My data is in many different places – how do I consolidate it?
Accessing data can be a time-consuming and frustrating process for asset management teams, owing mostly to the fact that the data is likely stored across multiple property management systems.
It’s not unusual for asset managers to be working with more than one property management company at any one time, who in turn store their data on a number of separate PM systems.
Access to data is crucial for ensuring the smooth running of a portfolio; completing simple day-to-day tasks can prove near impossible without access to an up-to-date tenancy schedule, for example.
Too many variations
Traditionally, a tenancy schedule is requested from a property manager on an ad-hoc basis. Often, it’s received in various formats depending on how many property management systems are being used.
If these tenancy schedules are being delivered as Excel spreadsheets, it’s likely they will have different look-up fields and a lot of time would be committed just comparing the sheets.
Adding to this inefficiency, the schedules received are from a single moment in time and it’s hard to guarantee that all the exports are going to be from that same moment – one might be from 10th July, and the other from 31st July.
Depending on the average lease-term of the portfolio, this 21-day variation could make all the difference to the occupancy figure being quoted at the end-of-month reporting.
BRING YOUR DATA TOGETHER – GET A DEMO NOW
With Coyote, data is pulled from multiple sources and displayed on a centralised dashboard, developed in partnership with the asset managers that we work with.
Asset management teams get live access to all their portfolio data, without having to request it – enabling them to act quicker and manage their portfolio more efficiently.
Tenancy data is always up-to-date with Coyote automatically pulling it from property management systems such as Yardi, Tramps, MRI, and Qube, on a nightly basis.
Having everything in one central place makes it simple to filter or search tenancy data from all sources. Use granular search criteria such as a single-tenant name, or multiple tenant names for companies with name variations such as ABC Retail, ABC Holdings, ABC Ltd, for example.
By reducing the need to work with mismatched data from various sources, Coyote mitigates the risk of data being out-of-date, inaccurate, or incomplete.
Putting it into practice
Imagine you hear a tenant in your portfolio is at risk of folding – this tenant holds three separate leases across your portfolio, all in separate funds and the tenancy data also happens to sit on three different property management systems.
The asset manager would spend lots of time going back and forth, requesting up-to-date information from all the different parties involved.
With Coyote, rather than being on the receiving end of information and waiting to act, you can take pro-active steps to work with the tenant; assessing their needs and collaborating to ensure positive outcomes for both parties.
All because you’ve got a complete and up-to-the-minute snapshot of their data, and haven’t had to waste any time.
Essentially, Coyote puts you back in the driving seat.
Coyote Software has launched a managed data logging service for commercial real estate teams, freeing up time and resources for CRE companies whilst actively building their own proprietary database of comparables.
Coyote Software has selected David Oates to take the role of chief revenue officer as it prepares for its next stage of growth.
Find out which important factors will impact CRE investments in 2021 and beyond and how investors can prepare in this Forbes Real Estate Council expert panel featuring CEO Oli Farago.