The economy is beginning to improve a bit more steadily with the passing of each year, as the Great Recession is now far off in the distance with respect to the housing market, consumer spending, small business wellness and various other financial indicators. All of this has combined to help drive values on both residential and commercial real estate in the right directions, with some analysts expecting a return to normalcy within the near future.
While this is certainly good news for anyone in the commercial property management profession, it should also indicate that competition is going to be hot and rising in the coming years. As they say, the early bird gets the worm, and though we do not exactly know who “they” are, we believe them with confidence given the saying’s widespread acceptance throughout the centuries.
Did that just get a bit too deep for you? Let’s stick to the simple stuff for now. Increased competition will quickly separate the winners from the losers, meaning some commercial real estate managers will excel amid higher demand, and others will be crushed by it when they have not remained relevant, effective and efficient in the completion of their various responsibilities.
In many ways, it is not all that difficult to sculpt a sound plan for property management, especially with the tools, technologies and solutions that are now readily available for use in this market. The first step is to recognize and accept that there is a problem – or, even worse, multiple issues – which can be somewhat difficult when property managers have been in the game for long periods of time.
Identification of setbacks
When was the last time you took a long, hard look at your management style, arrangements and policies? If you cannot remember, or if it has been more than a few months, then it is likely time to sit down and get to work.
Here are a few of the more common areas where inefficiencies and other issues can sprout up under the radar:
- Accounting: Especially when multiple properties are involved, you might not even realize that inaccurate or less-than-timely accounting processes are taking place. The lost productivity and issues that follow errors in data entry can add up quickly, hindering the bottom line.
- Maintenance management: From scheduling and oversight to the actual walkthroughs that need to take place to ensure facilities are up to par with clients’ expectations, there should always be a method in place to track and handle these matters.
- Feedback response: This one is critical to ensure long-term engagement and happiness among clientele, as slow responses to feedback, criticism or requests can lead to poor retention. If there is no strategy in place, no method to your madness, you might want to rethink your approach.
Let’s be real: it is not always easy to recognize and admit that there are problems in the ways that you manage your properties. However, the last thing you would want is for these matters to be well-known among your staff and clientele, but not in your own mind. Be honest, use a fine-toothed comb, and figure out exactly which areas of your daily routine could potentially be improved.
Plug the gaps
We are now living in a highly digital world, and those individuals and businesses that do not fully embrace the modern culture among consumers and other companies are not going to be strongly positioned to succeed today or in the foreseeable future. Many of the more common challenges and setbacks in commercial property management can be easily and swiftly eradicated through the use of effective software.
The goal should always be to strengthen client experiences, attract new prospects that are simply in love with the services you offer and drive the value of the properties for which you are responsible. This is why accounting, maintenance management and feedback response should all be high priorities throughout the duration of contracts and service agreements.
Now, when it comes to fixing these problems, few tools can compare to advanced commercial property management software that provides solutions for accounting, maintenance scheduling oversight and more. These technologies do not only streamline the actual responsibilities the property management profession entails – they also free you up to focus on more strategic matters.
Take, for example, SKYLINE software, which is offered by Anton to help property managers enjoy optimal working conditions. This solution is specifically targeted to strengthen property performances on various scales, raise the returns investors receive and go above and beyond when it comes to tenants’ expectations.
At the end of the day, this simple investment can make a world of difference when trying to have the most successful operation around, and property managers can begin to take advantage of the increased demand coming through the pipeline by making these types of changes.