The commercial real estate (CRE) industry is beginning to place a lot of value on automating key business processes.
As costs continue to rise and competition grows more fierce, CRE stakeholders are adopting smart mobile app technology, PropTech platforms and cloud-based software to take their business to the next level.
Manual business processes in commercial real estate pose risks. It’s modern technology that provides the infrastructure to achieve your growth goals.
Technology adoption is growing among commercial property management organisations and investors, which is a telling sign of the shifting mindset of global real estate decision makers.
Boosting efficiencies, reducing costs and providing the framework for workflow automation are all key outcomes in today’s fast evolving market.
In order to grow your commercial real estate business, you need the resources to scale – and that directly involves hiring and retaining top talent, as well as the investment in cloud-based technologies.
We have put together a key reference guide covering the top 14 benefits of moving your manual business processes to an automated commercial property management software.
1. Higher quality of work gets done
With better systems in place, your level of output increases and your time spent doing tasks reduces.
Multiplying those two variables gives you a better quality product as a commercial real estate professional.
2. You’re more consistent
Modern systems allow you to create workflows that get tasks done automatically, allowing for a rinse and repeat approach to your daily tasks.
If you know what you have to do and when, there’s a great chance it will get done ahead of time, further freeing you up for more important, revenue-driving activities.
3. You save a lot of time
Less time spent on manual tasks that are a dangerous time suck. Cloud-based technology will save you tens of thousands of hours. See it in action for yourself.
4. Data is visible, accessible and measurable
Modern CRE technology, such as commercial property management software, provides you in depth data about how your business and its portfolio is tracking.
If you want to oversee key financial reports, it’s all housed inside a central system.
5. Daily efficiency is improved
From the moment you get into the office, fire up your computer, and get your day started, all of your daily tasks are listed in an easy-to-follow dashboard.
With unlimited access for your users, business decision makers can have full oversight over their team’s performance, no matter where they work from – whether in the office or remotely.
7.Access to information isn’t limited or restricted by location
Building on the most recently covered benefit, with modern cloud-based property management software you can work from anywhere.
Your portfolio is placed in the palm of your hands, meaning that you have unrestricted access to your business, your portfolio and key stakeholder information.
8. Costs are driven down
By saving time and automating workflows, your costs are driven down dramatically. That money can (and should) be used elsewhere in your business. If you’re using cloud-based property management software, this is made possible.
9. Improve regulatory compliance
This is a huge benefit. And that’s purely because cloud-based software houses all of your business’s information in one place.
If you need to reference information at anytime for the purposes of demonstrating compliance, your business’s information is located centrally. This eliminates the risks associated with not having a consolidated system.
10. Operations are standardised
When new workers join your team, you can walk through how you go about managing your commercial real estate business through one system. Having a solidified approach will help you onboard new talent because your day-to-day operations are standardised.
11. Your customers are more satisfied
By automating your business, you make way for better efficiency and more available time to be attentive to your customers.
It’s software that’s built for the modern property professional to make their life easier – that includes providing the framework to support happy customers.
12. Productivity levels are boosted
Maggie Campo, Ray White Commercial Contracts & Trust Account Manager, relies on cloud-based property management software every single day to make sure she’s not missing a beat to get the most out of her 8-hours.
“I rely on our staff at the office to initially process all of the new managements and make sure that the invoices are processed correctly, so when I come in of the morning and reconcile, it's just a click of an ‘OK’ button because Re-Leased has done all the hard work for me,” Maggie says.
13. Staff morale rises
When you invest in systems that help to make your staff’s life easier, they’ll be happier as a result.
They will have increased motivation to complete their tasks and team-wide collaboration initiatives will yield positive results. Without happy staff, your business won’t survive.
14. You eliminate double data entry and human error
Don’t waste time on manual data entry and repetitive tasks that are so reliant on near perfect human input.
By investing in a modern solution, you proactively mitigate this risk.
What is Information Mobility and How Does it Affect Commercial Real Estate?