What are the Key Features of a Record Management System in Real Estate?

What are the Key Features of a Record Management System in Real Estate
April 19, 2022
Author : Charles Hill

The unit MMP731: Management of Real Estate aims at providing an understanding and skills for managing property. It is especially useful for learning real estate management at international levels. You will learn the various aspects of property management - asset management and real estate management at a corporate scale. Corporate real estate management is concerned with the life-cycle expenses, future business plans, and the practical purpose of the property.

The skills and knowledge of this unit are useful for a real estate agent, broker, appraiser, manager, analyst, and leasing agent. After completion of this unit, you will be able to:

  • Comprehend and implement the framework for property management
  • Outline the legal obligations of property management
  • Learn the importance of ethical trade practices by property managers
  • Evaluate and find solutions for various property related problems
  • Work through property leasing procedure.

Australia is a highly urbanised country, and the
majority of the population lives in cities. Adding
that to the availability of the exotic locations popular
among tourists places Real Estate among one
of the biggest business sectors in Australia. -
Real Estate Australia

Real Estate management requires sound knowledge and first-hand experience in the field. Management of commercial real estate requires working through all the legal issues and obligations that an organisation holds related to owning or selling the property. You will get an insight into the various challenges faced by real estate agents and the key features of a records management system for real estate in this blog. Read forth!

key features of real estate management software

What Are Some of the Challenges Real Estate Agents Face in Their Work?

Real estate management is one challenging job; all the economic, legal, climatic, and industry changes can transform the leasing/owing contract. You will have to adjust quickly to all such variables and require sound knowledge and critical thinking skills. Every property manager must keep up with all the trends and the legal and regulatory changes. You will learn all the knowledge needed for the same in the unit MMP731 Management of Real Estate.

Although skills can be sharpened with experience, still, industry experts find some things challenging. Here are a few of the major challenges that real estate professionals face:

Low Inventory

Inventory in the real estate sector is the property yet to be sold. Inventory has a huge impact on the business; low inventory implies low sales, which further means low revenue. The number of unsold/unleashed inventory is often low, and this is one of the biggest challenges that real estate agents face. New properties do get built every other day, yet each gets just a small amount of properties to manage due to many agents.

Real estate managers can overcome this by expanding their reach in their work area and their services. Networking also helps reach out to a wide audience - property buyers and sellers.

Competition From Listing Sites

Networking helps grow the business, but it also brings awash competition. Listing sites are quite popular for property buying and selling; such sites can be a useful tool for real estate managers and a reality check at the same time. Due to property leasing/sale being easier through listing websites, the competition increases among the property managers.

Social media referrals also come in handy when seeking probable buyers, and millennial buyers are more inclined to seek a real estate agent at later stages of property leasing/buying.

In 2021, 91 per cent of the gross income
of the mortgage market was covered by the
top ten mortgage lending companies in Australia.
Westpac Banking Corporation and The Commonwealth
Bank of Australia were the leading lenders with 23%
and 26% mortgage values, respectively. - Statista

Database Management

Maintaining a database is a task for almost every professional field, yet data management and especially cultivating the data for leads is very difficult in commercial real estate. Lead generation in the management of commercial real estate is actually very expensive - the minimum price range is 50,000 AUD - which includes stamp and duty charges, business prices, legal advising charges, ect. All these can vary based on the business' requirements.

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Adapting to the Latest Technology

With the changing times, the real estate market is also evolving, including the latest version of the software required for managing databases, client relationship management, monitoring various services, and marketing automation. Real estate management software is your way to go for aligning all these. You may work with an IT professional to get a hold of the software and learn about all the features.

The art of buying and selling properties is a skill mastered by only a few as it takes peak dedication and sound knowledge of the field. Real estate professionals have to get past various hurdles and beat the competition to become the best in class. Lead generation is a challenging task that all property managers have to achieve.

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commercial real estate trends 2022

What Key Features Must a Real Estate Record Management System Possess?

Real estate record managing systems are a part of the latest technology upgrades in the field. They are apt in managing various real estate related procedures- CRM, data management, marketing automation, etc. In the unit MMP731: Management of Real Estate, you will learn about the various procedures and tasks that a real estate agent has to perform. A real estate management system helps you keep track of all the procedures in property management; here are a few of the key features of such softwares:

Did you know that according to a report by
domain.au, there are over 15.2 million commercial
real estate properties in Australia and more are
under construction?

  1. Tracking rent payments or the instalment plan is easier done with an automated management system.
  2. Managing the tenants is also included in a property management system. The tenants' information and payment plan are put into the system, and it manages to send reminders and track the transactions.
  3. Property management also requires fulfilling all the legal requirements - lease assignment, rent contract, landlord statement etc. Document management can be monitored and processed through a real estate management system.
  4. Managing the property maintenance expenses tracking is also eased through such a system.
  5. Marketing Automation is a necessary part of the marketing strategy for a business. The latest property management software is apt for planning and implementing an effective marketing strategy for businesses.

These are a few of the key features of a real estate management system; the various procedures and strategies involved in managing a property can be executed. You may come across various such systems, and choosing the best one can be tricky for the management of the commercial real estate. Try seeking these features to buy an effective real estate management system.

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How Are the Current Commercial Real Estate Trends Affecting Property Management in 2022?

The current circumstances with the covid omicron variant have resulted in various socio-economic changes globally. The same also affected the trends in real estate management. In the unit MMP731: Management of Real Estate, you will learn all the knowledge and skills required for property management. Still, a successful real estate agent has to keep up with the latest trend in the real estate industry; here are a few of them:

The city of Darwin in Australia showed a 14.% increase in the annual residential property value, the highest when compared to the other capital cities in March 2021. - Statista

  1. Hybrid Workplaces are the new black; headlines may declare office workspaces to be dead, but they're just transforming to meet the need of the circumstances and the newer workforce.
  2. The real estate industry will become more quantitative analytics centred. Firms will infuse AI management systems and Machine Learning based marketing strategies to make property management visibly effective.
  3. The adverse circumstances have increased labour costs and delays in the construction of new properties. Hence the construction prices will rise, which will benefit the existing property owners and managers.
  4. A lack of inventory is a common shortcoming of the real estate industry; this year will result in e great increase in inventory and demand.
  5. Post pandemic, the management of commercial real estate will witness a rise in various sectors from price appreciation to availability of capital will move the real estate industry.

Real estate is an industry that is never fading, though it did take some damage during the pandemic lockdown. The restrictions on building the property and the decrease in property value were enough to halt the real estate industry. Yet, 2021 was the year of the return of property managers to go back to business, and the year 2022 brought a plethora of new opportunities for growth in businesses and the industry as a whole.

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About the Author

Charles Hill

Charles Hill

Charles writes blogs and articles for students who are facing problems with their management assignments. His articles have been featured on several websites. He has contributed to the academic enhancement of students from the University of New South Wales, Central Queensland University, Edith Cowan University, etc. He joined the team of My Assignment Services as a consulting expert and now is a full-time academic help provider. His expertise in the field of management covers topics like leadership management, human resource management, business management and several others. His blogs focus on solving the most complex of the queries and simplifying the processes.

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2022-12-08 09:42:38

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