Nearly half of commercial property teams say they have plans to increase their commercial real estate (CRE) technology spend. And commercial property management software for building operations is among the top areas of investment.
But what does property management software do? Along with enhancing building management and maintenance, the key value proposition of this technology is its ability to improve properties’ net operating income (NOI).
Continue reading as we answer the question: What does property management software do?
1. Streamlines Operations to Boost NOI
One of the quickest ways to increase NOI is through harnessing the latest proptech for building operations. This technology not only increases efficiency for your on-site teams but can also help capture new revenue opportunities. It starts with running better buildings. To increase NOI, you need to reduce operating costs and drive more revenue into your properties.
Here are ways building operations technology can streamline operations:
- Simplifies work order management
- Captures all revenue from billable services
- Collects building issues in real time
- Mobile-empowers engineers
- Maximizes asset value
- Takes control of HVAC systems
2. Centralizes Building Data and Communication
But what happens when you don’t have insight into every aspect of your building operations? What happens if your teams don’t have a streamlined way to communicate with each other or handle tenant requests? For one, you may risk missing out on a significant portion of billable services and other incremental revenue opportunities.
When you implement a building operations platform, all your data is connected. The tech allows you to easily capture the data, manage the workflows, communications, notifications, and billing elements. That information is then shared with your accounting systems. It becomes a seamless process – one where all systems and all your team members talk to each other, share information, complete work faster, and capture additional revenue opportunities.
3. Mobilizes Property Teams
It’s clear the right tech tools can be a money and time saver. But to really amplify time savings, it’s important that your tech mobilizes your people – because your property teams are always on the go.
A mobile app is critical to get all relevant information to the right property team members at the right time. Engineers can get real-time task updates and instantly send questions to teammates or tenants in the field. That means no more wasting time going back and forth to their offices to input handwritten data or find out about a new task. Simply put, mobile technology helps increase productivity, improve communications, extend the usable life of key equipment, and a lot more.
A robust mobile app will also allow team members to do all the following – even in locations without internet connectivity:
- Add data
- Record all time and materials
- Open new work order requests
4. Improves Tenant Experience
Happy tenants keep buildings occupied. But only 28% of major CRE companies actively use data to improve the tenant experience. This means that many in the CRE space are missing out on ways to optimize their businesses and differentiate themselves in today’s competitive landscape.
Many CRE landlords use annual surveys to gauge how tenants feel about their buildings. But a survey once a year won’t help you gather the critical insights you need to course-correct in a timely manner. That’s why smart CRE landlords are complementing annual surveys with ongoing pulse surveys and polls to compare tenant sentiment to tenant space and amenity usage in real time.
With the help of property management software, CRE landlords can better understand tenant sentiment and building usage by collecting information from:
- Visitor data
- Space utilization data
- Service and amenity utilization data
- Tenant engagement data
What Does Property Management Software Do? The Answer for CRE Owners and Operators
A best-in-class building operations platform not only improves communications for teams and tenants but also has the power to grow NOI, streamline operations, and more. For many, the next step is deciding who to partner with and what tech works best for your property.
Here are three things to look for when choosing a tech partner:
- They provide an entire ecosystem of products you need. Look for someone who offers an all-in-one platform. You can pick and choose what modules you need to build your ultimate operating system. And when you get it from one partner, integrations and data sharing are seamless.
- They drive integrations, not you. The onus shouldn’t be on you to drive integrations in your tech stack. You should be able to lean on the experts to do this for you, saving you time and stress.
- They offer expert support. You should be able to lean on your tech partner for support. Look for a partner who isn’t only an expert on tech, but also deeply rooted in the CRE industry.
For further information on key value propositions of property management software or if you’re looking for continued ways to improve NOI at your property, download the free guide, “The CRE Tech Guide to Boosting NOI.”