There are a lot of moving parts when it comes to managing building portfolios. When you’re juggling multiple requests a day and making sure your operations run smoothly, it’s easy to become overwhelmed. But that doesn’t have to be the case if you are a CRE professional that uses technology.
The introduction of tech in the CRE space was a breath of fresh air, though adoption was slower in comparison to other industries. Since then, property management was re-imagined and continues to evolve. Here are the top three ways technology is transforming property management:
1. Technology optimizes building data for easy analysis and smarter decision making
One thing owners, asset managers, property managers, and brokers all have in common is the need for immediate and accurate building data. Historically, the process of getting data, analyzing it, and using it to support buying, selling, leasing and managing has been extremely inefficient. Ensuring data accuracy was an additional burden. If you are still dealing with antiquated processes, manual updates, and paper spreadsheets, incorporating technology into your workflow is the solution you need.
With a technology platform in place that is fully integrated with your existing accounting systems, your data is always accurate and up to date. Not only does it provide a secure and efficient way to store and transfer data, but also gives you better insight into analytics. High-level data is always available to you in one easy and intuitive view, allowing you to make better data-driven decisions.
2. Technology boosts company-wide productivity
Technology is making the CRE industry more productive and efficient than ever. Known for being a laggard when it comes to tech, the CRE industry is finally picking up the pace and getting up to speed by taking advantage of tech. There has been an emergence of CRE software and platforms that are geared towards streamlining and automating old CRE processes.
Moreover, technology offers the convenience of providing resources and services on demand via the internet or shared network. Instead of dealing with lag time, technology allows clients or your team members to handle requests on their own, in real-time. Data and information are now available 24/7 and can be accessed on-the-go. Not to mention, technology fosters stronger and more effective collaboration amongst your team members and keeps work organized as it flows across departments.
3. Technology can reduce operational expenses
While tech can save you time, it can also save you money. We agree that technology is an investment that should be carefully considered. But it is important to understand that although it may be an additional expense, it is worth the investment.
For example, a cloud-based space and building management solution can cut the costs of manual processes and allow for more tasks to be completed in-house. Now tasks like floor plan creation, marketing and leasing plans, and reports can easily be generated without the need for additional software subscriptions. A single application or platform that houses your data in one place and streamlines your workflow will eliminate third party expenses.
Technology continues to improve the world of CRE and property management. Using the latest technology can have a huge positive impact on your business and the way you work every day. If you don’t have a tech platform in place, converting your old CRE workflow over can be a game-changer.