Property management software is growing in popularity and importance as Commercial Real Estate owners and property managers seek new ways to better satisfy tenants, drive revenue, and keep operations running more efficiently than paper-based processes.
Advisory firm Deloitte found that “cloud computing is helping CRE companies drive agility and scalability in a cost effective manner. Companies need to have business intelligence and visualization that provides insights for strategic planning and decision making, as well as relative trend analysis and correlation to draw actionable insights.”
The right technology partner can help curb the costs of CRE operations, help meet tenant demands, and optimize your work across your entire portfolio. This tool should address your specific business objectives, and should add value to your day-to-day property management operations.
If you rely on outdated or sub-par property and tenant management systems, work order management software, or worse, are still using manual paper-based processes, you’re at risk of being abandoned by tenants, and left behind by the competition. It’s critical to choose the right property management software to suit your specific needs.
Consider these 7 guidelines when choosing Property Management software:
1. Real-time access to insights
What’s happening in, and across, your buildings in real time? If you’re unable to view and analyze the good – and the bad – happening throughout your portfolio, you’re at risk of missing critical problems. You should be able to understand at a glance:
– How satisfied tenants are on a daily basis, in any region, in any building
– Service performance metrics such as response and completion time.
– Which buildings are performing better than others – and why.
This is about managing operational risk when it happens – at the speed of real time.
2. Faster response to tenant requests
If you’re unable to respond quickly and effectively to tenant requests, you’re setting yourself up for dissatisfied occupants. It costs far more to acquire a new tenant than to keep an existing tenant – so ensure your property management technology allows you to quickly respond to their work orders with fast and efficient workflows. Activate the right maintenance personnel, and empower them with mobile technology to work smarter and faster, from anywhere.
3. Fast – and accurate – reporting
Your technology should make it easy to fulfill a request for timely, accurate information about the performance across your properties. If you’re manually compiling reports for property owners or for tenants themselves, you’re wasting valuable hours in data management and at risk of human error. Your tool should report on key operational metrics and critical alerts, including expired leases/COIs, deteriorating tenant satisfaction levels, and active work orders.
4. Management by exception
Modern property management technology allows you to set maintenance performance targets, telling you when to apply more effort or resources. It should also alert you, proactively, to critical issues, and allow you to track statistics like work order completion metrics over time, and tenant satisfaction monitored on a continual basis. By doing so, you’re able to spot when problems happen out of the norm – and manage these exceptions.
5. On-time, proactive preventive maintenance
Building preventive maintenance is essential to increasing the longevity of equipment and property, and protecting the safety of tenants and staff. Your software should help you maintain equipment through an easy-to-use preventative maintenance plan. This makes it possible to anticipate costs, and prove to equipment manufacturers that you’re in compliance with warranties.
6. Dedicated support, and a partner in growth
Your software partner – and truly, they should be a partner in your success – should provide you with a dedicated account manager who is focused on helping you see value from the tool. Look for a partner that embraces performance metrics, with monitoring tools to step in before issues arise.
7. A clear roadmap of future innovation
Technology evolves so rapidly, your software partner should be able to help you navigate the changes with confidence and thought leadership. If the tool you choose is behind the times, your organization will suffer as well. Upgrade to a partner with a clear commitment to innovation, showing a track record of continual development and enhancements that meet market demands.
The bottom line is this: Choosing the right property management technology is a choice to compete. After all, this critical system underpins your daily operations. Make the right decision.