Organizations that don’t use professional real property portfolio inventory services could be harming their return on investment.

Though real property inventories can be difficult to manage, some organizations hesitate to seek external assistance, assuming their staff has the knowledge and time to satisfy inventory responsibilities.

This hesitation is often the result of misconceptions and poor previous experiences. For example, companies in the past would deliver property inventories and assessments as hard copies, making real property data difficult to use for decision-making. Because old-school data processing provided limited access to underlying data, the accuracy and reliability of previous assessment results were dubious.

Fortunately, real property inventory providers now use far more effective tools in their processes. As you decide whether to work with a real property consultant, it’s important to consider these enhanced tools as well as the unique demands real property inventory management places on internal staff.

Common Internal Real Property Management Challenges

There are several reasons why internal real property asset management can be challenging.

Alignment with Goals. For one, to align processes with organizational goals, it’s necessary to use a system that caters to the entire organization’s mission. For large-scale companies, this can include facilities, accounting, planning, and other departments.

Inexperienced Staff. Too many businesses also overestimate staff capacity, pushing inexperienced employees to manage real property inventories. This results in inaccurate and incomplete data for decision-making. Real property inventory tasks must be allocated to those with specialized expertise.

Budgeting and Planning. Integrating results into budgeting and planning processes is another property management challenge. If some assets go overlooked, the result can be missed opportunities for timely maintenance, repairs, and replacement, leaving property owners with even larger expenses. Missing assets from the inventory will not be budgeted correctly, causing budget issues in the future. No one wants to be the facilities manager who has to ask for more money because they did not plan correctly.

Time Constraints. Consistent data collection is crucial for effective real property inventory, and working with limited staff and time constraints makes prioritizing property inventories even harder. Although internal staff may have valuable expertise, team members may not have the time to adequately maintain the inventory. A dedicated team focused exclusively on inventory management tasks, on the other hand, will have this ability.

How Professional Services for Real Property Inventory Can Help

The return on investment for professional real property inventory services is undeniable. Because dedicated inventory staff has the resources, time, and experience necessary to inventory extensive properties, the staff optimizes resource utilization, helps accomplish facilities management strategic objectives, and ultimately ensures that the ROI of property management improves.

Real property consulting companies can deliver tailored outputs to meet the needs of different departments within organizations. Using advanced tools and software solutions, they can also integrate seamlessly into existing systems and processes. Leveraging data through software-as-a-service solutions empowers organizations of all sizes to make comprehensive plans and decisions based on real-time insights.

For organizations with multiple facilities and facilities managers, achieving consistency in real property data collection and results internally can take time and effort. Unlike in-house teams, which are more vulnerable to human error and differing management styles, most external real property consulting companies use standardized training and clear data processes to achieve consistent results across various locations. Rather than just leaving these data points in a fading binder on a dusty storage room shelf, a qualified real property manager can translate the information into actionable objectives and provide property management budget recommendations.

By partnering with expert real property consulting companies that provide access to valuable expertise, data-driven insights, and efficient tools, organizations can maximize the ROI of property management.

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