The most reliable way to grow a successful real estate business is to keep all of your properties in top condition and maintain a pool of happy and satisfied tenants. Whether you are an owner or investor managing your own buildings or you manage on behalf of owners, then versatile, user-friendly property management software in can save you time, cut costs, mitigate risk and help you grow your business in 2023.
It’s no surprise that technology adoption is growing among commercial property management organizations and investors, and this is a telling sign of a shifting mindset.
While legacy property management systems and paper-based processes are holding companies back, leading organizations are boosting efficiencies, reducing costs, and quickly adapting in a fast-evolving market.
Here are 10 reasons why every commercial real estate business
should implement property management software in 2023
1. Free up your time to focus on high-value tasks
Commercial real estate management involves many repetitive manual processes. Between chasing, checking, billing and paying, there are multiple plates you have to keep spinning.
Where commercial property management software comes to the rescue is by helping to automate the steps involved in these tasks. This can take the form of bulk expense processing, auto-generating and sending invoices and arrears notices, and handling maintenance and tenant communications.
Re-Leased is a property management software designed to cut your admin burden and keep everything running smoothly. You and your team are freed up to focus on high-value activities – bringing on new business, delivering stand-out service, and acting on opportunities.
2. Never miss a task or event and sleep easy
What if you were able to see all of the important dates across all of your properties in one place? Imagine the time you would save by not having to dig up dates and also the risks you would eliminate by not missing those.
Whether it’s rent reviews, lease expiries, health and safety compliance or property inspections, today’s systems are now able to show what’s coming up and what’s been completed, all at a glance. Just log in and easily plan your day.
3. Lower costs and increase revenue without more staff
Automating your workflows and accessing information at your fingertips means you not only save time but you also save money by working more efficiently. And best of all, once you’re really leveraging your software, you’ll be able to take on more properties (and generate more revenue) without having to bring on more staff.
4. Freedom to access your information securely from anywhere
Cloud-based software is now a must-have for companies across all industries and commercial property is no different. The global pandemic has made remote working more widespread and that means it’s critical to have access to business systems when you can’t be in an office.
Cloud-based property management software puts your portfolio in the palm of your hands, meaning you have unrestricted access to your business and key stakeholder information from anywhere.
5. Enterprise-level security you can rely on
You might be wondering, “So how secure is my data in the cloud?” The good news is that cloud software providers use enterprise-grade security measures to ensure all of your data is protected. Cloud software will typically be hosted on a major cloud platform, such as Amazon Web Services (AWS) or Microsoft Azure, and because these platforms serve hundreds of thousands of businesses, their security measures are more robust than an on-premise server in your office.
6. Create true harmony between property and finance
Managing property information and your finances in different systems leaves you vulnerable to errors and wasted time having to enter data twice. When evaluating property management software providers, it’s important to look at platforms with built-in client/trust accounting capability or integrations with accounting software, such as Xero or QuickBooks Online.
With your property accounting needs covered in a central system, you’ll be able to set up automatic transaction matching and reconciliations, automate fees and payments to owners and creditors, and see your financial information in real-time.
7. Keep your finger on the pulse of your operations with real-time reporting
Get instant insight into the performance of your business and your assets with a suite of different reports fed by your real-time data. From tenancy, property, and portfolio reports to team performance reports, gain full transparency of how your business is running.
8. Improve regulatory compliance
Since cloud-based software houses all of your business’s information in one place, this gives you confidence that you’ll be able to reference information at any time to demonstrate compliance. This again eliminates the risks associated with not having a consolidated system.
9. Deliver better service on the go
Mobile apps have become a normal part of how we work, but many property managers aren’t yet tapping into their value simply because they don’t have access to them. Real-time information is taken to the next level with purpose-built apps that are connected to your software.
To give you an idea of what’s available out there here’s what Re-Leased’s suite of mobile apps can do:
The Property Manager app provides immediate and up-to-date access to important property and tenant data when on the road or visiting a client.
The Tenant app streamlines communication with your tenants about repairs and maintenance.
The Landlord app gives landlords quick insights into their assets.
This all enables your business to strengthen your relationships with key stakeholders and deliver world-class service.
10. Boost team morale
When you invest in systems that help make your staff’s lives easier, they’ll be more engaged, more motivated and more open to collaborating as a team. Without happy staff, your business won’t survive. Here’s what Jay Sheffield, Partner & Managing Director at Raine & Horne Commercial North Sydney, had to say when they brought in Re-Leased.
“The staff have embraced the software and believe in it and trust it will do exactly what they need it to do. That makes them want to wake up, and come to the office and be part of the business. We can now take on more properties because our team knows they can handle the workload.”
Why property management software in 2023 is a sound business decision
It’s time to explore your options and find the best property management system to help you manage maintenance requests, rent payments, tenant communication, and much more. Using property management software can help make property management easy and profitable.
Are you ready to set your business up for success in 2023? Schedule a demo of Re-Leased today.