Choosing a software you will use on a daily basis is a project that must be structured to ensure its success. Here are ten steps that will allow you to do so.
In the article Asset Manager: why the business is going digital Vincent Evenou, Director of Asset Management at Keys REIM, looks back at the changes in the business and the need to transform its work processes using digital tools in order to monitor the value of buildings and get closer to users.
In particular, he explains how MYRE provides him with proactive and anticipatory management: tenancy schedules, expense budgets, appraised values, all this information, gathered and analyzed, will enable him to anticipate management actions with regard to tenants.
During lockdown for example, commercial tenants in particular have asked us to cancel their rent. To answer them, we thought it would be wise to obtain compensation. But these counterparts can only be relevant if they are adapted to each tenant. Having a detailed and global knowledge of assets allows us to react quickly and make the right decisions. And that is key when we do asset management: offering answers that are adapted to our users means ensuring their presence over time, and therefore the value of our buildings.
In this context and based on our experience, we have identified the 10 steps that will enable you to successfully digitize your asset management by choosing the platform that is best suited to your needs.
1. Define your needs
Each structure entails specific needs. It is important to identify the main issues that the tool should address (three maximum, otherwise you risk losing sight of the main objective) and then prioritize them.
Next, think about what you hope to achieve in one year. This will allow you to project yourself and define selection criteria.
For example, if you are a SIIC, you need to access in real time all the data regarding your asset reviews and reports.
If you work in a real estate company with debt financing, you would like an integrated dedicated module in which to model your debt and which could fuel your cash flow.
If you work in a SCPI management company with an internal property manager, you need an expense module that generates invoices and the follow-up of unpaid invoices.
2. Clarify the different stakeholders and their role in the project
Start by setting your action plan by defining the people involved at the different stages of the project.
To do this you need to appoint an asset manager who will be in charge of conducting demos to select the relevant tools.
Then he will plan a second demo of the chosen solution with the different actors who will be the future users (asset manager, property manager, analysts, etc.).
After this step, an agreement on a price will be reached in order to present the project to the general manager.
The legal department will then enter the mark-up phase before having the general manager validate and sign off.
3. Draw up an execution schedule from the search for the solution to the first use. Set deadlines.
Evaluation projects and the implementation of a digital solution can seem long and tedious. Setting deadlines will allow you to structure the project while controlling its progress.
Choosing your solution, from research to signature, should not take you more than seven weeks.
And for easy implementations, prefer SaaSSaas platforms like MYRE. It means that the tool does not require installation, that it evolves regularly without action from you and that it is always available and accessible remotely.
4. Define your budget
It is not always easy to set a budget without knowing the offers of the different software publishers. For this reason, it is necessary to define a range and a maximum budget with a financial manager.
This will allow you to make a first filter in your selection of providers, and will give you an anchor point for a possible negotiation.
Beware of a price that is too low, as it may be indicative of a low number of clients or a lack of internal resources to support you over the long term.
5. Write down the specifications
This will allow you to determine your selection criteria more precisely, in line with the main issue(s) defined in step 1.
For example, interactions with your existing tools (accounting, ADB).
It will also allow you to compare the different solutions on the basis of objective criteria.
6. Make a selection of platforms and ask for a demo
In addition to value propositions and marketing speeches, the demo is the surest way to confirm or discard possible preconceptions. This is the time to discover the tool and its features as a whole in a concrete way.
You must attend a demo in real time. In addition to assessing whether the functionalities meet your needs, it is the only way to be able to judge the responsiveness, intuitiveness and ease of use of an application.
Keep your evaluation criteria and priorities on hand (or in mind) so that you can validate them. Ask as many questions as necessary.
You should easily find how to request a demo directly on each provider's website.
7. Determine the support measures put in place by the providers
Proptech players are often startups, it is important to ensure a good after-sales follow-up. The size of the teams is a good measure.
Ask the following questions:
- How is the follow-up organized?
- Does the team benefit from customer success managers?
- If necessary, is a project manager assigned to you?
After attending a demo of the different platforms, compare their rates. A good pricing is adapted to the assets of each structure and evolves with it.
9. Ask for references
It is crucial to be able to talk to different clients, preferably with similar issues as yours. Don't hesitate to ask your interlocutor for two or three references.
For example Anne-Marie Wu, financial analyst at CeGereal, talks about how MYRE has answered to the need for reliability and centralization of the data on a daily basis.
Sophie Kramer, asset manager at Northwood Investors, explains how MYRE has optimized her daily life.
Caroline El-Khayer and Guillaume Herpin, property managers at CBRE, share the organizational benefits they have experienced since using MYRE.
You have seen the demos, you know the support offer, you have reached an agreement on a price and you have obtained the necessary internal validations, it is time to select the partner that best meets your needs.
If you are not sure if your company needs to digitize its asset management, here are 8 reasons why it is time for your company to implement a collaborative real estate asset management platform.
Do you need to implement a complete, accurate and intuitive tool? Feel free to contact us.