Easily manage your rental properties with Folio3’s proprietary Property Management Solution with Oracle NetSuite. Managing residential or commercial properties falls under the term “property management,” which includes everythings that goes into the upkeep, growth and management of a real estate investment.
Property Management Solution streamlines processes such as property creation, rent collection, tenant management, contract creation and revenue recognition for Real Estate organizations.
NetSuite makes real estate management solutions possible as today’s real estate market always shifts and evolves. It gives an adequate background that allows property managers to answer new information in real-time. NetSuite gives access to multiple information such as asset, customer, and employee information.
Having an adequate foundation towards ERP skills can make administration tasks easier and much simpler while avoiding mistakes associated with growing into new terrain. In addition, users can also make financial reporting automatically to account for different taxation jurisdictions, with multi-currency conversion capabilities, and built-in tax compliance.
Comprehensive, Full-Scale Dashboards
NetSuite’s Real Estate Solution provides extensive dashboard portlets ranging from trend graphs to lists and analytics.
Examples of dashboard for property management are:
Property StatusHighest bid against the unitMatured PDCsContracts ExpirationIncome/Expense/Cashflows
Creation of Properties
NetSuite allows users to define specific features and easily and quickly create and set up properties.
NetSuite offers the following options when constructing properties and units:
- Define address
- Define property type
- Attach pictures
- Define if it is owned or leased
When defining individual units users can:
- Linking subsidiary
- Intended purpose
- Type of property
- More Regulatory Information
- Unit Features
NetSuite also offers the option to customize other factors such as sales teams, agents, and accounting postings. Building up several hierarchies for the properties is possible, these are the number of towers and levels in each one, the villa and individual properties.
Lead to Tenant Cycle
Improve customer service, monitor and manage a tenant’s complete life cycle effortlessly from the time of opportunity identification through the creation of a lease contract. The real-time dashboards give salespeople and managers a better understanding of what the needs and expectations of the customers are.
Users can utilize CRM features to:
Manage the tenant’s lifecycle
Manage documents and communications
Sales agents can have key performance indicators to measure effectiveness
Define routing rules depending the type of property
NetSuite Property Management allows to create and maintain tenancy contracts. Ensure that no information is missed out with the contract screen that consists of all fields which comply with local real estate rules.
When forming a Tenancy Contract users can:
Fill in all information as per local real estate requirements
Initiate invoicing by one click
With NetSuite, users can record current and post-dated cheques from a tenant. It can be easily monitored when post-dated cheques become due.
Property Management Solution is equipped with Facility Management functions that allows users to easily create, track and manage support/maintenance tickets.
Ensure an effective tenant support by having tracked communication between tenant and support team. For analysis of units/properties, maintenance tickets against contracts can be monitored.
Finance and Accounting
Link all property management transactions to accounting books with the center of the platform–NetSuite Financial Module. Financial reporting is mainly based on these transactions, which are accurate and in-depth.