There’s an old wives’ tale that coffee stunts a person’s growth. Whoever created this myth obviously wanted to hoardall the coffee. In reality, there’s no correlation between the caffeinated beverage and a person’s physical size. (Just look at the NBA’s coffee obsession for proof of this.)
When it comes to commercial real estate portfolios, however, there are several obstacles that definitely will halt its growth. (Spoiler: coffee is not one of them.) If you’re a commercial real estate professional, here are five things you need to overcome to grow your portfolio:
At some point, your portfolio is going to plateau. Not because you’re not achieving results like you used to, but because there’s simply not enough time in the day to grow it. The more time invested in clerical tasks like work orders, appointments, tax reconciliation, data entry and report building, the less time you’ll have to focus on bigger-picture items like growing your professional portfolio. Less time = fewer portfolio growth opportunities.
Many CRE pros have their tried-and-true methods of portfolio management — we get it. But if you’re seriously concerned about portfolio growth, it’s time to look into an updated way of doing things. “Real estate managers today have to be adaptable to changes in the workplace and in the properties they manage,” CRE leader Michael T. Lanning said in a recent Bisnow article. “And that includes adopting new technologies, software and apps.”
Do lease expirations, options and termination rights take you by surprise? When it comes to portfolio growth, maintaining your current accounts is just as important as obtaining new ones. By accurately forecasting critical dates and options, you’ll be able to stay ahead of the game. After all, you can’t improve what you don’t measure.
Being unorganized can really impede a CRE professional portfolio’s ability to grow. You want to be able to organize all of the details related to your portfolio, from the data related to physical assets to significant patterns or recurring issues. Proper asset management goes a long way toward portfolio potential. Improper asset management can be its downfall.
OK, let’s say you do actually have enough time to complete your daily tasks and you’re satisfied with the amount of technology you’re using. You’re also confident that your portfolio is organized and you can forecast correctly. But are you doing all of this as efficiently as possible? If there are ways to streamline any of the above elements and improve efficiency, it will turn them from obstacles into opportunities.
CRE lease and project management software like Quarem can help you overcome all of these obstacles. If you’re ready to start growing your portfolio again, request a demo of Quarem today!