Property owners, regardless of whether they are investing in commercial real estate or multifamily rentals, or single-family houses, must have a consistent and skilled financial management. They should also keep an eye on the curb appeal in order to ensure the best renter experience. They also need to remain on top of budgeting, tax compliance, and other financial reporting to maximize their return on investment.
Real estate management is the collection of processes and actions that are used to maintain and take care of property assets. It’s also the responsibility of those who manage these physical assets. It’s a challenging job that requires both an understanding of numbers and a heart for the tenants who rely on them.
Real estate managers are accountable for a range of duties like screening potential tenants, maintaining the property, and even making lease agreements. All of these activities play crucial roles in establishing a happy and healthy rental community that keeps tenants coming back. They’re also essential in ensuring that property owners can transform their property into a lucrative investment which will increase its value over time.
However, with the emergence of digitalization, smart buildings, and occupant expectations for quality there are new challenges that keep facilities managers up at late at night. These challenges include full visibility into their portfolios and efficient maintenance operations, leasing accounting. Accruent Lucernex offers real estate management software that can help with these issues, and boost productivity.