Do you have FOMO? “Fear of missing out” is a common phenomenon that doesn’t seem to affect commercial real estate professionals as much as those in other industries—when it comes to technology, anyway.
But the truth is, if you don’t have commercial real estate software these days, you actually should have FOMO. It has proven benefits when it comes to data organization, market insights, forecasting/reporting and more.
The only question is, where do you start with finding the right CRE software? Here are seven tips to help you identify the most important factors in your decision.
1. Make Sure It Meets Your Needs
Commercial real estate is a broad field with many different roles and responsibilities. The right CRE software should meet a variety of needs so that it’s valuable across your team. Whether you need lease management help, accurate lease abstracting, accounting services or another feature, commercial real estate software solutions like Quarem have you covered.
2. Ensure Compliance Parameters Are In Place
ASC 842, IFRS 16 and other lease accounting standard updates can be difficult to manage on your own. There are CRE software options out there that help you get on the path to compliance and maintain it. Quarem has the modules you need to do both.
3. Focus on Features for Your CRE Specialty
There are a variety of CRE specialties, even within the same company. This is why it’s important to ensure the CRE software you’re considering has role-specific features, from leases and critical dates to reporting, tasks, FF&E, properties and lease abstracting.
4. Test or View the Tool’s UX/UI Capabilities
All of the features and capabilities in the world don’t mean much if the tool is too difficult to use. Seeing the CRE software in action is the best way to determine whether it will work for you, from a usability standpoint. Consider requesting a demo of Quarem or another tool before you make a decision or narrow down your prospects.
5. Look for Low Learning Curves
Similar to the above tip, you shouldn’t have to be an expert to use CRE software. The best ones out there provide a dedicated customer service team with industry experience and will help you with integration and training.
6. Prioritize Security and Collaboration
For companies working remotely or on the cloud, security and collaboration features may be more important than anything else. With Quarem, you can share and access data across multiple devices, locations and team members. The cloud-based security program of the tool also provides more protection than many traditional alternatives.
7. Look at Reviews and Feedback Scores
Finally, a look at reviews and feedback from real users or industry experts can help you either get started on your search, or make the final call. Take overall scores with a grain of salt and read individual reviews to get a good grasp of how well the tool meets CRE needs.
If you’re interested in seeing commercial real estate software like Quarem in action, request a demo today.