We’ve all been there…one minute we’re saying yes to the ice cream and French fries, the next we don’t fit into our “loose” pair of jeans. Or maybe you’ve been watching the “check engine light” flashing away on your dash for the last few months but opted to put a piece of tape over the alert rather than make a trip to the mechanic. If either of these sounds familiar, you’re not alone. We’ve been there, done that and have the tow truck bill to prove it.
While closing your eyes and wishing away a trending issue has less dire effects in some areas, ignoring stagnation in your Commercial Real Estate portfolio can spell the beginning of a slow death to your business. As a CRE professional you know the importance of always focusing on growth and capitalizing on areas of opportunity. Don’t know where to start? Quarem can help. We’ve put together a short checklist along with common solutions and ways that our premium Quarem Access and Quarem Vantage software platforms can help staunch the bleeding and get your portfolio growth back on track.
Identify the Problem
We’ve previously covered some of the most common reasons for the lack of growth in CRE portfolios. Whether it be medical triage or settling your kids’ disputes over who’s pulling who’s hair, taking a step back and assessing the situation is important in solving any dilemma. Quarem’s customizable software solutions can help prepare analytical reports across a variety of data points. Compare underperforming to well-performing properties at a glance to help discover the areas where change may be in order.
Look at the Big Picture
After you’ve reviewed your individual properties, don’t forget to review trends across your entire portfolio for a bigger picture view. Just like the stock market during an election cycle, ups and downs with occasional wild swings are a fundamental aspect of any CRE portfolio. If you’re still at a loss, Quarem’s Access program provides detailed insights and real-world guidance on managing, growing and improving on your individual portfolio assets. Think of Quarem Access as an Internet and tech savvy, CRE Portfolio Advice Ace up your sleeve.
Don’t be Afraid to Churn Underperforming Assets
Bad relationships. Horrible hair do’s. That striped orange and green pair of leggings. All of these are things that you’ve probably held onto for too long. As a busy CRE professional, chronically underperforming assets shouldn’t fall into this category. If you’ve taken steps toward improving individual positions and the market just isn’t supportive, it may be time to sell and get out while the getting’s good. And when you need the information on existing leases for your perspective buyer, Quarem’s lease administration software makes printing out the whole shebang quick, easy and painless. No more rummaging through file boxes or stacks of folders.
Spend Money to Make Money
While we cringe at gimmicky, tired sayings as much as the next person, sometimes oft-repeated slogans, sayings, and advice stick around for a reason. Investing in your CRE portfolio can be just the boost you need to get things back on the move. Tenants are constantly evolving and growing which means your properties will need to keep up to meet their demands. From advances in technology to modern layouts, spending a bit of money on construction and improvement can see immediate and long-term returns. To help manage any project, big or small, Quarem’s project management module can help track expenses, tasks and overall project status, helping to get your upgrades implemented faster and with less hassle.
Getting your CRE portfolio moving upwards and onwards shouldn’t be an onerous task. From sophisticated portfolio analysis to managing money making improvements, Quarem is the CRE software partner you need to help get your profits moving in the rig