Managing your company's real estate portfolio isn't a task to be taken lightly, and it isn't one to do on your own. Not only is your portfolio completely dependent on a series of very small details, but it is also extremely fault intolerant. After all, missing a single date could cost your company thousands (or millions) of dollars. With this in mind, commercial real estate software is a crucial part of your overall enterprise software package. Here are the top five reasons that large and small businesses add packages like REoptimizer® to their technology platforms:
Document and Data Management
Corporate real estate portfolios generate reams of paper. Between leases, addenda, correspondence with landlords and statements, simply managing the data that comes in can be a herculean task. Commercial real estate software typically offers document management features that serve as digital filing cabinets, making every piece of paper available as part of their records.
They also go beyond just managing images of documents. The software packages also allow you to enter (or, in some cases, to automatically flow in) data in a single place. Form that single repository of data, the program can then populate its database, enabling all of its other features.
Occupancy Cost Analysis
With a fully populated database, your commercial real estate software can conduct deep drill-down analyses of what your company is spending on its owned and leased space. Going well beyond simply comparing costs, it can also compare costs relative to size, relative to employee capacity or relative to production. It can also drill down even further into specific cost items, helping you optimize your company's real estate operations.
The same data that drives occupancy cost analysis also lets your commercial real estate software perform portfolio benchmarking. By creating a model, you can quickly see which properties are within norms and which are outside of them. Some packages even bring in the ability to benchmark portfolios against other spaces in the market. This data can help you to make better decisions about which spaces to retain and which to discard while also allowing you to be better prepared for negotiations with landlords.
Collaboration and Reporting
Having all of your data in one place makes it easy to pull out and easy to share. The reporting function built into most commercial real estate software programs provides access to your data in tabular format, charts and graphs and, frequently, in exports that can be further analyzed in our software programs. In addition, most of these programs have multi-user capabilities that make it easier for your entire organization to both enter data and share in the insights that the applications make available.
Critical Date Management
For many businesses, the critical date management capabilities that commercial real estate software applications like REoptimizer® offer are the most important feature. Traditionally, real estate portfolio managers have depended on scheduling programs like Outlook to keep track of important performance milestones for their portfolios. However, having to enter dates into an already crowded schedule carries the risk of error. A real estate application provides a separate place to enter important dates once where they can be used to populate a range of reports. Some also export to Outlook or to other calendaring programs. This way, you are much less likely to miss an important date.
Other great Commercial Real Estate Software articles: