How to analyze commercial property data

Now that you’ve streamlined the lease process for prospects and tenants and taken control of your commercial property operations, you’re likely wondering what to do next. To make the best decisions for your real estate firm, it’s time to analyze your commercial property data and make it work for you.

Streamline the reporting process

In addition to the reports you’re generating on a consistent basis, you’ll also have to respond to ad hoc reporting requests, which come up quickly with often unreasonable deadlines. How do you manage this process and make reporting as efficient and easy as possible? Using reports to make decisions is far more important than spending a lot of time generating them, so you need tools that helps you extract the data, track performance and run scenarios. The right technology allows you to answer strategic questions and access the right data as quickly and as efficiently as possible. After all, it’s more important to be able to work on your business than in your business.

Leverage dashboards

Dashboards are a visual representation of key metrics and KPIs that you can use to evaluate the health of your business at any given time. These representations are graphically driven and allow you the opportunity to customize the view for different types of users. The ability to drill down into the details of the dashboard so that you can evaluate specific data points or variables can speed up decision making.

Explore business analytics tools

If your real estate business is dealing with a tremendous amount of data, then analytics and business intelligence tools can help make sense of it all and quickly identify trends. In addition to identifying long-term trends based on your business data, you can overlay other industry or geographical information to see the impact, if any. You can be far more precise when you’re able to sift through the data in many different ways and dig into it from many different perspectives.

Learning how to leverage data analytics in commercial real estate can help anticipate variables that affect the way you make investments, strategic property improvements, or even your approach for pursuing new tenants.

In total, these best practices can enhance the way you own, operate, and manage your real estate business in a sustainable, competitive way. The right technology tools can help you find the shortest point between the data and the decision when operating your commercial property.

Learn more about Reporting & Analytics tools for commercial management from MRI Software.