Is it really the end of 2021 or did we have a rerun of 2020? Whatever happened, the fact remains that 2022 is almost upon us. Do you have a revised CRE portfolio plan for next year? You can’t improve what you don’t measure and you can’t reach new goals if you don’t set them.
If you’re interested in creating a CRE portfolio plan for 2022, here are some steps to help you develop, modernize and/or optimize it.
Step 1: Assess Where You Are
First, evaluate the current state of your portfolio. Are any of your properties liabilities or missing data? Do you have lease and asset valuations? Are there documented policies and procedures? Have you reevaluated the tools and technologies you’re using? Whatever metrics or factors are important to you, take the time to assess where you are with them.
Step 2: Determine Where You Want To Be
Next, determine the goals for your portfolio. (Think of this as a future assessment of your portfolio.) If you’re struggling to find information or meaningful insights for forecasting, some options for discovering goals include interviewing leaders in the industry (whether at your company or a third party), distributing surveys to tenants and past buyers and reviewing case studies of successful operations you’re wanting to emulate. Compare your findings with where you are and make adjustments to your plan accordingly.
Step 3: Commit To Strategic Data Gathering
Gain a new edge in 2022 by being strategic with your data gathering. If you’re not gathering usable data, it’s time to look into solutions. If you are, there may be room for a more modern option. Thanks to artificial intelligence, much of this data gathering can be automated, as you’ll discover with Quarem. Make sure you’re gathering data for your properties, competitors/opportunities and the market in general.
Step 4: Invest In CRE Technology
As mentioned above, technology is a great way to strategically gather data and commercial real estate software in particular can help you with your portfolio plan in 2022. Quarem’s feature set includes help with leases, reporting, tasks, property management, assets and more, so whatever your area of CRE, the right technology can help.
Step 5: Document Your Plan
Finally, make sure you document everything. It makes your plan more official, is easy to share with others on your team and keeps you accountable/motivated. Stick to your plan, make adjustments if necessary and follow through. At the end of next year, take a look back and see how your plan went.
If you’re ready to invest in CRE technology and want 2022 to be your best year ever, request a demo of Quarem today.