Picture this – you are managing a commercial property with more than 100 commercial shops. Every month, you have to dedicate your resources towards ensuring that the tenants pay the rent on time, the cheques are deposited on time, and keep track of minute aspects such as renewal of the lease, advertising the property available on rent, and so on. Imagine how much time and efforts are wasted on managing each of these properties. That’s why automation of tasks is the need of the hour. By automating few of the repetitive tasks, you release your resources from mundane activities and utilize that time to focus on growing your business further. This is where commercial real estate management software comes to play.
The real estate management software will help in:
Reducing administrative tasks: With real estate management software, you do not have to spend time on manually managing the records of the tenants or manually following up with them for payments and renewals. The software will automatically send notifications to the tenants to pay or renew their contract. It will also help you to store all the documents related to the tenant in one place.
Reducing ambiguity between the property owner and the tenant:
As a property owner, you may have faced issues of miscommunication with your tenant. All this is now a thing of the past. With real estate management software, you can collaborate with your tenants in a more effective way. From sending payment and renewal reminders with your tenant to enabling your tenant to raise a maintenance request, everything is now possible with the software.
Efficient tracking of payments:
You no longer have to track the amounts received from your tenant manually. The real estate management software enables you to review invoices to be paid or rent to be collected, follow the payment status of tenants, and send them reminders to make the payment if not done. It also takes care of other financial management processes such as account payable and receivable process.
Efficient lease management process:
Lease management is one of the most painful processes in property management. You have to keep a check on properties that are newly leased, the ones that are due for renewal, and the ones that have to be put on the lease. With real estate management software, you can advertise your properties that are to be placed on the lease, respond to queries that are sent by the prospective tenants, and complete the leasing process through a portal. For renewals that are due, you can send a reminder to the tenants through the software. This makes it easier for you manage multiple units of a property efficiently without involving paperwork and time.
How to select the right commercial real estate management software
Today, there is almost 205 real estate property management software listed in the public domain. Selecting the right software out of these can be quite a herculean task. That’s why in this blog, we are going to tell you the parameters that you must consider before selecting the right commercial real estate management software.
#1 – Select software that serves as a one-stop solution to all the needs of a property owner and tenant:
There is much software that addresses different demands of a property owner. Some may just provide financial management solutions, while some may just specialize in lease management. As a property owner, it can be cumbersome to manage properties using multiple platforms. That’s why we recommend that you select software that manages all the aspects of your property – right from finance to leasing and sales on a single platform. For example, Maisonette offers real estate management software that comprises several modules such as service management, financial management, and lease management to help property owners in managing their properties efficiently.
#2 – Select software with good reporting capability:
Reports are the core of your business. You would need to know the number of units sold, the payment status of your tenants, and the amount spent on advertising vs the leads received. These reports are important for taking crucial business decisions. So, select software that provides insightful reports on various functions of the business in a format of your choice.
#3 – Select software that has an intuitive design:
One thing that you need to remember is the software will be used by several departments within your organisation such as the finance team, the marketing team, and the customer service team. So, you need to select software that can be easily used by everyone in the organisation. Complex software can make it difficult for groups to function effortlessly and could even lead to more mismanagement and errors.
#4 – Select software that can be accessed easily by you and the tenants:
One of the primary purposes of having software is to provide a platform for your tenant to communicate with you effortlessly. A self-service platform to your tenant with an integrated messaging system can be a good way to communicate with your tenant and also provide them with excellent customer experience. You can also select software that offers the mobile app as that could make it easier for your tenants to communicate with you.
#5 – Select software that safeguards yours and your tenant’s data:
One of the most crucial things that you must remember while selecting software is that it should protect yours as well as your tenant’s details such as the account details, personal details, etc.
The commercial real estate management software is the need of the hour for every property owner to remain ahead of the competition and to provide good service to the tenants. With so many property management software at your disposal, you need to select the one that passes through the five points mentioned above, that meets your business goals and is cost-effective. You also need to ensure that your teams are trained in operating the software with minimal or no supervision