7 Benefits of Commercial Property Management Software
In order to keep pace with the competition, property managers working in the commercial real estate sector understand the need to build efficiency into their operations, and ensure tenants and leaseholders receive the highest levels of service.
Technological developments have advanced to the point where a well-run office is no longer enough for commercial property management success, and tenants and employees expect smooth processes, integrated systems, and easy access to accurate, well-managed data. The answer lies in the implementation of effective and purpose-built commercial property management software.
In this blog, we will explore the key benefits of commercial property management software and how it simplifies the lives of property managers.
Efficient task management
With effective commercial property management software, task management is simplified, streamlined, and made more efficient.
Integration and joined-up workflows – tasks are automatically created depending on other factors across the business, reducing silos, and improving cross-departmental communication. Integration also reduces the volume of manual tasks to be completed such as duplicate data entry, filing, and other administrative duties. Streamlined and integrated processes mean that team members can focus on value-add activities, increasing output, and productivity.
Automation – key tasks can be automated, ensuring accuracy and efficiency. Lease accounting and administrative tasks including complex lease calculations such as lease clauses, breakpoints, offsets, estimated payments, and recoveries can be handled by the system.
Real time alerts – response times are expediated thanks to real time alerts and reminders, ensuring that problems are rectified quickly, and customers and occupiers receive exemplary service. With improved service levels, tenants are more likely to stay long-term, improving business performance.
Analytics and reporting – comprehensive, straightforward, and up to the minute reporting helps to focus and inform teams, while built-in analytics tools identify trends and patterns in data to highlight opportunities and inform decision making.
Dashboards and tracking – daily tasks can be tracked, allocated, and flagged within a customisable dashboard, providing at-a-glance overviews of daily operations and progress.
Compliance with regulations and requirements is an ever-evolving commercial property management challenge, and keeping pace requires effective and specialist software to ensure adherence to property regulations and legislation.
A centralised database – with a central cloud-based storage system, all the business’s data is centrally located and can be referenced at the click of a button, making demonstrating compliance simple and accurate. It also means that a clear and comprehensive audit trail for critical compliance systems is easily created, stored, and accessible.
Enhanced FM – with tools for effective management of properties and facilities, a commercial property management system can ensure portfolios are populated with secure, well-maintained, and sustainable assets, providing an improved experience for occupants and tenants, and ensuring compliance.
Critical updates – maintaining compliance requires constant monitoring and careful management of assets, as well as quick responses to maintenance issues or critical updates. With commercial property management software, repairs can be logged, and alerts set for key developments to ensure property managers are on top and up to date with important updates.
Energy Efficiency – as global responses to climate change impact regulations, commercial property managers need to meet sustainability targets including energy efficiency. Effective commercial property management software enables close monitoring of energy usage, including reporting, analytics, and alerts when usage reaches key thresholds. This data enables informed decision making around energy efficiency and highlights opportunities for usage reduction.
Planning permissions – managing compliance around property development including refurbishment, rebuilding, and new building work requires a robust system designed to help teams manage planning permissions and other project management factors.
Easily manage maintenance requests
Ensuring maintenance requests are acted on and quickly resolved not only enhances the customer experience but reduces the risk of costlier issues developing in future. Properties are also kept in optimum condition, increasing tenant satisfaction, and ensuring portfolios maintain their value.
Track and manage repairs – With effective commercial property management software, repairs can be tracked from logging, through contracting, and to resolution, with a comprehensive paper trail built into the process.
Online maintenance requests – an online tenant portal allows customers to submit maintenance requests with videos and pictures, which automatically raise tasks with the relevant department, ensuring maintenance issues reach FM and repairs teams directly.
Work order creation – effective commercial property management software enables the quick and easy creation of work orders, with the ability to assign tasks to particular maintenance team members and track the progress of repairs.
Maintenance schedules – with automated workflows and advanced repair and maintenance scheduling tools, commercial property management software can ensure that routine servicing and maintenance cycles are observed, warranty information is retained, and that responsive repairs are handled smoothly and quickly to ensure assets remain in good condition and compliance is maintained.
A commercial property management system ensures that businesses run smoothly. With organisational tools designed to enhance accuracy, reduce the risk of human error, and ensure important tasks and updates are never missed, commercial property management software can improve performance and customer satisfaction.
User-friendly dashboards – easy access to the data, tasks, and notifications needed day to day ensures that property managers are able to stay on top of their responsibilities and never miss critical updates.
Streamlined workflows – with effective commercial property management software, workflows can be built to include automation and cut out unnecessary roadblocks, ensuring tasks can be completed quickly and smoothly, with simplified procedures supported by AI technology.
Accurate data – with a cloud-based system and a centralised database, teams are always working with the most up to date information, meaning a reduced risk of acting on inaccurate data, or firefighting issues caused by human error.
Saves time and money
To keep pace with competitors, it is important for businesses to be able to work efficiently and economically. With commercial property management software, businesses can streamline their operations, increase productivity, and enhance profit margins.
Automation – complex tasks and processes that would otherwise require significant resource can be automated, such as creating standard email templates, automatic email updates, and instant reports. This frees up valuable time, allowing staff to focus on value-add activities and provide excellent service to customers.
Integration – effective commercial property management software can be integrated with third-party systems to increase functionality and negate the need for duplicate data entry or manual transfer of data.
Increased efficiency – the time saved completing now automated tasks reduces staff costs and allows team members to increase their productivity and focus their time on more important tasks within the business.
Paperless office – with all documents and reports being produced and stored electronically, money can be saved on office supplies, printing, mail, and other paper-based expenses.
Communication with tenants, property owners, and other stakeholders is vital for a successful portfolio and improved customer satisfaction. With a commercial property management system, communications can be managed more effectively, and service to clients improved.
Automated communications – automatic reminders for rent payment and lease renewal ensure tenants and occupants are kept informed, and improves cashflow through reduced overdue payments.
Centralised platform – communication management via a centralised platform provides a single-point overview of business communications. With an effective commercial property management solution, information and progress on maintenance requests, customer service tickets, and day to day emails and notifications is available from a centralised, integrated platform.
Access your information anywhere
Property management is not a wholly office-based business, and therefore access to customer and property information on the move is vital. Cloud-based commercial property management solutions provide much greater accessibility and enable real-time access to information from anywhere, on any device, at any time.
Flexible work options – staff expect flexibility within their work situations, and offering remote working options via cloud-based software ensures that employee satisfaction is enhanced with no detriment to productivity.
Customer portals – cloud-based systems also allow customers and tenants to access information about their tenancy, leases, payments, and properties easily and from anywhere, without the restrictions of contact center opening hours.
Real time updates – with a centralised data bank providing a single source of truth, and cloud-based operations enabling real-time data updates, businesses and property managers can be responsive and make informed decisions at all times, whether in the office, on a site visit, or working remotely.
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