In the past few years, more industries have become reliant upon advanced technologies to manage and oversee their operations, while some organizations have remained a bit reluctant to actually begin leveraging new solutions. As has always been the case, change can be a relatively scary matter for any business owner, regardless of the implications involved, especially when that decision-maker has been handling responsibilities one way for such a long period of time.
However, the most lean and efficient operations are succeeding in the current market, and the Great Recession further reduced the chances of a company enjoying long-term process and financial improvements unless it rids itself of as much waste as possible. This is especially true in commercial real estate management, as this market was among the most devastated by the financial downturn a few years ago, and is still in the process of fighting back to normalcy.
Software has been one of the most critical types of investments when it comes to boosting efficiency and accuracy within operations management, administrative duties and general oversight. Yes, making the big jump from paper and pens can be highly stressful for a property manager who has been around for decades, but it is one that simply must be done to remain competitive in this fast-paced market.
Here are three reasons you should consider using commercial property management software:
Opportunistic organizations are often the most successful, as they are generally characterized by the ability to identify a potential area for growth and move on it more quickly than nearby competitors. With respect to property management, maybe there is a new business hub blossoming in the area and demand is spiking, but only for a short period of time. Software that helps to automate some of the procedures and management demands of commercial real estate leaders will free them up to tackle demand head-on.
Think of it this way: there are plenty of processes that cannot be automated and simply need increased attention from staff members. However, supporting these staff members with tools that streamline their responsibilities will speed matters up, especially when it comes to the completion of projects.
Furthermore, speed and agility in corporate decision-making is almost entirely reliant upon the company’s ability to manage day-to-day functions and responsibilities in an organized fashion. This can be streamlined and achieved through the use of commercial property management software.
2. Accuracy of reporting
When a commercial property manager has not been accurate in his or her reporting and administration tasks, the chances of missing opportunities or falling behind will likely increase. Not only can inaccuracies negatively impact the bottom line over a long course of time, it can also reduce the chances of leaders making the best possible decisions with respect to all forms of property management and oversight.
As a little unfunny anecdote, the Times-Picayune recently reported that the clerk of Orleans Parish Civil District Court has tried to quiet the outrage associated with a terrible audit. The source pointed out that officials from the court have said that the $340,000 error was simply an issue with data entry errors. Suffice it to say locals are not comforted.
In a word, consistent inaccuracy is no longer necessary, and can be almost entirely avoided by using solutions to support staff members tasked with reporting, accounting and other relevant responsibilities. After all, these inaccuracies can lead to poor delivery of services to clientele, and this will not help anyone succeed in such a competitive market.
3. Optimization and modernization
Imagine trying to run a commercial property without access to the Internet, or even without an Internet-connected mobile phone. Although these utilities are still only a couple of decades old or less, they have already become critical aspects of management and operations in virtually every industry. Taking this a step further, relying on antiquated methods of managing commercial properties rather than software and third-party support is on a similar path.
Innovative companies that live on the edge are often the ones that emerge as leaders in their market. Without optimized, modern solutions in place that help to support property managers, how would they be able to compete against their strongest competitors?
If you want to keep your commercial real estate management firm competitive, it is time to overhaul certain procedures and move them into the modern era.