How to run your property management operations with just one database.
As a successful and growing property management firm, you’ve come a long way from managing one four-plex, one apartment community or one commercial building. In fact, your portfolio is probably stacked with multiple properties and investments. At first, reliance on QuickBooks Enterprise was enough to get by when you were catering to a few investors for a handful of properties. As you’ve grown and added to your firm’s list of investments (an office building here, an apartment community or three there), you’ve probably experienced the inevitable growing pains of a progressing business.
Is your property management company . . .
- struggling to produce solid reports based on reliable, accurate data?
- taking longer to produce standard (revenue forecasts, profit and loss), periodic (weekly, monthly, annual) reports?
- accurately tracking and calculating vendor and maintenance expenses (specific unit and CAM: common area maintenance) from one property to another?
If any of those scenarios sound familiar, then it’s time to consider an upgrade to a system that anticipates your needs and grows with you. A solution that provides a tailored adaptation for your property management firm with a clear, 365-degree view of every property, anytime.
Stay Organized and Ahead with Accurate, Accessible Data
It’s nothing new: you’re only as good as your data. More specifically, you’re only as successful as the accuracy and reliability of your data. For each individual property, large or small, you’re making important decisions that affect the value of your real estate investments. Of course, those decisions are based on the data in front of you. With accurate data, you’re increasing the property’s net worth and overall return; and just as important, you and your investors are happy. However, with inaccurate data, you’re playing a dangerous game chance and ultimately reducing net operating income and return. You’re no longer basing major decisions on reliable, hard data. Instead, you’re relying on estimates, past performance and speculation.
With a solution like Gravity Software™(Gravity), those problems evaporate as all of your multi-entity data is securely consolidated into one location, where’s it’s consistently organized and accessible. So, if you or one of your investors have a question, or two, or five, you can access the relevant data and provide solid, data-driven, and meaningful answers, without delay.
Less Time Gathering Data, and More Time on Value-Added Analysis
If you’re still relying on QuickBooks Enterprise while handling multiple properties for multiple investors, chances are you’re spending a good deal of time looking for answers in separate databases for each legal entity. You’re probably logging in and out, going from one database to another, compiling information. With this process, you’re spending more time gathering data, instead of conducting meaningful, value-added analysis and actually producing the report. With all the data from each entity in one place, you can use the power of Gravity to…
- drill down and procure the relevant data.
- share master files.
- report on consolidated information. Track and breakdown vendor expenses by location/property.
- capture and analyze critical data, like maintenance expenses by property. Then take it a step further and analyze maintenance expenses by individual unit, and CAM (common area maintenance).
- and much more!
So, what’s the scenario?
Let's say you have an investor, the ACME Family Trust, and you’re managing five different apartment communities and an office building for them, you’ll have all the information available to produce any desired report. As the management company overseeing the Trust’s properties, you’re required to produce a monthly report, individual and combined net income for all of its properties. If your data is scattered all over the place in multiple databases, you’re going to have a long, tedious process ahead; however, if you have your data consolidated and readily accessible, it’s a matter of clicking and drilling down to provide the requested information. No problem.
Now suppose ACME Family Trust throws an unexpected request out of left field: they want a monthly net income report comparing the same month last year. Again, if the data is isolated and difficult to access, you’re going to devote an awful amount of staff time, but with Gravity, it’s done in a matter of clicks and minutes.
Gravity can centralize your diversified property management operations into one database while still providing detailed and customized reporting for each investment. Learn more by Scheduling an online demo or checking out or Free 30-Day Trial. My business is connected. Is yours?
Better. Smarter. Accounting.