Property Management and Lease Administration both have their share of complexity. The reason for this is the foundation for both activities starts with a negotiation. A negotiation that produces a legal document called a lease, and leases are filled with legal language that needs to be interpreted by both lease administrators and property managers.

When you talk to many lease administrators and property managers, you find that they are not in love with the systems used to do their work. If you dig deeper, you find out what they don’t like about the system is inaccurate reporting and inconsistent data. So, what they are really missing is Complete, Comprehensive, and Consistent data.

Complete Dataset: On average, only 35% of a property management system’s functionality gets used. This is because users start using the system with only a minimal dataset. When users venture to use some new functionalities, since their system lacks the proper data, they don’t get the desired result, and they either give up or get disillusioned.

To optimize the performance of a PM’s system, companies need a high-volume lease abstraction platform that includes workflows, document management, business validation scripts, automated OCR, and Artificial Intelligence to auto-annotate all lease documents. One that is built to address the 3Cs of data that will make your property management business more effective and efficient.

Comprehensive Dataset: Every company has unique data elements they want to capture and maintain. In many systems, there is no logical place for this data, so companies end up compromising or customizing. Compromising generally leads to a lot of manual reporting work later, and unhappy lease administrators and property managers. Customizing a system to meet your company’s needs is costly, takes time, and constraints future upgrades.

A high-performing system should provide the flexibility of configuring a comprehensive dataset that meets and adapts to its changing business needs. It will also do this while seamlessly transforming data for various target system’s data formats.

Consistent Dataset: The inconsistency of data across portfolios has many causes – no standard abstraction process, use of decentralized resources not trained in abstraction, or not enough resources to perform a proper abstraction. On top of this, the level of inconsistency increases as the user base increases and over time.

Having a business validation engine would ensure the data is consistent and maintained across your portfolio, allowing you to use all the features and functionalities the system is designed to deliver.

Next to elevating the resident experience and ensuring happy renters, maximizing ROI for investors is a priority for any property management company. Those who are doing it right will tell you the upside to addressing the pain points associated with inconsistent data and inaccurate reporting is worth the investment.

Advancements in technology and working with the right partner who understands your business needs is paramount to overcoming data and reporting challenges.

Contact us at 562-207-1610 or [email protected] to learn more about how NTrust can help you solve your most pressing data issues.