As a CRE professional, you know that the key to making money is finding a good investment. Locating that perfect property in just the right location with just the right footprint is an integral part of the process. Then comes the negotiations over price, followed by cutting a fairly large paycheck to complete your acquisition. While this upfront cost may be a large chunk of change, as a knowledgeable CRE businessperson you know that it’s an investment that will pay off in the long run.
As it turns out, this spending money to make money logic doesn’t just apply to your real estate investments. It’s also wise advice to follow when it comes to the technology and talent to help manage your growing CRE portfolio. While property management firms and the technology they offer may seem like unnecessary overhead, we’ve got a few reasons you may want to ditch the filing cabinet for a more high-tech way to keep track of your real estate assets.
Specialists Know their Stuff
When it comes to buying commercial rental property, you may consider yourself fairly knowledgeable; maybe an expert even. You’ve researched the field and have developed proven strategies to finding just the right fits for profit and diversification in your portfolio. Property management professionals, such as those at Quarem, handle commercial property data for a living. We are experts in abstracting leases, compiling analytics and in building efficient and user friendly technology platforms. This knowledge means that we know just how important each piece of information is to a profitable CRE portfolio and they have the best handle on how to get you intuitive access to all of these items at a glance.
Spend Less Time Being an Administrator
For many CRE professionals, the initial motivation for entering real estate as a business was to spend less time working for others and more time earning, building and developing. Spending money on the proper management resources frees you up from the everyday tasks. Why spend hours looking up those lease terms for your property on 109 Corporate Blvd when you could be out scouting the building next door for a possible acquisition? Investing in the right technology resources saves you money and is smart business sense.
Free Yourself with Efficiency
Yeah, they still sell filing cabinets at your local office store. And some of them are even bundled with manilla envelopes, complete with handy file labels. While we appreciate the nostalgia of paper records, flipping through physical files is inefficient both for time and space savings. With products such as Quarem Vantage’s Properties module, you can save your important CRE portfolio information and documents electronically. Access is instantaneous via cloud based software, meaning your files are available whether you’re in the office, working from home or out in the field.
Sure, trying to abstract your own leases doesn’t cost you anything out of pocket. Neither does spending endless hours compiling your own data analytics. And those filing cabinets will most likely cost you less in initial investment. As the old saying goes however, a jack of all trades is a master of none. Be the master of your CRE empire. Investing at the outset in the appropriate technology and specialized personnel will provide an exponential return on your investment long term.