Managing commercial properties is no longer an easy task when done manually. Commercial property owners find themselves needing to adjust to an ever-evolving technological landscape. And, for that, you must turn to commercial property management software.
Understanding Commercial Property Management Software
The road to successful commercial property management is paved with many difficulties and hindrances. In order to overcome these challenges, you must be equipped with the proper tools. One of these tools is a commercial property management system.
Simply put, a commercial property management software helps you accomplish various day-to-day tasks and operations through automation in a digital platform.
This kind of system enables property managers and owners like you to streamline processes, such as the collection of payments, maintenance tracking, and the like. It is designed for a wide range of commercial properties, including retail spaces and office buildings.
Benefits of a Comprehensive Property Management Software
If you remain unconvinced about the value a property management software can bring you, here are the benefits of investing in an end-to-end system:
1. Fewer Errors or Lost Data
Before the advent of software, commercial property managers and owners used to rely on manual processes. With the introduction of technological developments, a shift soon began.
More and more property managers started to adopt the use of multiple platforms. And while this helped digitize and automate some of the management processes, it still stands inferior to an end-to-end management system.
A comprehensive commercial property management software provides you with all the features you need. It takes elements from multiple platforms and combines them into a single, all-inclusive system.
Because you have everything you need in one place, it reduces the risk of errors. It also eliminates the chance of lost data stemming from transferring data sets across different platforms.
2. Automated Tenant Management
Good tenants are not all that hard to come by — they just take more effort to find and land. If you want your vacant commercial spaces to be occupied by quality tenants, a property management software can help.
Comprehensive digital platforms typically have tenant management functions in place. This functionality allows you to manage tenants from the screening process all the way through communicating with them and tracking their maintenance requests.
3. Streamlined and Faster Cycle Times
You know what they say, “time is money.” That saying rings especially true for businesses. Manual or disjointed processes are not only susceptible to errors and loss of data, they are also more time-consuming. Plus, the time you spend on management multiplies as you acquire more commercial properties.
When you switch over to a computerized system, you can save a significant amount of time. Furthermore, when these systems are connected in an end-to-end management software, you can streamline processes and make way for faster cycle times.
You also eliminate the need for you to run from one property to another. An all-in-one automated system will allow you to manage multiple properties simultaneously right from your computer.
4. More Efficient Financial Management
Perhaps one of the most difficult aspects of managing a commercial property is getting a handle on your finances. The main purpose of a business is to earn money, But it is not always easy to improve your cash flow, particularly when you have a lot of commercial properties you need to juggle.
With a commercial property management program, you can look forward to more efficient and effective financial management. You can use technology to your advantage, accomplishing tasks ranging from automated billing to processing payments electronically.
Accounting tools and functions will also make it simpler to get your finances in order. With such an asset on your side, you can pinpoint problem areas, keep costs low, and maximize your profitability.
5. Easy Access to KPIs and Reporting
A large pitfall of a manual or disjointed system is the lack of reporting and data analytics. So much of the business landscape revolves around the ability to obtain key statistics instantly. Let’s face it — no one has time to ruffle through past data records just to analyze them.
This is where a property management software can help. With an automated and digitized system, you can promptly retrieve data for analysis and even generate reports on the spot. You can even set parameters according to a number of filters, such as date ranges and tenant types. Then, you can use the insight you gain from this data to inform your future business and financial decisions.
6. A Sustainable Alternative
Automation is all well and good, but an important yet often overlooked advantage of a property management software is sustainability. It is, now more than ever, glaringly clear that the world is experiencing a shift in favor of greener solutions. Younger generations, in particular, are more inclined to partner or work with companies that advocate and practice sustainability.
A management software does not only save time and money, but it also has a significantly lower carbon footprint. It supports environmental sustainability in a number of realms, including invoice processing, tenant and vendor management, and maintenance requests.
Features to Look for in a Commercial Property Software
When deciding on which software to use, it is essential to examine the features and functions each prospect offers.
Some of the best commercial property management software come with a complete set of tools and features, such as:
- Accounting Tools. Every transaction creates an accounting entry that goes straight to the general ledger and allows you to generate financial statements in real-time.
- Analytics and Reporting Tools. Organized and categorized data can help property managers and owners analyze the performance of the business.
- Automatic Alerts. A feature that automatically notifies you of important events and tasks can serve you well. You can also set it up to send automated reminders to tenants.
- Budgeting. A budget module can help you keep track of your expenses and make sure you do not go over the set amount for each item during the time period.
- Communication Tools. It is always a plus to have built-in communication tools such as emails and text messages.
- Maintenance Management. Commercial properties require regular maintenance. Stay on top of maintenance requests, work orders, and quotations with a helpful maintenance management feature.
- Mobile Applications. You are not always glued to your computer, and neither are your tenants. A mobile application for your property management software gives you access to your system on the go.
- Online Payment Processing. With this feature, tenants can electronically send you payments for rent or other fees.
- Online User Portal. An online portal will allow users (tenants and property owners) to access important information and financials without fear of viewing or tampering with confidential data.
- Scheduling Tools. A calendar and scheduling tool can help you stay on track of events and tasks.
- Third-Party Integrations. Your management software should be third-party integration-ready for seamless program-to-program functionality.
The Price of a Commercial Property Management Software
Management software for commercial properties can vary in cost depending on the developer or provider and your specific needs. Non-enterprise systems can run between $5,000 to $10,000 annually. Generally speaking, though, if you have more properties or units to manage, you should expect the price to go up along with it.
While the cost of investing in such software can definitely sway your decision, you must remember that its benefits far outweigh the price. Additionally, many cheaper alternatives exist, although they do not typically come with extensive management tools.
A Step into the Future
Property managers and owners alike will benefit greatly from a commercial property management software. An end-to-end automated system offers many features that can lighten your workload, reduce errors or loss of data, and streamline processes. All you need to do is take that first step.
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