It most often doesn’t take a deep investigation to tell an adequate employee from an exceptional one. For example, if we’re talking customer service, the latter employee may give you a nice smile, look you in the eye and go out of their way to make sure you’re satisfied. An adequate employee will be unremarkable at best.
Similarly, there’s a difference between adequate property lease managers and exceptional ones. If you’re looking to improve your property lease management practices for your commercial real estate properties, here are five property lease management best practices.
1. Prioritize Efficiency
Commercial real estate professionals are busy people. While everyone seems busy these days, it’s a particular problem in an industry where menial tasks can become a time-consuming part of your day. Instead, if you can get more efficient with certain tasks (i.e. automating them), you can focus more on important duties that will move the needle, like showings, research and networking.
2. Don’t Skip the Details
Think the small stuff doesn’t matter? You might change your tune when it comes to tax season and contract negotiations. Most CRE pros know to pay attention to the details, but few are intentional about it. Have another set of eyes double check your information for typos and inaccuracies, whether you’re building a report, forecast or renewal pitch.
3. Invest in Technology
Technology isn’t just a benefit in commercial real estate anymore. It’s a must. To stand out from the competition (and have any chance at managing your portfolio effectively), the right technology investment is paramount. With a CRE lease management solution like Quarem, you can dramatically increase your efficiency and accuracy, freeing up even more of your time.
4. Don’t Ignore the News
While the media can have a negative effect on your mental and emotional wellbeing, it’s important to stay tuned to reliable information on any events that affect your portfolio. Create a Google Alert for CRE keywords or areas in your vicinity to be immediately notified if any news is triggered within the parameters you set. Certain social media accounts, blogs, podcasts and video channels can also help you stay tuned to market trends and industry changes that impact you.
5. Document, Document, Document
Documentation is arguably more important when it comes to lease management than any other area of commercial real estate. As such, your strategies, reports, forecasts, property files, contracts, contacts and client information all needs to be documented. If you use Quarem, you can easily document, store and organize your files on the cloud, then review or download them from any device, anywhere.
Armed with these five property lease management best practices, you’ll be able to excel as a CRE pro. Of course, having the right tools in your belt can help you achieve your goals.
Ready to see how Quarem can help you manage your commercial property leases better? Request a demo today.