All retail business outlets to multi-family homes come under the Commercial Real Estate CAM system. Compiling a comprehensible CAM statement for these is a herculean task. Most CRE property managers and landlords spend sleep-less nights over perfecting this. With deadlines looming over your head, there might be many pitfalls that you forget to consider.  

Here are the most commonly overlooked mistakes that you as a property manager should avoid. 

COVID-19 has grilled the economy and businesses across the world and many have filed for bankruptcy and closed doors forever. The real estate business world is not far behind in feeling the ripple effects of the pandemic. 

In fact, it has hit the real estate business quite hard. The market has become extremely volatile with the constant changes in governmental rules and regulations. But since the beginning of 2022 things have slowly started getting back to normal. Most property managers are trying to get ahead of this curve by getting property management software to ease their tasks and keep up with market trends. Yes, this can be highly beneficial if you know the right ways to use the software to its true potential, otherwise, it can become a rather redundant purchase. This is why you need application support to be your expert guide through the software integration process.  

Here are a few ways you can benefit from application support.  

Any popular software in the market is bound to have a set number of features in play. But these features might not be enough for some of your minute business needs. But it does not end there, you can get application support partners to customise this software. From need-based specific features to in-depth market insights, the right application support will provide it all.  

You might change up-scale or down-scale your business growth plans based on your budgets and other factors. But a generic property management software might not be able to keep up with your constantly changing plans. Application support will give you this exact space to plan your way forward as per your own capacities. Deloitte research says that more than 14% of real estate businesses plan to double their investment in technology. But investing and making proper use of the tech are two different affairs. You need usable industry insights to make your tech investment have a positive impact on your ROI. 

A proper application support provider will also provide you with constant technical support. From handling technical glitches to mitigating unprecedented pitfalls, you will get all of it at your fingertips. This will help lessen security threats, bugs and constantly better your efficiency. Blindly following market trends is not the solution you need, you need solutions that work best for you. That is why you also need a reliable application support provider to fall back on. 

Market survey says more than 90% of marketers feel personalisations can positively benefit your business. When users have a smooth and personalised experience on your platform, they will surely want to stay in business with you. From seamless rent payment to tenant support, you can get all of these features integrated into your property management software. This will provide you with just the right edge over hundreds of other players in the market and better your credibility with potential customers. 

Many a time property management software have features that are not compatible with your existing system. Application support can help work around this problem. The KriyaGo team will adapt your software post assessing your future plans, expectations and needs. Not only will we tailor-make strategies for you, but our implementation consultants will help make all the features highly compatible with your working system.  

If you get property management software then it should rightly do that. But a half-baked software solution will only make your life as a real estate business owner even more complicated. It is not just about implementing the latest tech, it is also about which one will help you save time, money and labor. Custom features to get the everyday tedious yet important tasks done on time is the best solution for hassle-free business. This application support will free up valuable time for your in-house staff and let them focus on other important matters of business.  

MiCasa is a software with multiple uses that can help automate your tasks. This technology selection in project management will transform how you view your real estate business. Read on to understand the diverse offerings of MiCasa. 

When you run a real estate business, it is crucial that you know the status of your properties, renovation needs and more. MiCasa can help you automate these tasks without breaking a sweat over them. No more keeping tasks for the last minute. Being an Enterprise Resource Planning (ERP) solution MiCasa will help you plan your way ahead regarding inventories. 

Tenant communication and constant property maintenance services are everyday tasks for any property manager. Well, you can streamline those tasks with MiCasa. You can automate it all from janitor and plumber services to vendor management. You can also check tenant status when managing evictions or onboarding new tenants to ease your work. 

Purchasing and onboarding new properties and units are important matters for a real estate business. The easy to use MiCasa dashboard lets you track all purchases and investments without any chance of human errors.  

Back office work like invoice filling or in-office communication can be streamlined with MiCasa. Setting up meetings or creating a workflow plan can all happen with this software solution.

Last but not least, the MiCasa software and its integration plan are highly affordable, making it a favorite among growing businesses. Integrating this software will not come as a big blow to your accounts and will help you reassign your funds to further growth plans.  

TheKriyaGo team has years of experience integrating SaaS for our real estate business partners. This has helped us understand that every real estate business has its own specific needs, and no two integration plans can be the same. We make unique and new integration plans for our customers to help them stay ahead of the competition. We individually assess and comprehend each company's business needs we work with and then propose solutions. Here are a few ways we can help you integrate MiCasa into your system and help you grow. 

We have helped many companies leverage the best software solutions and features to automate their property management plans. We access each company's market and business goals and budgets and then propose solutions based on them. We do everything from integration to customized solutions and data migration based on what your business demands. When we integrate MiCasa with our team, we will make sure you have the best adaptive tech solution in the market.  

