As you consider the software options for managing rents and locations in your real estate portfolio, you should be aware of the differences between commercial real estate (CRE) software and an integrated workplace management system (IWMS). Many versions of commercial real estate software are really nothing more than glorified spreadsheets, keeping track of basic functions like rents, maintenance costs, and lease admin functions. An integrated workplace management system is actually a form of CRE software, but typically a more granular form, incorporating more aspects of facility asset management. Elements addressed by the integrated workplace management system often include space planning and maintenance tracking.
A strategic approach to managing commercial real estate will allow you to save time, cut costs, and improve the logistics of your business through the analysis of your costs, assets, and processes. The statistical and analytical capabilities of an integrated workplace management system provide a micro-level view of your commercial real estate portfolio, providing information about each individual site as opposed to your entire portfolio. Utilizing an integrated workplace management system to guide your business decisions, you can manage specific costs related to each site, and track monitor the return on each of these spends. This becomes particularly beneficial when cost and process are your biggest concerns, especially in owned properties (as opposed to leased).
When most of your portfolio is leased, a sound lease administration system is often a good direction to go. But if you want to go a little bit further than simply managing your leases and critical dates, a CRE optimization system is a happy medium for many users. Optimization software tracks site-specific expenses as well assists in managing entire portfolios. Moreover, quality CRE optimization software will also provide an overview of the interactions between each site (e.g. a your regional warehouse and your local retail stores).
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