Sometimes, commercial real estate might feel like it’s a game. Certain obstacles or “quests” must be achieved or maintained in order to keep one’s tenants happy enough to accept or renew a lease. Other vacant properties have to be maintained in order to appear attractive and marketable and this calls for expenses. It’s a constant juggle to keep those occupancy rates high and keep those tenants happy.
So, yes, property management software has become a huge component in the commercial real estate business because, well, it does play out like a game at times. However, this “game” has real-life consequences and if not properly played, it can truly affect your bottom line. A commercial real estate professional’s best tool in this game is software and in this post we look at leveraging property management software to increase your occupancy rate.
Property Management Software That is Catered to Your Business Needs
In today’s fast-paced work environment, especially when it comes to commercial property management, professionals need to make quick decisions based on real-time data. This means that their property management software must be accessible at any time and across multiple platforms. When transparency and communication between a property owner and the tenants are both streamlined this means that those choices can be made quickly and with greater efficiency.
Does your current property management software allow your tenants to submit monthly payments or maintenance requests electronically? Are you able to receive immediate updates on all payments and expenses? Enhanced communications and transparency lead to increased tenant satisfaction, greater potential for revenue and also helps to lower maintenance costs across the board. Like any business, communication is key in the world of commercial real estate. That’s where the right commercial real estate software comes into play for you and your organization.
Unleash the Power of Your Property with the Perfect Management Application
Property management encompasses much more than anyone outside of the industry might think. This is why robust solutions are sought after because it’s not just about managing inanimate property but also the happiness and ease of the tenants who lease your property or properties.
However, the first goal is to find not just a tenant but to find the right tenant. Occupancy matters but your success depends largely on making sure that your tenant’s goals are in line with your own. Does your current property management application allow you to employ background checks and tenant history for applicants?
Also, consider the idea that rowdy, inconsiderate or inconsistent lessees might be a deterrent to attracting other potential tenants who have a demonstrated history of respecting their lease and neighboring properties. Word of mouth can also become a factor when it comes to future lease arrangements.
The goal, of course, is to maintain that occupancy threshold that keeps everyone happy and in the green. However, the wrong tenant can chase off the right business and that can cost in both the short and long term.
The Right Occupancy for Your Property is Just a Click Away
When it comes to attracting that perfect tenant, other management issues must be considered. This means that your software must be able to analyze and streamline all property operations, which should include occupancy rates, income and expenses and even tenant demographics. When all of the data is made available and in real time, property managers are able to quickly assess prospective tenants, maintenance issues and month-to-month or even day-to-day projections.
With the perfect occupancy in mind, a property manager can then create those necessary portals or access points that would allow tenants to pay rent electronically and request maintenance as needed. Key-date reminders are also very helpful when it comes to keeping tenants and property managers happy and on the same page.
The old axiom holds true. “Work smart, not hard.” With the right software for your property management business, working smart is the default.
Occupancy 101: Simplicity and Reliability
When it comes down to it, tenants and property managers alike are looking for the same thing; both want and, in fact, thrive on simplicity and reliability. However, it’s a complex business that can be difficult to manage if the right tools are not in place. That’s why our property management software is designed with managers and tenants in mind.
When a tenant loves both the deal and their ongoing experience with the property and management it’s a win-win for everyone. High tenant satisfaction and retention rates are needed to keep your business afloat and when these marks are achieved, word of mouth takes over and leads the charge.
However, it can go the other way in the blink of an eye. Tenant confusion, miscommunication or poor tenant placement will also stand out when it comes to attracting future business and occupants for your property or properties. Don’t let it come to that because word of mouth is a slow-turning ship and angry tenants are often the most motivated to get their voices heard.
Could your property management business benefit from a software upgrade? Are you looking for ways to more effectively streamline your ability to provide for tenants and keep your occupancy rates high? At Quarem, our aim is to keep the answers to all of your occupancy questions coming. Our focus is on keeping your business in business, one satisfied tenant at a time.
When you’re ready to take the next step, consider Quarem’s benefits for staying on top of vacancies and critical date reminders, rent roll at the individual property level as part of individual property profiles and much more. Schedule your no-obligation demo today.
