Have you ever seen one of those Word of the Day calendars? Each day, you flip to a new page that features a word and its definition. I don’t know what the 2020 version of that calendar looks like, but it should just feature the word “uncertain” on every single page. Uncertain has truly been the word of the year. It’s the buzzword in every headline, used when sending well wishes in emails, and the answer you provide when asked about future vacation plans.
The commercial real estate world is no exception to this reality. Tenants took their work home or had to make major changes to the way they do business. Landlords faced the challenge of providing rent relief. The very in-person, social practices that make up a broker’s daily life are now transformed by social distancing guidelines.
So, where do we go from here? How can we change the word of the day from uncertain to assured, absolute, or reliable? For Tenants, Landlords, and Brokers, CRE software is the tool to turn to.
Defining the Uncertain
Let’s take the uncertainty and give it a face and a name. Here are some of the uncertainties that professionals are facing right now.
Tenants:
- When can we go back to the office?
- What changes can we make to provide and healthy and productive workspace?
- Do we need to downsize?
- What should we do with the leases that are expiring soon?
Owners & Property Managers:
- Will my tenants come back? What will their needs be?
- What’s the future of retail?
- What new trends will emerge this year?
Brokers:
- How do I serve clients amid remote work and social distancing?
- How do new brokers learn and grow in this new environment?
- How can I attract new business?
- How can I set myself apart?
Five Ways CRE Software Can Help with Uncertainty
The term “CRE Software” can mean a lot of things, but in this case, we’re talking about lease management software. Lease management software helps you organize and track all of the data, dates, documents, and activities related to your leased or owned real estate. Let’s take a look at the ways it can help every professional manage uncertainty.
Lean on a Reliable Resource
You may be uncertain, but don’t be uncertain AND unorganized. When you’re uncertain about something, you need a resource to lean on that provides you with the facts and figures you need to answer questions and make decisions. Lease management software, like Quarem, does just that. All of your key lease and property information is organized in one system that everyone on your team can access.
Visualize your Space
Have you ever gotten lost at the mall? Or, took a wrong turn on a hike? In both cases, you usually turn to a map for guidance. It helps you visualize your surroundings so you can determine your next steps. For professionals managing commercial real estate, lease management software is the map that provides them with a full picture view of their portfolio so they can make reliable decisions.
Collaborate & Stay Connected
When waging the battle with uncertainty, don’t attack as an army of one. It’s critical that everyone is on the same page. This is especially difficult these days as remote work has become more popular, but it’s not impossible. Cloud-based CRE software is just the weapon you need to keep everyone together.
A system like Quarem is the home base your team can use to keep the conversation going and work flowing without having to worry about the accuracy of your data being compromised. Secure document storage, report scheduling, critical date notifications, activity timelines, and access controls are just some of the features that’ll help keep everyone on the same page and moving forward.
Adjust to Emerging Trends
Ready or not, the way we work is changing. Though we may not know what that looks like just yet, every professional can use CRE software to navigate those adjustments.
Tenants of all kinds – office, retail, industrial – can use the reporting features to compare their space to new health & safety standards, the needs of their employees, and the trends that’re emerging today.
Property owners and managers can plan for future enhancements with the help of financial features, like income/expense tracking and project budgeting.
Brokers are now challenged by a changing market but have the biggest opportunity to set themselves apart and gain new business. Your clients are thinking about their real estate strategy now more than ever so why not help them out? By offering lease management services, you’re setting yourself apart from the competition and providing your clients with the expert guidance they need.
Partner with the Experts
Like we discussed earlier, you don’t have to manage uncertainty alone. Partnering with CRE software providers means adding experts to your team that can provide insight and guidance on the things that matter most to you.
At Quarem, you get more than just a software solution to manage your leases. You get a team of dedicated professionals that want to get to know you, your business, and the ins and outs of your real estate. We’re here to help you every step of the way, from abstracting to developing strategy. As we’ve worked with our clients this year, we’ve been able to gain great insight into the impact COVID-19 has had on tenants and the key data and guidance they need to move forward.
The next time you flip the calendar and see the word “uncertain,” give us a call. We’re here to help you find the solution that’ll help you make reliable decisions about your leases.
