Today’s commercial real estate property managers are tasked with meeting a growing list of demands. They must operate more efficiently, remain competitive in their markets, improve tenant retention and attract new tenants. To achieve all of these objectives, property managers need to leverage technology and streamline operations without sacrificing any quality or service. With the right commercial real estate property management software solutions, you can meet these challenges head-on. After all, the right software can increase efficiency and reduce stressors while also lowering costs. Let’s take a closer look at some of the biggest challenges facing today’s CRE property managers and how you can overcome them with the help of technology:
Time-consuming tasks and processes
As a commercial real estate property manager, you have enough on your plate. That’s why it’s important to select commercial real estate software that can help reduce the time-consuming tasks and processes that could take you away from more important tasks and responsibilities. One of the best ways to do this is to select a commercial real estate property management software that allows you to manage your properties remotely. Remote management solutions allow you to perform tasks such as tenant, lease and payment management all from one central location, which can save you both time and money. For example, you can access and update tenant information from anywhere using an online portal. Some other time-saving features to look for when evaluating commercial real estate property management software include the ability to store and share documents, track tenant risk and perform multi-dimensional analysis.
Limited access to data
If you have a team of property management employees, each of whom has access to a different database, you risk not being able to access critical information from a single source. Having to log in to multiple systems to get the information you need could get frustrating—especially when someone is out of the office. With one system that houses all of your data, you can gain access to information related to your tenants, vendors, activities and more. An integrated solution can also help you avoid data entry and duplication of effort. You can also streamline reporting and analysis by having everything in one place and being able to access it at the push of a button.
The need for a single, reliable view of building information
Before you can effectively manage your real estate assets, you have to know their current state. A streamlined building information management system
can help you capture data—including building schematics, maintenance histories and tenant service agreements—that you can then use to measure performance and make informed decisions. Capturing data from the get-go can also help you avoid costly retrofits in the future. In addition, a reliable building information management system can help you reduce errors, meet government regulations and comply with industry standards.
A desire for automation
If your commercial real estate property management software is not automated, you could be taking on unnecessary risk. For example, if you have to manually perform tasks, such as tracking tenant leases, you could miss important dates and deadlines. Or you may find yourself taking on more work than you can handle. Automating tasks helps to take the stress out of managing your commercial real estate assets by reducing the workload, freeing up your team to focus on more important tasks and increasing accuracy. Some examples of where automation can help include tenant marketing and lease renewal, as well as payment processing.
Wrapping up: Bottom line for CRE Property Managers
With commercial real estate property management software, you can streamline operations, improve tenant retention and attract new tenants. To achieve these objectives, however, you must be able to address the top challenges facing property managers today, including time-consuming tasks and processes, limited access to data, the need for a single, reliable view of building information and a desire for automation. With the right software, you can meet these challenges head-on. ID Plans offers solutions for all of these issues with its comprehensive suite of products. We are quickly become an ERP for CRE.
To learn more about how ID Plans technology can help you manage your properties, please contact us today to schedule a demo.