During a webinar titled “Importance of Record Keeping in Real Estate Business,” organized by the real estate firm Ubosi-Eleh & Co, the Co-administration Manager, Mrs. Mojisola Ogunkoya, stressed the significance of maintaining meticulous records in the real estate industry. She highlighted that many companies either underestimate the role of effective record-keeping or see it as a matter of convenience rather than a necessity.
Ogunkoya explained that proper record-keeping in real estate goes beyond documenting client meetings and deal closures. It is about following processes and maintaining an organized framework. Detailed records provide valuable insights into financial health, enabling better decision-making and the discovery of ways to save money and increase profits.
Real estate record-keeping involves tracking and organizing financial transactions related to properties, investments, and operations. While the real estate industry is bustling with transactions and client interactions, businesses often neglect proper documentation.
Ogunkoya emphasized the critical role of recordkeeping in streamlining operations and ensuring accessibility to client documents. She advised against relying solely on memory and encouraged the use of comprehensive documentation to prevent potential disputes between landlords and property managers. Using cloud storage solutions was recommended for safeguarding client records, ensuring data accessibility, security, and resilience in the digital age, where data plays a crucial role.
