Benefits of Hiring a Real Estate-Focused Accounting & Advisory Firm

Real estate developers, operators, and fund managers are specialists in their field and have the knowledge, experience, and insight to acquire, develop, and manage real estate investments successfully. As their businesses grow, many owners are turning to industry-focused professionals to support operations and meet business needs. As an extension of their business, real estate professionals look for service providers with the same or higher level of knowledge and experience as expected if hired internally. 

Why Do You Need a Real Estate-Focused Professional? 

Utilizing professionals focused in the real estate industry allows you to focus on running your organization as it grows. 

Industry Proficiency and Focus 

Working with teams with the proper knowledge and the ability to “speak your language” increases efficiency and trust. Experienced real estate professionals can offer valuable insights on tax efficiencies and optimal operating and reporting practices. They can also provide valuable feedback on your current operating documents. 

Industry-focused professionals also stay current with industry information and news. They can deliver and communicate related, relevant updates in real time so that you know how they will impact your organization. These updates enhance decision-making by gaining valuable insights about your strategic choices. By outsourcing and/or collaborating with other professionals, business owners have access to full teams of resources who can assist with navigating complex real estate matters, helping you manage the various regulatory compliances and avoid penalties. 

Mitigating Risks and Cost Savings 

Working with these industry-focused service teams creates an extra layer of protection as they offer proper technical attention when managing certain risks rather than managing them yourself in-house. By transitioning certain functions to outsourced teams, your in-house teams can direct their efforts toward their core competencies. Although managing these tasks internally may seem easier and more cost-effective initially, as your real estate organization grows, it will require institutional-grade knowledge, which can be challenging and expensive to establish and maintain later. There are also cost savings from not having to hire and/or train knowledgeable industry professionals in-house. 

Improved Efficiencies and Synergies Across Service Groups 

Synergies among service professionals working within real estate help streamline processes and enhance overall team efficiency. Various real estate service groups working under the same umbrella afford access to the resources, systems, and technology needed to support and achieve your needs. 

Networking 

Because they are industry-focused, your real estate-focused service providers can also develop deep and broad professional networks specific to the industry. As needed, they can introduce you to other professionals, such as real estate advisors and attorneys. 

What to Look for in Real Estate-Focused Service Providers 

Experience 

When searching for real estate-focused professionals, look for providers with industry experience and, where possible, experience in your niche, sub-industry, or service line. When considering a service provider, you should ask about their experience, what types of entities and structures they typically work with, and if they have experience with real estate investments like yours. 

Systems and Programs 

Service providers should utilize the most relevant and optimal systems and tools to meet your needs. It is also essential that they embrace technology to streamline processes, improve efficiency, and enhance decision-making. 

Relationships and Communication 

Good working relationships and clear communication with your service providers are important. Engage service providers that prioritize their relationship with you. 

Extensive Internal and External Networks 

Seek out service providers offering audit, accounting, tax, and business advisory professionals with experience working with public and private companies across various industries. This means they can have a firm grasp of your business goals and leverage their knowledge of the real estate sector, anticipate potential challenges, and identify opportunities. You also want to make sure your real estate service providers are connected to the industry and maintain a multi-disciplinary professional network. 

Getting Started 

When navigating your real estate business, you can benefit from guidance already at your fingertips. EisnerAmper offers comprehensive solutions to meet your needs: explore our real estate services. 

Our real estate accountants and advisors help organizations become operationally efficient and structure successful transactions to attract capital, initiate and complete new projects, and maximize potential returns.