Real estate reporting should be simple and streamlined and provide transparency for investors. But for most commercial real estate firms, reporting is complicated, tedious, and opaque. In short, real estate reporting sucks.
“While other industries have leveraged technology to automate routine tasks, real estate has lagged behind,” says Derek Thornhill, vice president of the real estate practice at Saxony Partners. “There are some firms in the industry that have pushed Excel to limits that would impress Bill Gates.”
1. Real estate reporting needs a single source of truth.
This is the primary reason why real estate reporting sucks – inadequate software solutions and lack of a Single Source of Truth (a centralized, secure database). Spreadsheets, which are used by most commercial real estate firms to manage their critical data, are inadequate to the task.
2. Real estate reporting takes exhausting manual effort.
Lack of a strong database is just one reason why real estate reporting sucks. It can also be a very labor-intensive, manual process – due to lack of process automation and standardization.
Ideally, automation should manage the complete Life of the Asset®, starting with acquisition, continuing through closing, and including day-to-day asset and portfolio management. But without a good database, employees have to spend valuable time tracking down the data they need from different departments.
Lack of standardization from department to department makes the process of data collection even more complicated. These disjointed processes often require an all-hands-on-deck effort to sort out.
3. Dirty data compromises real estate reporting.
The final reason why real estate reporting sucks? Dirty data. Because when there’s a lack of automation, lack of standardization of business practices, and the absence of a central database – it’s easy to end up with dirty or compromised data.
“The amount of human involvement in the process of manual reporting provides myriad opportunities for errors,” Thornhill says. “That can lead to reputational damage for the firm, and the whole process could lead to employee burnout.”
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No more chasing data at the last minute every month. No more manual processes. Reporting in Pereview is as simple as pushing a button.
That does not suck.