Sean Kelly, Business Development Director
There are many things that can go wrong in any real estate transaction, but data management may not be the first one that springs to mind. However, factors such as siloed processes and inaccurate documents are making this a very real challenge for asset managers, especially those of large buildings with multiple tenancies.
Facilities such as shopping centres and office blocks can easily contain more than 200 lease holders, the details of which all need to be managed and updated during a real estate transaction. The problem facing asset managers is that complex and disparate paperwork is pulling them away from their core role of looking after the asset and ensuring that it increases – or at least maintains – its value.
With the average holding time for large assets typically being between 18 and 30 months, asset managers have the task of handling a whole host of paperwork which often sits in various locations… and most likely is not regularly updated. And, with sales frequently being dependent on market factors, time is of the essence when it comes to ensuring all the correct information is collected.
That’s where Asset Lifecycle Management (ALM) comes in, streamlining processes for asset managers by providing a secure platform for the centralisation of data management and ensuring a much higher degree of accuracy than current processes. All documentation can be securely stored, updated and accessed only by those who have the right permissions. This is ideal for an asset manager, who can then concentrate on maximising the value of their properties and be ready to sell whenever needed, without having to worry about updating two-year-old records and frantically chasing for information.
Imprima’s ALM rooms are available on a subscription-based model and offer highly-secure, customisable platforms where all relevant asset data can be stored and continuously updated. And the best part is that when the property is ready to sell, the AML can be upgraded to a full-scale Virtual Data Room (VDR), offering customers peace of mind that everything is exactly where it needs to be before, during and after the sale.
We’ve started with real estate, but what’s next for ALM? Who knows, but ALM for the energy sector or private equity companies could be next in the line. Watch this space and to request a demo, contact our sales team here, or continue reading to learn more about Imprima ALM.