In 2021, one of the most popular options for investing was found to be in the real estate market.
After the first and second waves of the COVID-19 epidemic and the ensuing lockdowns, “Owning a Home” became the topic of discourse everywhere, from inside families to among friends and co-workers. 2020 was a challenging year that saw such unpredictability, asit affected the livelihoods of people and their means of sustenance were in jeopardy, economic growth plummeted, and job losses were widespread across sectors. But the real estate sector witnessed a significant resurgence making positive strides for the following year.
The real estate industry, for its part, has been responsive and adaptable to the changes that have been taking place. It rethought its strategy and realigned its visions and operations with the shifting preferences of customers, which is accomplished with the able assistance of technology. The adverse effects of the pandemic were not able to dampen the industry’s enthusiasm for an inordinately long period, and a hopeful rebound was observed in the form of improving market and consumer emotions. Despite this, real estate management continues to encounter many challenges. However, just like every other problem, there is a solution to this one too!
The Flexible Real Estate Management RE-FX is a wholly integrated management software for real estate transactions. Both SAP ERP and SAP S/4HANA can use this module in their respective systems. Whether it’s purchasing or selling, renting or billing, RE-FX allows you to comprehensively map every business transaction and procedure involved in the real estate administration.
The module that handles “SAP Flexible Real Estate Management” is referred to as SAP RE-FX. The administration of each entity’s individual real estate portfolio is considered one of the most critical aspects of real estate management. The management and control of business transactions linked to real estate also play an essential part in this process. These include posting and monitoring cash flows (rent, service fee settlement, or security deposit agreements) with the object renters, in addition to the administration of the entire region.
The architectural view, used for managing the real estate portfolio, and the usage view, used for displaying how the portfolio is being used, are the two views included in real estate management as part of master data management. The “two-view model” is another term that professionals and consultants use. The administration of any real estate can be done exceptionally flexibly thanks to this dual perspective.
A real estate object, such as a floor or a shop within a building, can have its architecture documented with the help of an architectural view. Within the context of inventory management, it is, therefore, about the various real estate components individually
On the other hand, the utilization view depicts the practical application of the property stock recorded in the architecture view. This is an all-encompassing perspective on the rental agreement for the underlying real estate. The terms and conditions of the contract and the contractual partners and available options are displayed here.
WHY SO MUCH NOISE ABOUT SAP REFX?
- A completely integrated system can be used to map all of the commercial transactions involved in real estate management.
- The reduction of expenses and labor involved in the administration of the real estate decisions that are more informed as a result of data that is regularly updated and standardized
- Enhanced effectiveness in all aspects of the real estate industry’s management
- Providing information regarding the complete portfolio of properties
- Information on property holdings and related contracts can be found in a single, trustworthy location. Comprehensive document management
- The SAP RE-FX module is fully integrated with the asset accounting, accounts receivable, accounts payable, and controlling processes that are all part of SAP S/4HANA. This encompasses cost center and profit center accounting, in addition to cost-of-sales accounting, under the realm of control.
- Processing leases is another function that may be carried out with the assistance of SAP Contract and Lease Management, which is derived from SAP Flexible Real Estate Management.
The significant degree of integration that the SAP system possesses is one of the reasons why it is so beneficial. This allows for a perspective of the processes that are entirely integrated. For instance, when it comes to commercial rentals, the maintenance costs might be transferred to the tenants through the settlement of the operational costs. Thus, the booming of the real estate industry is in one way or another booming REFX too.
CONCLUSION:
Highbar Technocrat Limited, an SAP Gold Partner, helps clients in India and abroad to help them manage change. Highbar adopts an integrated approach to help you rethink your business, with a high level of agility and efficiency. At Highbar we see disruption as an opportunity to help clients transform their business with granular solutions.
Handling change requires confidence in decision making and Highbar enables this confidence in clients. Our forte is in offering digitally-integrated solutions for the Infrastructure, EC&O, Real Estate, Mining, Oil & Gas, Power, Smart Cities, Government, Manufacturing sectors, and a lot more. Our domain expertise combined with the ERP helps clients become intelligent enterprises and highly receptive to the needs of the customer. With our strategic alliances, we help clients transform business operations, leverage data, and integrate sustainability to match the speed of change.
For further information, don’t hesitate to contact us by e-mail at enquiry@highbartech.com or by telephone at +91 89767 11399.
