Commercial property managers face pressure to stay ahead of competitors, to grow or diversify their portfolios, to fulfill varying reporting commitments and accounting practices, to satisfy managers, tenants and other stakeholders, to stay abreast of industry best practices. How can those leaders reconcile so many demands into a coherent business strategy that drives efficiency and profitability?
The answer lies in technology — specifically, advanced business systems that form a central element of a strategic business plan. These solutions allow a comprehensive visibility that gives a complete picture of a portfolio, driving organizational growth, efficiency and profitability. Heeding property managers' demands for these advantages, leading software providers consistently deliver innovative results that give rise to the next wave of real estate best practices.
How do Internet-based software packages work to property managers' advantage?
They consolidate portfolio, financial, lease and other information into a single database. They integrate all factors in the real estate transaction life cycle, including capital formation, investment management, acquisition and development, leasing and property management, tenant services, portfolio analysis and reporting, valuation, and forecasting. The browser-based, dashboard-driven platform gives all network users instant, secure, real-time access to a single global repository of information from which all of these functions can be performed.
Integration of multiple management systems gives managers immediate access to source data, avoiding the costly, time-consuming process of summoning information from other data systems.
Portals offer the ability to extend dynamic access to services and information to external stakeholders such as tenants and residents, prospects, owners and vendors. With dynamic marketing capability and online resources, portals are a clear competitive advantage to property managers.
Real estate technology has fully matured as a strategic element of a business plan. Fully integrated systems with capabilities that were virtually unthinkable even 30 years ago are now within easy reach. Companies can achieve their strategic priorities across the full real estate life cycle, portfolio-wide. By adopting integrated technologies, commercial real estate business leaders can reap the rewards of a more efficient, agile and competitive enterprise.