Keeping your information organized is essential in properly monitoring the direction and success of your commercial real estate portfolio. Having your information ready to go, exactly where you need it will help you to make quicker and clearer decisions – without the clutter of leases and spreadsheets piling up on your desk. Let’s take a look at how you might be able to better organize your commercial real estate portfolio information.
Commercial Real Estate Software
This is a simple way towards monitoring your portfolio. With specialized commercial real estate software you can see exactly how much you’re spending on specific properties, and how much more you have to spend. This, of course, can be done with simple spreadsheets, but with larger portfolios (anything greater the 20 or so sites) spreadsheets become very confusing – ultimately defeating the purpose of organizing in the first place. Having a centralized database for all of your real estate information substantially reduces time spent in simple preparation for analysis.
Effective Lease Abstraction
As discussed in our article – “5 Tips of Effective CRE Lease Abstraction” – abstraction is the name of the game in lease administration. This is another key practice in reducing your precious time wasted in finding the key dates and figures described in your leases. Because the overwhelming majority of your commercial real estate decisions will be based on the details outlined in your abstracts, this is a task that should be performed with great attention to detail.
Update Regularly
Once you have everything organized just how you like, maintenance should be a regular part of your weekly or monthly schedule. Take the time to make sure that any changes regarding lease and property information have been recorded in all of your recordkeeping tools. Time and time again, people update information on renewals or throw in a lease amendment to one file and neglect to update any backups or their commercial real estate portfolio management systems.
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