Out of control commercial real estate portfolio

Commercial Real Estate Investing
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Out of control commercial real estate portfolio

Jenna W.
Rental Property Investor · FL · Member since 2019 · 34 posts · 4 votes

Hello my name is Jenna .I was working at a car dealership 12 years ago when the owners decided to build a commercial real estate portfolio and get into other businesses then just the dealership. I stayed and managed a portfolio that got to be about $20 million in commercial property, I left for a while but recently they hired me to come back and help run the portfolio which is now closer to 70 million in value. When it was smaller I was able to manage all of the lease details, rent increases, certificates of insurance, maintenance schedules, cams etc. using XL and my accounting team use the basic package of sage. They continue to do so today.

I’m looking for property management software that interfaces with sage accounting, we might bump up to their property management accounting software, hopefully, at the same time. I am specifically looking for a tool to automate maintaining the agreements in the lease and communications with tenants, as well as a ticketing system for maintenance requests, maybe a capitol improvement request functionality.

In my wildest dreams I would find a consultant someone local to central Massachusetts who would come in and see how the portfolio is currently being managed and make recommendations on accounting and property management systems and processes for our team to evolve. All of the consultants I find our people you hired to do these functions for you. We have a team in place that is awesome we just need to get with the modern tools to make this a little easier. We are a car dealership acting like our commercial real estate portfolio is still a side gig when it’s now a primetime money maker.

I am open to all suggestions and would love feedback from anyone who thinks they have something relevant to share thank you love this community and looking forward to the dialogue



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Laticia Braxton
Real Estate Consultant · Joppa, MD · Member since 2015 · 218 posts · 178 votes
6y

I suggest you start looking into Yardi.  It can be expensive, but they most likely have a product that suits your needs. 

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  • Laticia Braxton
    Real Estate Consultant · Joppa, MD · Member since 2015 · 218 posts · 178 votes
    6y

    I suggest you start looking into Yardi.  It can be expensive, but they most likely have a product that suits your needs. 

    2Reply
  • Eric Weireter
    Property Manager · Durham, NC · Member since 2014 · 203 posts · 115 votes
    6y

    @Jenna W. - While each program has their quirks some of the bigger players are Yardi Voyager and MRI... which are expensive decisions as @Laticia Braxton eluded to, but become necessary once you reach a certain level. I am currently utilizing Yardi Breeze which is a dumbed-down version of Yardi Voyager that only has a $400/month minimum. It certainly handles the job for the $36M AUM we currently have, but we are looking at Voyager or MRI as we plan to quadruple our AUM in the next 12 months. Yardi Breeze does not have an API that you can plug into, which is part of the reason we are looking to switch software programs. So, it would not solve your Sage Accounting interface issue. 

    While Yardi Breeze, Yardi Voyager, and MRI each have maintenance programs built into their software directly or via "extra" modules, they each have limited functionality. My favorite work order system that I have used in the past has been Angus Anywhere.

    I hope this gives you a few items to research. Best of luck!

    0Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Eric Weireter:

    @Jenna W. - While each program has their quirks some of the bigger players are Yardi Voyager and MRI... which are expensive decisions as @Laticia Braxton eluded to, but become necessary once you reach a certain level. I am currently utilizing Yardi Breeze which is a dumbed-down version of Yardi Voyager that only has a $400/month minimum. It certainly handles the job for the $36M AUM we currently have, but we are looking at Voyager or MRI as we plan to quadruple our AUM in the next 12 months. Yardi Breeze does not have an API that you can plug into, which is part of the reason we are looking to switch software programs. So, it would not solve your Sage Accounting interface issue. 

    While Yardi Breeze, Yardi Voyager, and MRI each have maintenance programs built into their software directly or via "extra" modules, they each have limited functionality. My favorite work order system that I have used in the past has been Angus Anywhere.

    I hope this gives you a few items to research. Best of luck!

    I work for MRI and would be happy to answer any questions about evaluating real estate software. 

    0Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    My two cents - sounds like you need a Property Management Consultant, there might not be a big group of people that offer that service but would be worthwhile for you to solicit that type of help to do a run through of the portfolio and recommend specific strategies to eventually manage completely independently. I have a firm in mind that would be able to do that - of course there's a cost of doing business but leaning on their expertise rather than posting on ambiguous forums might be more productive. 

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    1Reply
  • Jenna W.
    OP
    Rental Property Investor · FL · Member since 2019 · 34 posts · 4 votes
    6y

    @Nicole Heasley. Thanks so much, first does MRI interface with sage?

    0Reply
  • Jenna W.
    OP
    Rental Property Investor · FL · Member since 2019 · 34 posts · 4 votes
    6y

    @Lien Vuong

    Lien, as my most notes, I would very much like a consultant to come in consult is on to run this more efficiently, if the company does not aim to outsource the work, I would very interested in your referral.

    Thanks

    Jenna

    0Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    6y
    Originally posted by @Jenna W.:

    @Nicole Heasley. Thanks so much, first does MRI interface with sage?

    We have ways of integrating solutions outside of our partner network. I messaged you directly so we can discuss further :)

    0Reply
  • Greg Dickerson
    Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    6y
    Originally posted by @Jenna W.:

    Hello my name is Jenna .I was working at a car dealership 12 years ago when the owners decided to build a commercial real estate portfolio and get into other businesses then just the dealership. I stayed and managed a portfolio that got to be about $20 million in commercial property, I left for a while but recently they hired me to come back and help run the portfolio which is now closer to 70 million in value. When it was smaller I was able to manage all of the lease details, rent increases, certificates of insurance, maintenance schedules, cams etc. using XL and my accounting team use the basic package of sage. They continue to do so today.

    I’m looking for property management software that interfaces with sage accounting, we might bump up to their property management accounting software, hopefully, at the same time. I am specifically looking for a tool to automate maintaining the agreements in the lease and communications with tenants, as well as a ticketing system for maintenance requests, maybe a capitol improvement request functionality.

    In my wildest dreams I would find a consultant someone local to central Massachusetts who would come in and see how the portfolio is currently being managed and make recommendations on accounting and property management systems and processes for our team to evolve. All of the consultants I find our people you hired to do these functions for you. We have a team in place that is awesome we just need to get with the modern tools to make this a little easier. We are a car dealership acting like our commercial real estate portfolio is still a side gig when it’s now a primetime money maker.

    I am open to all suggestions and would love feedback from anyone who thinks they have something relevant to share thank you love this community and looking forward to the dialogue

    

    You may want to look into a professional PM company in the area to either manage the properties for you or consult with. 

    1Reply
  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    6y

    What type of commercial property? Multi-family needs very different software than STNL industrial...Sounds like a lot of turnover if you need leasing software, who does your leasing? law firm?

    0Reply
  • Jenna W.
    OP
    Rental Property Investor · FL · Member since 2019 · 34 posts · 4 votes
    6y

    I have been unable to source a consultant who does not want to take the responsiblity over. CFO wants to keep itin house, and on SAGE, anything that allows that, she is willing to look at or work with.

    It's not turnover with the leases, it's the constant purchasing of property. We have new properties atleast every other month. Some come with leases, some don't. When i was there previously, we used attorneys for leases, but since I left the in between property manager, was writing them herself with a template she found online to save money. Be still my racing heart....scary.

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