Brokers, leasing agents, asset managers, and others play different roles in the commercial real estate business cycle. They all work toward the same goal: capture more and more customers and execute new business strategies to maximize revenue. Though they may achieve their business goals in different ways, such as hiring top industry talents, getting industry insights, choosing technology, and others, but nothing can beat the boost and benefits of Commercial Property Management Software. CRM for commercial property management improves asset performance and value.
REDA is undoubtedly one of the best and most trusted fully-integrated solutions for linking middle and back-office operations to drive the lifecycle of all kinds of commercial properties, from offices to retail, ports to parks, warehouses to airports, and government properties. The evolution of property management technology from spreadsheets and manual data entry to today's advanced platforms mirrored an industry-wide tectonic shift.
Technology Advances To The Fore
Over the last few years, commercial property owners and brokers have started incorporating PropTech into their businesses to help them identify and seize opportunities. They use property management software to address the following operational issues:
Making decisions and managing the pipeline efficiently.
- Building effective connections and communication between external brokers and property managers.
- From the initial contact to the final documentation and tracking every lease aspect.
- To access rent rolls, reports of finances, and other data required to execute leases for estate agents, legal officers, property managers, asset managers, and others.
- Executing lease abstractions, underwriting, valuation models, sales and acquisition targeting, and finally, identifying risk.
The evolution of technology in these areas resulted in automated and fully operational cloud-based commercial property management software platforms like REDA, which are popular in the industry. These systems, sometimes augmented by artificial intelligence, connect real estate firms to their vendors, general contractors, estate brokers, and collaborators.
Notably, the mobile capabilities of the systems allow employees in the field who manage leases, projects of construction, and facilities to connect directly to the data system centrally. Such connectivity provides front-office team members with a comprehensive view of functional and monetary data. Traditionally the responsibility of personnel in back-office operations like accounting and property management was to reduce risk and increase asset values, which can now be done using the software.
All participants of commercial property management benefit from software that provides real-time information about the availability of space, existing leases, encumbrances, and other fundamental data points while seamlessly integrating with a core property management and accounting platform.
Want to know more about how REDA can grow your commercial property business? Click here to know!
Increased Visibility and Cooperation
This system creates a single pipeline for internal and external leasing processes by integrating leasing, deal management, tenant improvements, budgeting, construction management, and other operations. As a result, data in the database does not have to be re-entered. Asset managers gain previously unattainable levels of visibility into leasing agents' progress and deal pipelines.
Everyone involved in the lease execution process can use the system to see how lease terms may have changed between the letter of intent and the signing.
- Brokers can use real-time stacking plans to centralize deal management across their portfolios. Internal leasing agents can check the expiry of the leasing contracts, and completed transactions are immediately passed to property management staff. The integration of operations and data encourages asset owners and brokers to collaborate.
- Accessibility to an owner's customer relationship management system helps brokers to obtain more timely deal pipelines. This helps them to automatically include sufficiently mature deals during budget forecasts. The shared workflow allows real-time activity notification on a space, which speeds up deal approvals.
Reach, convert and keep more renters with smart marketing, automated leasing, and dynamic tools. Click to find out how REDA makes lead-to-lease easier!
Real-Time Artificial Intelligence
Artificial intelligence is one of the most intriguing recent trends in PropTech. PropTech is a new disruptor or innovation driver in the real estate world. It has opened several doors for Property Managers who were tired of handling loads of disassembled records in the form of spreadsheets and documents.
To learn more about it, read this blog “How is Proptech supporting Real Estate Companies?”
In the last few years, several aspects of the commercial real estate business have been affected by AI Technology.
AI can elevate any property business by assisting it in more effectively capturing, managing, and leveraging data. It also benefits tenants by providing them with more detailed data to negotiate a lease. Furthermore, artificial intelligence's predictive capabilities for business decisions can significantly impact profitability, returns, financial planning and analysis, sales, and tenant relations.
- AI can provide Property Managers with more accurate lease abstractions, automated underwriting and valuation models, market demand and value forecasting, facilitated due diligence, precise marketing, sales, and acquisition targeting, and better risk and trend identification. PMs can also use AI to improve tenant selection by analyzing tenant behavior trends. This information may include energy consumption, rent and occupancy rates, market performance, and other factors of any property.
- The utility of predictive tools in preparing accurate asset value models or projecting potential development project returns provides property owners and managers with a significant competitive advantage. This capability also provides valuable new insights into local conditions that influence leasing decisions for landlords and prospective tenants.
To control property access, smart building security systems use AI and machine learning. As an added benefit, the ongoing property and accounting software for project management has made many solutions, including those with sophisticated AI elements, accessible and affordable to businesses of all sizes.
Wrapping Up!
The software that runs such systems will become even more powerful in the coming years, optimizing tenant service, leasing, marketing, and building performance initiatives across various portfolios. When used to their full potential, these capabilities can assist brokers in closing more sales and owners in increasing rents, lowering costs, and increasing asset value dramatically. And the advancement of artificial intelligence and new ancillary service modules promises even more improvements in energy consumption and virtually every other aspect of property management.
Before the pandemic, commercial property management saw a clear trend toward a single-platform, mobile-enabled cloud system. Property managers rebuilding the business environment against well-equipped competitors can help themselves by being open to new business models and technology.
To learn more about it, read this blog “How is Proptech supporting Real Estate Companies?”
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