Finally: Integrated, Unit-Level Job Cost Tracking for Every Kind of Project, Every Kind of Property
To accurately track expenses for new developments, unit renovations, tenant improvements and other capital projects, you have three choices:
- A standalone job costing solution
- An integrated job costing solution
RealPage Job Costing integrates with general ledger, accounts payable, purchasing, fixed assets and commercial property management. The importance of this can’t be overstated: all these functions are intertwined with the costing of capital projects, and oversight, accuracy, reporting and analysis are greatly compromised when job costing occupies its own island.
RealPage Job Costing covers every type of project: new developments, unit renovations, tenant improvements, even internal projects (such as IT upgrades). And it works for all the various property types as well. Features include:
- User-defined job status overview and reports
- User-defined job type and work breakdown structures
- Flexibility to track projects for budgets, commitment, actual cost and cost-to-complete
- Ability to view costs in dollar or quantity measures, by units and square feet
- Draw processing supporting multiple funding sources
- Draw requests integrated with corporate A/R
- Budget and budget change orders
- Commitment tracking with purchasing
Industry case study: the challenge of tracking unit renovation costs
One type of capital project that presents special problems for job costing is unit renovations for multifamily properties. Today’s real estate market offers opportunities for owners to acquire multifamily properties and renovate units to drive higher rents and generate compelling returns on the invested capital.
Investors want accurate data on expected returns to support their decisions to make these opportunistic investments. This means tracking all costs for every appliance, countertop, floor covering, etc. by unit – a prodigious task. The work breakdown structure to accommodate this detailed cost tracking can be challenging unless the job costing system was engineered with unit-level tracking as part of the standard configuration.
“This foundational requirement is a huge challenge for the large and growing multifamily renovation market,” says RealPage’s Alan James. “Job costing for these projects is a hot topic, and we have responded by building this advanced work breakdown structure capability into our solution.”
The unit-level granularity and transparency of RealPage’s solution pays off for projects beyond multifamily unit renovations, with the capability to track such projects as tenant improvements for commercial leases and spaces and integrate this tracking with the commercial property management system.
Learn more about RealPage’s exceptional Job Costing solution here.