Few things in life create anxiety quite like an inspection. If you’re in the military, for example, you worry about inspections for your uniform or barracks. If you’re a car owner, you take your car in for a worry-inducing inspection once a year. Homes, businesses, taxes… the list goes on.
For commercial real estate professionals (CRE)s, however, property inspections rank at the top of the list of things to worry about. As unnerving as a tax audit, property inspections are a necessary evil that can lead to findings that affect your bottom line. However, missing inspections can cause a bigger headache. Here are three ways lease administration software can help.
Organizing Portfolio Details
Whether you’re getting a property inspection for a space you’re considering investing in or you’re inspecting an existing property, being organized when it comes to the details related to your leasing portfolio is important. Taking everything into consideration, what will be the impact of this property inspection three to five years down the line? Are there any current or future issues with electrical, plumbing, A/C, roofing and structure? Organizing your portfolio details will put you in a better position to make actionable, informed decisions concerning your inspection results.
Quarem can help with this by securely storing portfolio documents and giving you control over every property and leased location’s inspection. You can even track data related to the physical assets within your space and recognize patterns or issues before they become a risk.
Critical Date Tracking
Second, you want to ensure inspections are scheduled regularly and that you don’t miss any of them. The last thing you need is to be in violation of any inspection guidelines or be surprised by an unexpected repair when you don’t have it in the budget. This is where critical date management steps in.
There are plenty of time management apps and solutions, yes, but having one integrated with your other commercial real estate data goes a long way toward streamlining your process. With Quarem, you can identify key dates related to your space and prepare customizable alerts so you’re always informed.
Reporting and Benchmarking
Finally, it’s helpful to visualize the results of the property inspection, organize the findings and identify opportunities for improvement. Whether you’re the property owner dealing with the ramifications of the inspection or you’re reporting on the inspection to the higher-ups, having top-notch reporting and benchmarking tools at your disposal will make it easier to take action on findings.
Quarem excels at reporting, giving you the ability to quickly create standardized or custom reports. You can organize, manage and report on just a few, or thousands, of leases and subleases. You can also automatically export all reports and abstracts to Excel or PDF. Just as a property inspection is tailored toward the property, Quarem tailors its features to meet your needs.
If you’re interested in seeing how lease administration software can streamline the inspection process and help you with other areas of your portfolio, request a demo of Quarem today.