ATLANTA, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Companies lack confidence in the accuracy of their own, internal real estate information as scrutiny of data intensifies, and say that improving processes and technology are a top priority, according to a study released by Virtual Premise, a leading provider of cloud-based real estate information management solutions, and the National Retail Tenants Association (NRTA).
Virtual Premise's second annual Trends in Real Estate Management Survey asks questions designed to uncover business trends related to the collection, storage, use and distribution of key information about a company's real estate portfolio assets, including lease and maintenance information, space and utilization information and other critical portfolio data. Analysis of survey responses from corporate and retail commercial real estate professionals uncovered these key findings:
- Companies lack confidence in the accuracy of their own, internal real estate information as scrutiny of data intensifies. Less than 50% of respondents are extremely or very confident in the accuracy, consistency and completeness of their data; a statistic that held steady from last year, indicating no progress has been made.
- Improvements to business processes and internal structure are seen as imperatives to gaining control of real estate information. More than half of respondents — 54% — said that the need to modify internal business processes is a top priority for the next 12-18 months, up from 47% in the previous survey.
- Implementing advanced real estate information technologies will drive ongoing data integrity and increase transparency to lease information. Thirty-nine percent of respondents listed implementing technology as one of their top two priorities, a decrease from last year's 50%, likely due to short-term budget constraints.
- Companies feel increased pressure regarding the potential impact of the upcoming FASB lease accounting changes. Two-year statistics remained steady, with two-thirds of this year's respondents saying they are not prepared for FASB changes or are unsure of their level of preparedness.
"We are seeing growing anxiety in the marketplace from corporate and retail real estate departments, which are struggling to gain control and confidence in their companies' real estate data," said Andy Thomas, President of Virtual Premise. "Our annual survey results give us valuable insight to industry priorities and help us identify ways in which we can continue to provide software and services that help customers achieve their goals. This is especially important in the current environment when real estate departments are still faced with thin budgets and decreasing human resources. The release at the beginning of this year of our FASB solution, which enables customers to capture and use all data needed to prepare for the anticipated lease accounting standards, is just one example of our positive reaction to an identified industry need."