Did you ever have a lemonade stand when you were younger? Those of us who did were awarded with a great early education about how business works, learning about principles like supply and demand, budgeting and so forth. What you might not know is that you can apply many of those same lemonade stand principles to your commercial real estate business today — especially when it comes to operational efficiency and scalability.
In fact, the inability to grow one’s portfolio can be directly related inefficient operations. Fortunately, CRE software can relieve you of this burden. Here’s how:
What Causes CRE Inefficiency?
If you have a lemonade stand and find that you’re spending most of your time squeezing lemons, what would you do? You could hire someone else to do it while you focus on selling. Or, you could invest in equipment, like a lemon squeezer, to not only get more juice out of each lemon, but do it quicker. CRE operations are the same way. You could outsource them, or use the right tools to do them more efficiently.
First, let’s look at a few day-to-day tasks that often take up too much time for CRE professionals:
- Researching market activity and establishing benchmarks
- Organizing and storing legal documents in the correct location
- Building reports for accurate forecasting
- Identifying causes for past property issues or failed investments
- Keeping up with your appointment, meeting and tour scheduling
CRE software can help make all of these tasks easier so you can focus on growing your lemonade sta… er… portfolio.
How CRE Software Makes You More Scalable
According to Deloitte’s Commercial Real Estate Outlook 2018, “companies should consider to look within at current processes and people and evaluate different ways to bridge the gap between technology advancements and business productivity.” Put simply, technology increases your productivity potential. When you’re more productive, you’re more efficient. CRE software increases your productivity in three ways: organization, control and simplification. Here are the specifics of each:
- Organization: You won’t have to worry about the aggravations of managing data and information with manual, outdated systems (that you probably designed or found for free). CRE Software like Quarem can consolidate your data into one centralized, cloud-based system.
- Control: You don’t have to rely on complex math problems or subjective strategic advice from outside sources to manage your portfolio properly. CRE software gives you real, accurate, meaningful data that lets you recognize patterns in your portfolio, identify strengths and weaknesses and accurately forecast and plan on the future of it.
- Simplification: What good is CRE software if it’s too complex to use? With the right tool like Quarem, it will not only be designed for simplification and ease of use, it will come with a team of professionals who are there for initial training, continued education and constant support.
Once you can organize, control and simplify your operations, it naturally makes them more scalable. It doesn’t matter if you have one property or multiple locations in your portfolio, the concept remains the same. If you want to see the specifics of how CRE software like Quarem can help improve your operations scalability as a CRE pro, request a demo today.