The Domino Effect of Stakeholder Communication
When it comes to Real Estate Stakeholder Communication, the domino effect is real. The recent changes in communication expectations has a direct effect on information transparency. This requires data to be easily consumable. Enter Sage Intacct for Real Estate.
The Evolution of Reporting Requirements
In the past, financial statements and rent rolls were the very minimum requirement for property reporting. This is simple information for most real estate organizations to collect and disseminate. In today’s real estate world, data has grown exponentially in both volume and complexity as more stakeholders seek better information for informed decisions.
The Rise of Sophisticated Stakeholders
One of the factors in this transformation has been a significant change in the types and sophistication of these stakeholders. Previously, only the property’s owners, organizational executive staff, and operations teams had access. As the real estate market grew and returns exceeded expectations, sophisticated investors required more and more reporting. Then, after the 2008 financial crash, lenders changed their loan covenants, requiring borrowers to provide more information, and provide it in a timely manner. Underwriters were skittish and lenders needed to feel secure in their relationship with the borrower and the asset. That security could only happen with greater information transparency. Now even tenants and vendors have become stakeholders seeking information about the property to maintain their relationship with the property owner.
Meeting Modern Stakeholder Expectations
This series of events changed expectations, requiring data providers to provide that information in a form and format that stakeholders could easily consume. This change in stakeholder expectations put tremendous pressure on those data providers. Sage Intacct for Real Estate can help manage the data.
Transparency and Timeliness: A New Standard
This change in expectations has also had a domino effect on information transparency. In addition to the above changes, real estate back-office technology publishers must provide solutions that ensure data integrity and uniformity, support data warehousing, and enable easy information output. In addition to consumers’ desire for more information, they also mandated that they receive that information on demand or at scheduled intervals. For managers of real estate assets, it was obligatory that any information demanded was given quickly and accurately.
The Importance of Accurate Data Input
It is well known that, for data, “garbage in” equals “garbage out,” so having systems that can accurately receive and process information is imperative for the accuracy of the final report. Inputs to the data system and outputs in the form of user reports are integral components which support truthful sourcing and confidence. Add in data scalability – whether it is because of portfolio expansion (more properties or additional asset classes) or more detailed information – and the complexity of the information inputs and outputs increases dramatically.
The Pitfalls of Legacy Back-Office Solutions
All back-office solutions in the market provide fields to collect data. Some even give the user the ability to create fields to customize data collection. But how efficient is that for most companies? When it comes to reporting, a system that locks down the data – requiring an experienced programmer to extract it – loses any efficiencies created by that system.
A robust solution makes both input and reporting of information easy and accurate. Many longstanding marketplace products claim to provide data outputs but often fail to disclose extra costs for data extraction, custom reporting, or dashboard add-ons. The real estate industry has demanded that their technology provide them with the ability to do their reporting without increasing their costs.
A Better Way Forward with Sage Intacct
There is a solution to this challenge.
Sage Intact Real Estate provides an easy-to-use platform that is a central repository of information and gives distributors of real estate and financial information a comprehensive toolset of reporting output options. With an intuitive interface, this solution offers ready-to-use dashboards and a financial statements designer that’s quick to learn and use. Sage Intacct Real Estate helps organizations that own or manage real estate assets gather information effortlessly and output that information. Whether scheduled or on demand, Sage Intacct ensures accurate and timely information.
