As a commercial real estate professional, you spend a lot of time looking at your properties from an “outside” perspective. What is the square footage? What does the neighborhood look like? What’s the market value? But have you ever stopped to think about the physical elements that reside within a prospective or existing space? The physical assets in your space have tremendous value to your organization, so you’re going to need a thought-out strategy if you’re going to manage them properly.
While there may be a relatively static “rule of thumb” list for CRE asset management, the vast majority of these strategies lean on data analytics, often supplied by CRE software, to help identify and make data-driven decisions.
Why Asset Management Strategies?
You might not even think you need an asset management strategy. After all, you’ll just order the assets you need and move on, right? Wrong. For one, most of these assets require maintenance. Secondly, there may be insurance coverage involved. The list of critical aspects related to your asset management goes on and on. Here are a few other elements involved in asset management
- Cataloging all equipment, inventory, furniture and other assets
- Keeping tabs on the locations for all your assets
- Tracking the details (model, location, warranties, etc.) about your assets
- Monitoring expirations for any leased assets
- Noting usage, maintenance, repairs, work orders and appraisals of assets
- Storing documentation related to your assets
All of this goes to show that data and reporting are crucial for making strategic decisions related to your assets. A sound strategy is the only way to truly have control over them so they don’t negatively impact your bottom line. Fortunately, commercial real estate software can help.
Asset Management with CRE Software
Commercial real estate software like Quarem gives you all the measurements, facts, data and information you need for your asset management strategy. From computer and furniture to trade fixtures, vehicles and more, CRE software allows you to track all of your inventory data, maintenance records, warranties and reports from start to finish. You can also monitor and manage all documentation related to your assets, securely storing them and generating reports related to your assets on the fly. Combine that with date tracking and the ability to post notes detailing the life of your assets, and you’ll be able to gain meaningful knowledge and wisdom that you can apply to your asset management strategy.
If you’d like to learn more about how commercial real estate software can enhance your CRE asset management strategies, request a demo of Quarem today.