Real estate tips and trends

In a world where technology and automation are becoming an absolute necessity in everything we do, when is it simply too much? At Rex Cirrus8, we have a strong understanding of the agent – landlord dynamic, where property owners expect their assets to be professionally managed, with few, if any mistakes.

Think back to when Commercial Property Management involved being tied to the desk, completing monotonous, low value-adding, administrative tasks. The casualty being time to cultivate your relationship with your Owners...

There are several factors to consider when you are planning to move software platforms. Particularly if the software in question is key to your business daily operation and profitability. One of the most common mistakes is starting the process too late and trying "shoe horn" to in all of the precursor work, which often determines whether the transition is smooth or otherwise.

It is a fast paced world we live and work in. Not a week goes by when we’re not shown some advance in robotic technology, consumer advantage, a new app to save lives, or more. This digital disruption, how technology is changing our lives, impacts upon all levels of the industry. And yes, it has an impact upon the Commercial Real Estate Industry.

Having supported Commercial Property Managers for over a decade through a trust accounting business, I thought there would be value in identifying some of the most common areas where mistakes have been found.

For the uninitiated, variable outgoings (VOs), also called operating expenses, outgoings or common area maintenance (CAM) as they are called in the US, are charges to a tenant that are recoverable as per their lease agreement. They relate to general or common area costs incurred in operating, repairing or maintaining a property.

Globalisation is loosely defined as the exchange of goods or services between countries. This has been happening for many decades now, however, it has gone through a number of different phases. With the recent rapid advancement in technology, a new group of services can be delivered from offshore.

For decades the size and profitability of a Commercial Real Estate Firm property management business has been at the core of the overall agency value. Many partners and directors of these companies see their commercial rent roll as forming part of their retirement plan or superannuation, should they ever decide to sell completely or sell their shares internally to the next generation of property professionals.

Licensees have a special responsibility towards trust accounts which are strictly regulated by state laws. Licensees are entrusted with the obligation of managing bank account funds on behalf of others, hence the term ‘trust account’. It is thus important to be familiar with all legal obligations imposed relating to trust accounts some of which are discussed below.

The below article will help you navigate the minefield of considerations in converting property management systems. There are a number of factors to consider when deciding whether to change property management systems (PMS). Some of these might be overcoming shortfalls with existing solutions or accessing the latest technology to future proof your business and not fall behind the competition. This article is not intended to help you with that decision (that will be the subject of a separate article) rather, it is to help you navigate the various pitfalls that could cause the change in systems to go wrong.