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Managing commercial property is impossible without using technology. Most of the world conducts business online, including research and financial payments. If you own commercial property, there’s no getting around using technology to run your business. However, with so many tools to choose from, it can be hard to know which will suit your needs.
You might already be using some tools, but find they don’t meet all of your needs. Review the following list for more options to fill in those gaps.
Do you have a website for your tenants to contact you, request repairs, coordinate maintenance, download documents, or pay rent? If not, make this your top priority. Providing your tenants with a central location online where they can log into a portal to communicate with you and get important information will make your life easier, too.
If your tenants currently call you directly when they need something, you’re probably spending too much time answering the phone and returning calls. While personal contact is nice, it’s not always necessary. Many tenant needs can be handled through a self-service option on your website.
The biggest benefit to having a property management website is condensing all of your communication methods. For example, instead of managing needs through phone calls, text messages, emails, and voicemail messages, you’ll have everything in one place. You’re less likely to miss something important or struggle to find information sent in a text message months ago. A property management platform will streamline all of your services, internal needs, and communications.
The complexities involved in managing commercial real estate leases makes software essential. You need to make sure you comply with all federal, state, and local regulations and sometimes that requires more than what you can handle manually.
In addition to keeping your leases organized, easy-to-find, and secure, lease management software can also use automation. For example, you can set your application to remind you of certain dates, like when a lease is nearing completion.
You can also use this software to document lease violations, periods of free rent, and get insights from data analytics. For your tenants, you can send automatic emails reminding them when rent is due and link them directly to your online payment portal.
Even though the pandemic is over, many people have gotten used to looking at properties from home by taking a virtual tour. Showings are actually more efficient this way because some people will realize a building doesn’t fit their needs just by taking your tour online. This greatly reduces the number of in-person showings you have to conduct, which saves time, money, and effort.
There are several ways to create a virtual showing, but the best is to use 3-D software to capture the building from every angle. You can hire a professional to set up special cameras throughout the property, but if that’s out of your budget, you can download an app for your mobile device.
Once you create your tour video, you can use it for many years to come. Just upload it to your website or your YouTube channel and anywhere else you list your property.
If you’re in the market for acquiring new properties and expanding your portfolio, property listing applications will help. Most of these apps share core features, like providing a current list of properties for sale, estimated values, etc. Some apps offer ownership information and other detailed data like physical attributes and allow you to filter search results by property type and more.
As with all software, you’ll run into some apps that require a monthly fee, but there are some free ones out there. Just be prepared to sacrifice details if you want to avoid the fees.
You’ll never be disorganized when you use an app to plan your deals. The strategic planning required to complete a commercial real estate deal is immense, and using an app will keep you organized through every stage. For instance, to-do lists are simple, yet extremely powerful tools to stay on track and make sure no details get skipped.
How many apps should you use?
Now that you have a list of several tools designed to make commercial property management easier, you might be wondering how many you should use. Successful real estate investors tend to use only the apps they need.
Ideally, you’ll want to use as few as possible, but it makes sense to use whatever is necessary to stay on track with your business.
