Pereview is the only single integrated commercial real estate asset management platform that manages data throughout the entire Life of the Asset® – from the fund to the lease. What exactly do we mean by that statement – and how does Pereview impact each stage of the real estate asset lifecycle? We’ve examined the acquisition, underwriting and financing stages. This week, we will focus on closing.
The closing stage of the asset lifecycle is often tedious. The mountain of paperwork that needs to be tracked and organized, the critical dates that need to be monitored and hit – it can feel like herding cats.
In commercial real estate, each closing transaction goes through a process: escrow, signing authority verification, due diligence, processing title, and generating closing documents. Because of the large amounts of money and variety of capital sources (where both sides of the transaction are usually legal entities) involved, data-driven processes are critical.
How does Pereview simplify this process?
- All of your documents and tasks are tracked by investment – meaning no more offline spreadsheets, and no more emails pestering people to get their tasks done
- Configurable workflows and closing checklists to automate key closing activities (with all documents linked through our embedded document management capabilities)
I recently spoke with a client’s head of asset management who harvested a few retail and hospitality assets during the pandemic last year. He spoke of late nights associated with getting a data room up and running. He lamented having to collect and organize all of their asset historical financials and occupancy reports, in addition to the forensic work required in finding all associated documents (such as environmental studies and capex projects going all the way back to the acquisition date).
Since then, his team has fully implemented Pereview.
“What’s it like comparing your process then with your process now?” I asked.
“Well, for one, there are no more late-night pizza deliveries to the office!” he said.
Over the next few weeks, we continue our deep dive into how Pereview impacts all stages of the Life of the Asset® – the next topic will be Pereview’s impact on all things asset management.