Real estate rapid reports are an essential and valuable tool that property owners need to track and analyze their properties’ overall health and performance. These reports also help them identify areas for improvement and new growth opportunities.
Rapid reports created from a real estate reporting tool allow property owners to achieve more by keeping accurate data and producing reports quickly. A landlord can gain diverse insights from a property management tool that produces rapid reports. The reporting tool should allow them to:
- Choose predefined data collection format
- Create a report based on their preference
- Compile commercial real estate research reports
- Share the rapid reports with the relevant people
A reporting tool integrated into an all-in-one property management software enables you to effectively handle reporting with a minimal margin of error because all data is accessible in one platform. Let’s discover more about rapid reports and how property management software simplifies reporting.
What are Rapid Reports in Real Estate?
Rapid reports in real estate are the documents created by a reporting tool that communicates essential real estate information such as a properties status report, tenant occupancy report, and commercial real estate research reports. Rapid reports also include a dashboard or spreadsheet that focuses on quantitative reports such as rent collection figures and CAM reconciliation reports.
Benefits of Rapid Reports in Real Estate
Rapid reports created by a flexible reporting tool help you get updated information all year round without waiting for mid or end-year reporting. The property management software automatically updates data, and you can see real-time progress. You can also identify irregularities and perform further investigation. Other benefits of rapid reports are:
- Improve reporting accuracy by integrating already existing information in the software
- Increase productivity with less time spent collecting data from different platforms
- Improve communication with your employees, tenants, and stakeholders because they can access all the information in one platform
- Increase stakeholders and prospective tenants confidence with the organized information you avail
- Extract figures and present data on a chart, table, and other creative visualizations
UnitConnect’s property management software allows you to enjoy these and other benefits. It has a user-friendly interface enabling you to navigate the reporting tool without relying on technical assistance.
Real Estate Rapid Reports You Can Create
A rapid reporting tool has an integrated format to create a report according to your needs. The following are examples of rapid reports you can make in a property management reporting tool.
Tenant Occupancy Rapid Reports
This report includes information about tenants’ moving into and out of your properties. It helps you identify problems affecting the properties that record the highest tenant turnover and maintain or improve the standards of those with stable occupancy.
CAM Reconciliation Rapid Reports
CAM charges can be challenging to keep track of because of different tenants having diverse lease terms. A property management reporting tool can help you keep up-to-date and accurate records that help you reconcile actual charges.
Rent Collection Rapid Reports
Rent collection is the primary way for property owners to know how their properties perform. Keeping precise and updated rent collection figures will help you access this information anytime. You will be able to give accurate figures when meeting with investors or tenants with arrears.
Market Analysis Rapid Reports
This report will help you decide which properties to sell and new ones to acquire. It will also assist you in advising the investors on how to invest depending on the real estate growth predictions. Market analysis reports will also help you decide how much to put in your marketing budget.
Performance Rapid Reports
You can access your overall investment performance with this report to help you set KPIs and business goals. You can also compare your performance over different timeframes and give a report that demonstrates if you have met or exceeded your investment goals.
Use a Property Management Software with Professional Reports
A property management software allows you to create reports within its platform, which you can share with your employees, tenants, and investors. An excellent software has a reporting tool and commercial real estate research tools with the following features:
- It has a clean and attractive user interface
- It can pull data from various sources
- It is easy to learn, scalable, and flexible
- The dashboard is intuitively built or drug and drop
- It is easy to connect with other tools
Start your free trial today and produce rapid reports that accurately document your real estate investment progress.