![]() ![]() The software must fully support compliance. Can it manage complex service charges?įor both commercial and residential properties, the service charge process is regulated by RICS. Agents in particular face difficulties if the software is not up to the task: for example, it is not uncommon for an agent to have to produce separate financial reports for a) the client, b) the property owner, and c) the mortgagee who financed the property’s purchase – each in a different format.ģ. Property Data: commercial property management systems must also accommodate multiple complex ownership structures if they are to provide the necessary financial reporting. Lease expiries require notice to be served in good time, if the landlord does not want to renew the lease. On any large commercial lease, the financial consequences of missing a notice date and forfeiting a rent review can be many thousands of pounds.īreak Options and Expiries are similarly time critical. every 5 years.Ī commercial property management system must therefore include a Critical Event Diary, able to generate diary events based on this pattern, while also creating linked “notice by” date entries, to ensure that the landlord serves statutory notices to tenants in good time. This whole area is governed by Landlord and Tenant law, and the property management software must comply fully.īut it’s not just the law. Systems vary widely in how they import and subsequently update data, but when selecting software you should scrutinise all data management systems extra carefully.ĭata includes critical dates such as rent reviews and lease break options, which are laid down in the lease, usually with a regular review pattern e.g. Lease Data: the lease defines all of the actions and processes that follow, and the system must import this data accurately. How the system manages data is therefore key to your organisation’s success. Getting all the data into the system and ensuring its accuracy drives all key processes, reports, and accounting. Each has a different focus, and the system must be able to reflect that.ĭata is the bedrock of all property management.Īs the number of properties under management increases, so too does the volume and complexity of the data that the system needs to manage. The system should also be flexible enough to meet the needs of specific sectors in property management, such as commercial or residential property owners, managing agents, corporate occupiers and housing associations. User portals or apps should also be available for third party users, such as suppliers, tenants, clients and investors. The ability to configure the interface, so that each professional has access to the tasks and data specific to their role, will significantly increase efficiency across a large organisation. Data and financial transactions must be available in real time to support decision making with accurate enquiries and reporting. Each has its own specific requirements and complexities – often driven by statute or regulation.Ī multi-user commercial property management system must support all these specialist activities, linking them together in a fully integrated system. ![]() In any large property management organisation you’ll find multiple professional skill areas, from surveying and facilities management to accountancy. Does it meet the needs of your whole team? How much development and support is based in the UK?ĭownload a PDF listing all the key points: Download Free Checklistġ.Can it handle the basics of facilities management?.Can it produce the reports you need, when you need them?.Does it have integrated accounts that are property-focused?.Can it manage commercial rent collection?. ![]() Does it meet the needs of your whole team?.So here are eight things to look out for if you’re a UK-based organisation in the market for an integrated multi-user commercial property management system: In fact, only a handful of systems can ever deliver the breadth and depth of functionality that the modern property management organisation requires. This is not a particularly helpful statistic, if you’re trying to assemble a shortlist of contenders. Type ‘commercial property management software UK’ into Google and it instantly returns 150 million results. By Roy Benton, Property Industry Consultant & former Director at Cushman & WakefieldĪ free 8-point guide showing what to look out for in commercial property management systems ![]()
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