Commercial real estate is an industry with many moving parts. You have to think about future and existing tenants/buyers, the upkeep and maintenance of your buildings and the management of your portfolio assets. Unfortunately, the latter can get pushed to the wayside for seemingly more important matters.
How does Quarem’s commercial real estate software help with managing assets? For starters, it automates many of the tasks associated with them, freeing up your time. But its biggest benefit is keeping you more aware of your assets and their statuses. Let’s go over some of the other features you’ll find in our suite of asset tools and best practices for using them.
Asset Types
Again, assets are a complex and time-consuming part of CRE. This is why there are dedicated asset managers at many firms just to handle them. They are a required part of commercial real estate and need to be addressed appropriately.
In general, there are three types of commercial real estate assets:
- Lease assets: Assets may or may not be involved in the asset manager’s day-to-day operations, but they can be a crucial part of negotiations and building the contract. Improvement allowances, maintenance/repair escalations and even rent prices can dictate the assets included in the space (or upkeep of them).
- Improvement assets: Any improvements to the space or property requires the involvement of the assets used in the process. Asset managers even work with contractors on occasion to ensure the asset component is handled appropriately.
- Budgeting assets: Assets also play a big role in determining the budget for the property/portfolio, as there needs to be room for lease, improvement and other assets.
All of these types of assets can involve FF&E, which is worth mentioning by itself.
What Is FF&E?
According to Board & Vellum, “the literal definition of FF&E is: Furniture, Fixtures, and Equipment. What it actually means, or can convey, is a design project that leaves the architecture alone.” This is what CRE pros usually refer to when discussing asset management, as these are the types of assets commercial real estate professionals typically handle. If you’re talking about CRE assets, you’re usually talking about FF&E.
Quarem Asset Management Features
Commercial property software like Quarem includes many asset management features to make this aspect of CRE more manageable and automated for CRE pros. Here are some of the asset management features you’ll find in Quarem:
- Asset tracking: With an inherent checks and balance system, you can keep track of your assets and avoid risk. Unorganized assets will be a thing of the past.
- Maintenance history: Stop wondering about when the last time a space or asset was maintained with maintenance history features that send you notifications and help keep assets from becoming outdated or in disrepair.
- Inventory recall: In the event of a disaster or other timely event where you need a list of assets, Quarem is among the best and helps you do it faster than ever.
- Multi-asset capabilities: It doesn’t matter if the asset is FF&E, computers, vehicles or HVAC, Quarem helps you track and organize them efficiently.
If you’re interested in seeing how Quarem handles asset management, request a demo today.
