Tackling Asset Management with Technology
If you only remember one thing from this blog post, let it be this: Technology-enabled solutions are created to make your day job easier, not add to the headache of “Ugh, one more software to roll out to our teams?!”
If your current systems make you feel that way, it’s not you—it’s them.
Let’s dive a little deeper into what these processes might look like for you currently and the specific ways the right technology can make them so much more efficient.
1. Streamline Due Diligence for Efficient Inspections
Acquiring a new property can be a really exciting time. Unfortunately, it can also be a really stressful time. Due diligence often involves multiple stakeholders, extensive documentation, and tight timelines. Accurate, fast information is essential to sealing deals quickly and favorably.
Unfortunately, traditional inspection methods relying on manual inspections and fragmented data collection lead to delays, errors, and incomplete information—and it’s the worst time for nasty surprises.
Mobile-friendly tools designed to streamline unit and property walk inspections provide a single place for teams to store high-quality documentation and photos. These solutions can generate real-time dashboards and detailed, aggregated reporting to give you all the insights you need to get the best deal possible.
Check Out: Happy Asset: Due Diligence, an asset management solution designed specifically for acquisitions. The product includes inspections, lease file audits, advanced reporting, as well as mobile- and web-based apps.
2. Enhance Capital Expenditure and Renovation Project Management
Efficiently managing capital expenditure projects and renovations can be a nightmare. With so many internal stakeholders, external vendors, and moving pieces, CapEx projects can feel more like a juggling act than an asset management project.
Without proper oversight and communication, CapEx projects can easily go over budget, get delayed, and thus increase vacant unit days—creating a negative impact on NOI.
Spreadsheets are no longer going to cut it. Your teams need dynamic, collaborative tools that provide full transparency over their project portfolios. Ideally, these solutions would include automated workflows, approvals, and notifications so that your capital projects can get completed quicker, without everyone needing to approve each minor step.
Check Out: Happy Asset: CapEx & Renovations includes renovation project tracking, fixed asset tracking, vendor communication, and approval workflows so your team can reduce vacant unit days and maximize returns.
3. Budget Effectively for Long-Term Success
Everyone in multifamily knows that budgeting season is often a mad scramble, and most of that chaos comes from getting all stakeholders aligned on an accurate picture of current finances that lines up with long-term organizational goals.
On top of that, market fluctuations, evolving regulations, and unexpected expenses can significantly impact the financial viability of multifamily properties. Without accurate budgeting and forecasting, it’s almost impossible to make informed decisions that will optimize financial performance. And, while spreadsheets can track budgets, their capabilities are limited—you don’t get any version control, and nothing is automated—making budgeting a total slog.
Portfolio budgeting software can leverage historical data analysis and scenario planning to create accurate and realistic budgets. These tools enable faster builds, easier approvals, earlier identification of potential issues, and the ability to pivot strategies in response to changing market conditions. Plus, they’re a heck of a lot more intuitive and easier to manage than a spreadsheet file getting passed back and forth within your team.
Check Out: Happy Asset: CapEx & Renovations product’s budgeting functionality. With this tool, your stakeholders can build budgets faster, collaborate in a single space, and ditch the maelstrom of spreadsheets and files.
The Bottom Line: Do Better Than Spreadsheets
To reiterate: Technology is ever-evolving, and multifamily owners and PMCs who are early adopters of innovative solutions will rise to the top of the industry. These solutions are designed to make your day job easier, not add to the headache of change management and disparate software systems.
Due diligence, capital expenditure (CapEx) and renovation projects, and budgeting are persistent line items on every asset manager’s, acquisition director’s, and owner’s to-do list. But, they’re not always (read: pretty much never) the easiest processes to undergo.
Let’s talk about how technology can help you streamline these everyday multifamily tasks so you can spend less time on the nitty-gritty and more time on the big picture of your portfolio.
Added bonus: Adopting these innovative solutions early gives you an opportunity to separate yourself from the rest of the pack.
Ever since she was a kid, Ebby has always loved reading, writing, and storytelling. After graduating from College of Charleston in 2018, Ebby started a career in marketing for start-ups and scale-ups and never looked back. She's thrilled that she now gets to share HappyCo's stories across formats and channels for a living.