When acquiring property, REITs and landlords need to ensure that they can maintain and manage countless properties successfully by implementing an asset security strategy. Many REITs will use a large ERP to manage each property, bill and collect rents, track maintenance costs and needs and report to shareholders on returns. It is no surprise that with this volume of property and amount of lease contracts there are bound to be data errors in the system.
Here are four ways REITs and landlords can deliver accurate data for acquisition and disposition.
Utilize REmaap’s Platform as an All-In-One Solution
When using several different software solutions, such as one for document management, one for project/workflow management and one for data entry and analysis, this separation of data can be a huge cause of errors in data. REmaap’s platform can satisfy an array of requirements:
- Flexible Workflow Management
- Document Management
- Project Management and communications tools
- Data Abstraction Tool
- Extract, Transform, and Load (ETL) Tool
- Web-based secure access
Leverage REmaap for the Initial Audit
REITs and Landlords who have a large number of properties oftentimes have fast-paced timelines that require the audit of thousands of leases within a very short time period. REmaap can streamline and advance the initial audit:
- By creating data screens on the platform which have the same data elements as the ERP
- Setting up a double-blind entry process to ensure the newly entered data is 100% accurate
- Implementing automated validations that come as an integral part of the REmaap platform.
- Configuring import templates to match the export file from the ERP system
- Setting up lease data accuracy reports needed to analyze data accuracy and determine the next steps for a project.
Data Clean-Up on Existing Leases
If the initial audit returns results that show error rates, REmaap can serve as the project management and communications for the abstraction process. This type of approach can keep the abstraction team and the project team moving at a quick pace to keep the project on track. As data is abstracted, it is immediately compared against system data and a daily change log is created.
Transparent Project Status
REmaap makes developing and sharing reports seamless and provides daily reports to help guide models to support the securitization process. Additionally, the REITs senior management team can see the project status and how many leases are in each stage of the abstraction process.
When you are dealing with a project that has a tight timeline, leveraging the appropriate tools to complete the project is crucial. REmaap can provide both the software and the services to make every project a success while delivering accurate data for acquisition and disposition. The bottom line is that it is impossible to complete a project successfully without transparent data that is accurate and delivered in a fast-paced timeline – something that REmaap can deliver for both landlords and REITs.
See how REmaap can transform your real estate processes. Contact us today to get started.
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