting brochure on how to prepare for these new lease accounting standards.
Portfolio management and real estate planning
Successfully managing properties and real estate starts with data and transparency. As a part of the property management function, portfolio management software provides a clear and standardized overview of your real estate portfolio including information like technical conditions, space and workplace utilizations, scenario planning, CAD visualizations and portfolio reporting. These systems ensure that the real estate strategy and portfolio is in line with your organization’s objectives. Strategic real estate scenario planning also helps to analyze your actual portfolio’s performance against organizational goals and identify the gaps in your current strategy. In addition, it offers the tools to close these gaps with functionality for transaction management to acquire or dispose properties, or capital project management to plan, manage and control capital expenses.
Read a white paper about Capital Project Management or view a webinar about Real Estate Portfolio Strategy.
With portfolio management software, organizations can quickly and easily review the total cost of ownership for all real estate properties and make sound financial decisions based on facts. By presenting a holistic view of your portfolio, these solutions provide you with the means to make strategic decisions based on the expected life cycle of your buildings. This allows executives to identify areas where significant cost savings can be realized and gives the information needed to accurately project future capital flows.
Property management software that includes portfolio management supports organizations in standardizing both data and processes to ensure reliable and compliant reporting and allows internal or external benchmarking.
Property management software and IWMS
When combining real estate and property management software in one IWMS solution, organizations can benefit from many advantages. All property data is registered only once in one single database and is used by many processes in real estate, maintenance, space, facility, and sustainability management. This ensures high data quality and corresponding KPI reporting and portfolio analyses. By integrating these different processes, the strategic, tactical, and operational handling of all building and property related activities are managed from within one integrated solution. This increases the opportunity to identify and implement improvement potential and reduces the Total Costs of Ownership (TCO) of your portfolio.
An IWMS includes state of the art systems integration capabilities with geographical information systems (GIS) for visualizing portfolio mappings, Building Information Modeling (BIM) for maximizing the reuse of design and as-built information during the property lifecycle, and enterprise systems like SAP to integrate with core financial processes.
In our Real Estate Management solution, a new KPI-based Property Scorecard is available. This new KPI report gives you a complete and accurate 360-degree view on your real estate performance. It allows you to analyze and identify areas for improvement in your portfolio, and act on them.