It’s All About the Space – Property Management for NetSuite
The beauty of NetSuite is its functional richness. Very well equipped to help you run your business, regardless of your vertical, it is hardly any wonder it’s the world’s fastest growing cloud-based ERP (and has been for many years).
However, it simply cannot be every software to every business. It’s not possible for any single software to be able to trickle into all the tiny gaps between standard business processes and your business process. But being the forward-thinking company that it is, NetSuite set out to create an ecosystem of SuiteApp developers (such as CloudTamers) who would have the ability, and crucially the customer base, to do just that – to extend NetSuite into the very specific gaps that their customers need. This works particularly well where there’s a reasonable demand for niche functionality, like property management. It’s a big sector for sure, but a very regulated and difficult sector to please from a software process perspective.
Enter CloudTamers and its SuiteApp – Lease Management for NetSuite. Our app uses as much standard NetSuite functionality as possible including, billing and finance, CRM and projects, but links it all together with customisations designed specifically for the property industry who want are looking for property management for NetSuite.
Watch This Space
CloudTamers has designed a custom record called a Space Record which acts as the central data point for all your property management outputs.
The space record contains mission critical information such as hierarchy of spaces, square ft/m, status of the space (owned, occupied, leased, partially leased etc), geolocations, tenant information, booking lines, unit assets, meter readings and so on.
But critically, we weave our custom space record into many standard NetSuite records. The space record links to transactions so you can get accurate transaction history (and therefore) profit and loss information against your spaces (parent or child spaces) and tenant.
You can link your unit assets to the NetSuite fixed asset register if you need track the depreciation of assets against your property.
The space record also links to standard NetSuite case management, typically used for tenants to raise awareness of reactive maintenance. An email or web form submitted by a tenant can create an automatic case for someone to fix a leaky tap or repair a broken floor tile against the space.
(image info: NetSuite Case Management from inside the space record)
(image info: NetSuite standard case management form – associated with the space record)
Finally, the space record can link with NetSuite projects. If you need to conduct preventative maintenance projects as part of your building preservation the software can be used to set up project tasks, milestones, and budgets – all tracked against the space for true building profit and loss analysis.
(image info: NetSuite project as seen from inside the space record)
(image info: NetSuite Standard Project Management associated with the space record)
This is where NetSuite really comes into its own; blending standard NetSuite functionality (which is world class in and of itself) with on platform customisations. This gives property management companies best of breed, off the shelf, sector specific software in a class of its own.
The Space Between….
Of course, we know that, as a property management company you will have more requirements over and above the management of spaces, which is why we have some other nifty features for you to make use of.
Our price management tool lets you set date-based pricing to take into account lease incentive periods or seasonal pricing. Set as far in advance as possible, the system takes your booking and converts the transaction to the right price based upon your dates, pro rating when price changes happen mid lease.
The back charge module helps you to charge retrospectively for things such as property indexation or service charges as they have been consumed.
The revenue forecasting module will look at all your lease contracts into the future and serve you a “rent roll” or future projected income, including uplift or anticipated indexation.
It’s all about that space; and running your property management business easily, effectively and efficiently. No trouble!
If you want to learn more about how CloudTamers Lease Management for NetSuite might work for you, get in touch.
Written by Emma Stewart – Sales & Marketing Space Cadet at CloudTamers Ltd