9 Signs It’s Time to Upgrade Your CRE Tech / Property Management Software
It’s a well-known fact that commercial real estate organizations can move to change extremely slowly. In fact, we wrote about their slow adoption of CRE Tech a while back.
There are a lot of theories about why adoption is lagging behind, but ultimately we said that it was a matter of poor communication. People won’t just buy into oftentimes expensive software and technology “just because” or because you say “it is great.” They have to understand how it addresses issues or hardships they face, and how these tools integrate into their existing workflow.
But how can you determine if your existing processes or current property management software provider is limiting your ability to impact operational performance?
We’re going to help you make that jump.
Here are nine signs that your processes or (lack of) CRE Tech is holding you back:
You can’t collect and measure your performance consistently or efficiently
Service delivery performance accountability is the name of the game, but you aren’t able to report on it because: 1.) your current property management software platform is lacking, or 2.) you just don’t have a tool in place.
Consider the benefit of being able to set standards for service response times, task completion, and closing rates of tenant service requests. If you’re able to track service delivery trends and measure performance in real-time, you can be more transparent, and nimble with your decision-making!
You’re stuck using multiple systems that don’t talk to each other
Maybe you have a few systems in place to help you run different aspects of your property operations, like work order management, maintenance, risk management, etc., but they aren’t integrated or able to share data.
How can you possibly work more efficiently when you have to work harder to get the tools to get you what you want?
Automation sounds like a scary thing, rather than a tool to save you time and money
The big bad causing slowdown in CRE Tech adoption is the word “automation.” It just sounds like a complete robot takeover!
But what if automation could help you mitigate risk, like ensure your Certificates of Insurance (COIs) are functional, or notify you when they’re set to expire? What if it could eliminate repetitive, time-consuming tasks and free up availability to “just get stuff done?”
You’re not able to work from anywhere without doing extra work
How often do you find yourself or your property teammates dragging themselves to and from the main office to make sure that they have the right tools and information for the task at hand? If you’re utilizing non-digital tools, or old-school software without a dedicated mobile app, the answer is likely more often than you’d like.
Consider how implementing a modern property management software platform, complete with a mobile app that works in areas of little-to-no wireless connectivity can help you and your team track work on the go, or access tenant and vendor information from wherever they are.
A public, digital face doesn’t exist for your properties
Is it possible for your tenants to access critical building services, view announcements, and submit service requests online, at any given time? If your answer is a resounding “no,” or “sure, if our staff is on call via phone or fax,” then you’re not doing all that you can to reach tenants where they’re at.
You need a property website, complete with tenant portal and tenant mobile app to bring your services to the masses, 24/7.
It isn’t easy to quickly locate your property’s emergency documentation in a crisis
If an emergency strikes and your team – or tenants – don’t know where to go or what to do because they can’t access emergency preparedness documentation, you (and they) are in trouble.
What if you could put said documents in a digital, centrally located storage spot?
Gathering performance reports can require an act of Congress
Do you have your thumb on the pulse of your property operations? Then you should be able to pull up a comprehensive report showing your average tenant service response time, trending work order issue types, and equipment maintenance histories quickly like it is no problem, right?
Actionable data is king, and it is in your best interests to utilize the CRE Tech tools that deliver what you need, how and when you need it, so you can focus on what you do best.
Maintenance tasks are often missing from the schedule or ignored
Preventive maintenance debt is real. But are you setting yourself up for it, or a backlog of maintenance tasks, because you don’t have the right tools for prioritizing and managing incoming work?
It is tough to maintain a best-in-class commercial property if you aren’t effectively maintaining it. Evaluate ways in which you can automate how you handle maintenance task management!
A pen and paper is still your best friend when performing property inspections
When it comes to day to day work, you can always trust you good pal Pen and Paper. Unless you’re trying to access the latest task information, equipment documentation, COI status, tenant history, or historical logs from the field.
Your team needs to be able to have this data, and a defined process structure to consistently perform inspections!
Just because you’re lagging, doesn’t mean you’re down and out
If you were keeping tally and you’re noticing more than a few checkmarks, you may be a CRE Tech laggard. But that’s OK – there is still time to turn things around and improve your commercial property management operations.
Really, you can do it!
You might be afraid of the cost of property management software, data loss, or a drain on your resources that might result from implementing new CRE Tech, but if you choose the right partner in your provider, you’ll be able to rise up and be well on your way to becoming a property management thought leader.
So, why don’t you get started? All it takes to start turning things around is a short conversation.