Own real estate, they said. It’ll be fun, they said. We’re not sure whom this “they” person is, but anyone who ever said owning or managing real estate assets was a quick way to get rich with little effort probably doesn’t know the difference between a triple net and fishing net.
CRE professionals often find themselves juggling resources in an attempt to manage their real estate assets, often sacrificing efficiency to “get the job done.” Managing your CRE assets, however, doesn’t have to give you whiplash or predominate your time, impacting your long-term ability to invest and grow your overall business. With a quality, professional software solution, such as those offered by Quarem, addressing some of the biggest headaches you face in CRE asset management is as easy as pressing a button.
5. Comparing Apples to Oranges
Whether running a profitability analysis or evaluating leases for renewal, making tough decisions is often complicated by the inability to connect disparate chunks of information. Sure, that retail property may need more investment than the office building in your portfolio, but is that the only consideration over which should stay or go when an opportunity to sell arises?
With asset management software, detailed reports can be prepared off a variety of pre-set or customizable data fields. Get the big picture analysis of both short and long-term costs and profits, overall property values and infrastructure investment. All the information you need to get to the bottom line of your CRE portfolio.
4. Identifying Trends
No one wants to be on the receiving end of an “I told you so.” Failing to spot trends in your CRE portfolio is not only problematic when juggling your real estate assets, it can also cost you big in terms of missed opportunities or the ability to mitigate potential losses. Identify late paying tenants before they become eviction risks. Use complaint and premises inspection tracking to determine improvement projects before they impact your tenants and your bottom line.
3. Tracking Multiple Asset Types
If you manage a diverse CRE property portfolio, you know that your actual walls, windows and other structural components are only one aspect of the asset management picture. Desks, components and other furnishings may individually be small investments, but their loss or damage can add up substantially over the life of the lease, or many leases. Track, protect and inventory your physical property assets with the help of property management software, designed with the diverse needs of CRE professionals in mind.
2. Communication Issues
If you’ve ever spent anxious hours mid-flight worrying about your lack of ability to get in front of your home office computer or to be reached via landline telephone, you know the stress that lack of communication in the world of CRE can bring. When managing a new build out or improvement, the ability for multiple parties to share designs, orders or messages is critical to keeping on schedule. In addition, good communication with tenants can make or break a reputation, impacting your occupancy rates and ability to attract quality clients. With real-time, cloud-based communication, CRE pros can assign access and communication permissions across multiple levels, allowing business to continue even when you’re unavailable.
1. Administrative Time (and Money) Sinks
The last, and perhaps greatest, struggle faced by CRE pros when it comes to juggling their property assets is the inefficiencies and flat-out waste of resources involved in managing a diverse CRE portfolio. Whether researching terms, locating physical copies of leases or purchase orders for ongoing project management or sending documents to multiple parties for signatures, asset management software can help reduce time spent performing basic lease and property administration tasks. What previously took multiple support staff can now be performed with a keystroke, even while on the go.
While we’ve identified our top five hurdles, these onerous tasks don’t need to be a part of the reality of the life of a CRE professional. Contact Quarem today and find out how our Access and Vantage software platforms, in connection with Quarem’s sophisticated and knowledgeable support, can help take the pain out of asset management in a modern and diverse CRE property portfolio. At Quarem we believe your property holdings should be an asset, not a liability. Schedule your initial consultation today and see how choosing Quarem as your CRE asset management partner can help.