Key Takeaways
The real estate industry faces challenges in ensuring building compliance and continuity of data and documents due to siloed working practices.
Misusing data rooms as a document management system during the operational period creates extra work and is prone to human errors.
A centralized system where both the landlord and the property manager work is the solution to these issues.
The centralized system should be a platform for collaboration, not just a repository for storing data and files.
Welcome to another episode of ‘Property Portfolio Unleashed,’ where we tackle the tough questions and challenges in managing large property portfolios. Today, we delve into an often-overlooked aspect of property management: ensuring continuity of data and knowledge.
The Problem: Misaligned Data Management
In the real estate industry, ensuring building compliance and continuity of data and documents is a significant challenge. Landlords and property managers, despite being part of the same industry, often work in silos. They keep their versions of building data and documents, leading to discrepancies and communication gaps when questions about data arise or when access to a document is needed.
The result? A flurry of emails, Excel files, and PDF files being sent back and forth, with no clear responsibility or system for keeping the documentation up-to-date. This disjointed process is not only inefficient but also risks losing crucial information when employees leave the company.
The Mistake: Misusing Data Rooms
A common mistake in the industry is forcing property management companies to use data rooms as a document management system during the operational period. This approach creates extra work for property managers and is prone to human errors. The data room system doesn’t aid the property manager in their daily work, lacks automated reminders, compliance scores, or workflows, and is not user-friendly.
The Solution: A Centralized System
The solution to these issues lies in a centralized system where both the landlord and the property manager work. This approach eliminates the need for back-and-forth emails and prevents the loss of valuable knowledge and data when a property manager or an asset manager leaves the company.
A centralized system should not just be a repository for storing data and files. It should also be a platform for collaboration. When you collaborate at the source of the data, you ensure that all information remains centralized and accessible, even when there are changes in the company or the team.