We plan our software integration strategy based on direct customer interviews and interactions. For us, the customer comes first. We will keep everything within your budget and growth plans and solve all property management and internal work needs in the process. We will never let your real estate business suffer from repeated strategy plans. We do our individual research for every business and develop integration plans accordingly customize the solutions. Book a free consultation plan with the KriyaGo team to give us a detailed understanding of your business. It will also help you understand our work process and help you make a conscious decision. 

Due to the new lease standards, there is a lot of chance of interpretations and space for judgement calls which can be open to human errors. This makes compliances harder than before, and lease audits can land you in many problems. You need to be well researched and well-read about the leasing accounting standards not to keep things open to interpretation. You can also use updated lease accounting software to help in the process, along with lease accountants.  

According to theForbes news report, more than 39% of companies use decentralized data systems to store and manage their lease data. This means that during compliance and accounting work, they need to gather information and data from multiple locations and stakeholders, which can be available in various forms like PDFs, Excel sheets, docs and even physical paperwork. Finetuning these, getting a hold of them on time and getting them organized into a centralized system at the year-end when deadlines are hanging over your head can be a crushing task for the team.  

Spreadsheets might be your accountant's best friend, but most companies still use spreadsheets to do all their lease accounting work. Survey saysthat companies have come to realise that they spend 25% more time on lease accounting due to their extensive use of spreadsheets. The new standards are so complex that a simple spreadsheet data collection can not be a long-term solution to this complication. You need to make a major shift to a new age lease accounting software and integrate it into your system to streamline the process and speed it up.  

All real estate business owners are aware that non-compliance can lead to penalties and fines, but these are the two most basic side effects. There is much more to think about, as non-compliance can lead to bad audit reports, additional audit fees, and investors and shareholders pulling out of your company due to a lack of credibility in business standards. The effects of these can grill you for a long time if you do not take a closer look at its implications. 

If you are a real estate owner, you are sure to have many leases that you need to look into; if you start the data collection and accounting process before the deadlines, then it is sure to become a nightmare. Not checking data for authenticity and not categorizing the leases can all be fatal; you need to start way ahead of time to avoid this.  

You will set yourself up for failure if you do not have a long-term plan for your compliance work. It is not a one-time thing; it recurs every year, so you need to have a basic structure for your lease accounting process. Get the right tools, software, and expert help in place before you start out on this journey to avoid losing sleep over compliance work.  

Even if property managers and accountants understand the need for the latest tools and lease accounting software, your strategy and leadership might not agree, and that can be a big cause of concern. You need to reason this out with them that almost 90% of spreadsheets have errors, and that can be a cause for serious non-compliance; you can also make them understand that a new age software will help you stay updated with standards in the long term.  

If you are facing any of the problems above mentioned then you are sure to go down the road of non-compliance and that is the worst nightmare of all. That will shake up your business, affect your financial health and cash flow and hamper your business image.  

Do not let the increasing property management needs and technology solutions intimidate you. Don’t worry! The KriyaGo team is here to help. We have designed our system to improve your workflow and smoothen the software integration process. No more breaking a sweat on complicated and multiple software integrations into your real estate property management plan. You can have it all with us, from cost-saving to customisations and easy-to-use dashboards. 

Don’t wait to start the journey. Talk to us soon! Give us a call and discuss this in further detail. 

KriyaGo Blox is a platform where all your property management software can be integrated into one. It enables better workflow and lets you streamline your business by customizing it to your business needs. And you can access all the data in one place. Property managers can work efficiently and increase productivity with KriyaGo Blox.  

Around 80% of property managers have to manage maintenance and collect rent, but it can be managed efficiently with the right tools and one such is KriyaGo Blox. Here are the top benefits of KriyaGo Blox so you know how it can impact your business positively.  

Outsourcing has remained a top solution to achieve business growth. Over 1/3rd of small US businesses outsource a range of functions to chosen partners in different countries. 

Real estate agencies can also outsource their back office tasks like property management accounting. It can free up your staff and help you deal with your priorities. 

Best of all, accounting is one of the top functions to be outsourced. According to the US Small Business Administration (SBA), it is a perfect option for bridging a talent gap.

That means you don’t have to be a financial expert or even handle your books. In addition, you don’t need to invest time to learn accounting standards or tax rules. 

Instead, you can outsource your accounting process and enjoy more efficiency. Moreover, you can take advantage of several perks that are mentioned below. 

Hiccups in software systems are inevitable, but it can be frustrating if there is no proper maintenance. With legacy software and a lack of adequate management, keeping the company's financial data can get all the more difficult.  

Or it may be due to other underlying problems too. Whatever may be the issue, here are some of the most common property accounting challenges and the ways to solve them: