COVID-19 has been an accelerant for technology adoption in every industry, especially in commercial real estate. For the last decade, older generational owners have been reluctant to embrace new systems and software. Yet, in recent years, we have seen an increasing trend towards implementing automation strategies as younger generations began to take the reigns. Then COVID-19 hit, and what was once seen as an area to investigate for efficiency or optimization became critical to remote management with fewer resources.
Today, we are talking with Jeri Frank, the co-Founder and CEO of STRATAFOLIO, about how STRATAFOLIO helps transform companies that own and manage commercial real estate.
What trends do we see in the real estate software space?
The most significant trend we are seeing is the need for efficiency and automation. Many companies’ staff are working remotely and need to have software that easily allows for this. They need everyone on the team to have quick and easy access to the same data from wherever they are working.
Commercial real estate has been hit particularly hard in several ways with the pandemic, and having quick access to up-to-date information to make decisions is critical. For some companies, this has meant reporting out quickly to investors and lenders on the state of affairs. For others, this has meant a reduction in staff to reduce operating costs. With the decrease in employee headcount and the complexity in managing during a pandemic, there is the overwhelming need to implement software to automate key operational activities, including critical lease administration and invoicing activities.
How can clients benefit from adopting more technology?
The most significant benefit of adopting more technology is the elimination of errors and inconsistencies in operations. Both are well-known culprits for causing negative financial implications. The solution for this is accomplished by removing undocumented, key-person dependent, manual processes. The time spent on manual activities is significant. Also, the greater financial concern is the longer-term impact of missed rent escalations or botched annual common area maintenance reconciliations.
The pandemic has impacted budgets significantly and margins are tight. Owners, investors, and lenders all want and need updates to understand what is happening to make strategic decisions. More than ever, owners need clarity on their finances and need to respond rapidly to requests. Quick, accurate responses build confidence with lenders and investors making it easier to raise capital for future projects.
Tell us about STRATAFOLIO. What are the key features and capabilities?
STRATAFOLIO supports customers in four main areas:
- Financial Management – Connect directly to QuickBooks and provide a global financial view of cash flow, debt, and critical operational financial metrics.
- Asset Management – Tracking what you own, locations, size, purchase date, and amount.
- Operations Management – Provides lease administration functionality, invoicing, and work order management.
- Investor Management – Investor tracking and log in so investors can log in and view their portfolio performance at any time.
What makes STRATAFOLIO unique?
What makes STRATAFOLIO unique is our comprehensive set of features specifically targeted at companies that own and manage commercial real estate and use QuickBooks for accounting. We offer a cloud-based, automated solution at a cost-effective price-point. Where many companies charge by the number of units, we charge based on the number of buildings. We don’t limit the number of users who can have access, nor do we limit the amount of data that can be uploaded. We want your entire team to have a centralized hub to manage your business.
Additionally, our full-service, in-depth onboarding often results in uncovering significant lost revenue opportunities. When onboarding is complete, we take you through your data, verify the accuracy with your team and make sure you are comfortable using the system.
How does STRATAFOLIO help real estate businesses?
As I mentioned before, STRATAFOLIO is targeted at companies that own and manage commercial real estate. We help these companies save time and money with the automation of several activities. We will highlight a few of the big-hitters.
First, common area maintenance (CAM) tracking and reconciliation take significant time to set up and manage each year. STRATAFOLIO automates this activity through our connection to the designated QuickBooks accounts. Through this connection, you can track your expenses versus what you are collecting from your tenants. Then, at the end of the year, you can generate a report for each tenant.
Invoicing for tenants across multiple companies is a tedious process without STRATAFOLIO. By utilizing our connection to all your QuickBooks accounts plus the lease details we maintain, we’re able to generate invoices reflecting the most current rents and CAM recovery amounts. Invoice in just minutes!
STRATAFOLIO provides dynamic reporting capabilities. You can look at your portfolio from a global perspective or at an individual entity level for both cash flow and debt. The system was built to easily export information required for personal financial statement submissions or investor reporting. And for those owners who prefer to give their investors direct access, there is an investor login.
About STRATAFOLIO
Based in the midwest, STRATAFOLIO serves customers in the United States, Canada, and the Bahamas who are looking to dramatically improve their operational efficiency. By adopting STRATAFOLIO, commercial real estate owners get access to a comprehensive tool that allows owners to continue to scale their operations effectively.
To learn how STRATAFOLIO will help your organization reduce costs and increase ROI, schedule a consultation and personalized demo.
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