Challenges

• Incomplete lease documents and Tenant Lists with questionable data quality provided by former AM company
• Danger of losing historic knowledge
• Moving target in terms of lease and financial data
• Incomplete database and user setup for the new Property
• Different data structure in terms of lease and financial data (e.g. Accounts, Charge Codes, Descriptions, Amendments, Property-/Building-/Floor-/Unit Setup)

Installed Measures

• Creation of a detailed collaborative project plan including several workstreams, clear responsibilities and weekly jour fixe calls
• Establishment of Property profile to be filled during handover process
• Quick data quality check prior to the Property Onboarding
• Checklist to ensure all database and user setup task are completed (compared to already existing Properties)
• If possible manual implementation (ETLs only for Property, Floor and Units) of lease data (supported by new PM) based on Lease agreements and not on the provided Tenant Lists

Business outcome

• Increased data quality after onboarding
• PMs have a good knowledge of the lease contracts as they supported the quality check and the lease data onboarding
• Seamless conversion to daily business operation after onboarding leading to high customer satisfaction

WHY R3AL?

Property/Portfolio onboardings are a vital part of daily business operations for Asset Management companies. All R3AL members have coordinated and/or worked on at least +10 Property/Portfolio onboardings with several onboarding approaches in their professional careers. Beside the yardi Voyager onboarding part all R3AL members accompanied the entire Property onboarding process (.g. coordinating handover of documents, tendering of new responsible PM/FM).

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