Better Real Estate Asset Management
Owning a freehold or multiple rental properties continues to prove a very worthwhile investment for many British firms. But with so many potential legal pitfalls, effective estate management is key to ensuring that your assets are protected in the longer term. Right the way through from annual company returns to buildings insurance, real estate is an investment where you can potentially make great returns when managed well. However, there is equally a high amount of potential risk to investors who fail to recognise the importance of good management oversight.
Creating Efficiencies
Block Online has worked since 2013 alongside ARMA and RICs to develop a more straightforward way to enable management teams to get more out of their assets. Their comprehensive digital system aids property and block managers by merging their data management and software needs in one place. So, property and block managers should only need to input the necessary information once in order to generate the many required outputs.
By using an all in one remote access interface, managers can easily generate automated reports through a single secure online login. Whether you are inspecting your outstanding contractor invoices or determining available reserve funds, you can determine your position quickly from a singular data source. With this added layer of transparency, managing your real estate assets can become much less stressful and more cost-productive.
The Block Online user interface is intuitive enough to not require additional staff training, allowing faster and easier transitions for departing staff and annual leave periods. Health and safety reports, insurance renewals and annual company accounts for multiple properties can all be easily ticketed and tracked from the same system. Centralising this information for multiple locations can help to avoid an essential task like as an upcoming insurance renewal from slipping an individual’s mind. So, the potential for such crucial tasks to be missed becomes greatly reduced.
The clever Block Online credit control module creates an easy way to stay on top of overdue incoming payments. Rather than checking numerous account statements against lengthy spreadsheets manually, for example, it allows property managers to quickly identify exactly what is outstanding and from whom automatically. Instead of manually typing out a letter for each delinquent payment, effective automated reminder letters can then be issued at the optimal time from the software system. All the while, it simultaneously keeps track of the outstanding payment status for peace of mind.
Conclusion
Ultimately, property investment has always been about dealing with people and with people comes ambiguities. But now, with the advanced new tools available to management teams via Block Online, managing your portfolio becomes much less complicated. By creating more efficient workflows, you can free up team members to advance in other areas such as searching and negotiating for further cost reductions. Such effective management of funds means that investors can potentially start to recoup outstanding balances faster and start putting surplus cashflow to good use instead.
