Commercial real estate property management software continues to grow in popularity and importance as owners and property managers seek new ways to better satisfy tenants, drive revenue, and keep building operations running more efficiently.
Especially as remote and hybrid work are redefining how companies approach the workplace, teams are turning to commercial real estate property management software to help streamline and adapt building operations.
For one, a recent JLL report found 78% of companies plan to adopt a majority of the anchor technologies that will enable a more efficient workspace. And of all the industries covered in the report, researchers found that one of the fastest projected adopters of new tech solutions over the next three years would be real estate itself, which is “planning to rapidly scale up its implementation.”
The best commercial real estate property management software can:
- Curb the costs of building operations
- Help meet tenant demands
- Optimize work across your entire portfolio
This tech should address your specific business objectives. It should also add value to your day-to-day property management operations.
Consider these seven guidelines when choosing the best commercial real estate property management software:
1. Real-time access to insights
What’s happening across your buildings in real time? If you’re unable to view and analyze the good – and the bad – happening throughout your portfolio, you’re at risk of missing critical problems. You should be able to understand at a glance:
- How satisfied tenants are on a daily basis, in any region, in any building
- Service performance metrics, such as response and work order completion time
- Which buildings are performing better than others – and why
This is about managing operational risk when it happens, in real time. When done properly, it will lead to increased tenant satisfaction and loyalty (and occupancy retention).
2. Faster response to tenant requests
Recent research in The State of Commercial Real Estate Building Operations for 2023 found that faster responses to work orders/maintenance requests is a top tenant request for property teams.
If you’re unable to respond quickly and effectively to tenant requests, you’re setting yourself up for dissatisfied occupants. It costs far more to acquire a new tenant than to keep an existing tenant, so it’s important to ensure your commercial real estate property management software allows you to quickly respond to tenants’ work orders with fast and efficient workflows.
You can activate the right maintenance personnel by empowering them with mobile technology to work smarter and faster, from anywhere.
3. Fast and accurate reporting
The best commercial real estate property management software should make it easy to fulfill a request for timely, accurate information about the performance across your properties.
If you’re still manually compiling reports for property owners or tenants, you’re wasting valuable hours in data management. What’s more, you’re at risk for problems arising due to human error. Your commercial real estate property management software should report on key operational metrics and critical alerts, including:
- Expired leases or certificates of insurance (COIs)
- Deteriorating tenant satisfaction levels
- Active work orders
4. Proactive management
Modern commercial real estate property management software allows you to set maintenance performance targets, telling you when to apply more effort or resources.
It should also alert you, proactively, to critical issues. And it should allow you to track statistics like work order completion metrics over time, and tenant satisfaction monitored on a continual basis. By doing so, you’re able to spot when problems happen out of the norm – and quickly manage these exceptions.
5. On-time, preventive maintenance
Building preventive maintenance is essential to increasing the longevity of your equipment and property. It’s also crucial to protecting the safety of tenants and your property teams.
However, property teams surveyed in The State of Commercial Real Estate Building Operations for 2023 said that inspections/preventive maintenance tasks are one of the most time-consuming areas of building operations. This suggests the need for more teams to invest in the right property management software.
Your property management software should help you maintain equipment through an easy-to-use preventive maintenance plan. This makes it possible to anticipate costs. And it proves to equipment manufacturers that you’re in compliance with warranties.
6. Dedicated support, and a partner in growth
Your proptech partner – and truly, they should be a partner in your success – should provide you with a dedicated account manager who is focused on helping you see value from the tool. Look for a commercial real estate property management software partner who embraces performance metrics, with monitoring tools to step in before issues arise.
7. A clear roadmap of future innovation
The commercial real estate industry is evolving quickly. And technology needs to evolve even faster to help property teams adapt. Your proptech partner should help you navigate the changes with confidence and thought leadership.
If the tool you choose is behind the times, your organization will suffer. Upgrade to a partner with a clear commitment to innovation, showing a track record of continual development and enhancements that meet market demands.
Are you searching for the best commercial real estate property management software that will help your property teams meet goals quicker, saving time and money? Connect with one of our experts today!