Technology is changing the landscape of many industries, including commercial real estate. CRE owners can leverage technology to make smarter investment decisions, create better designs, improve operational efficiency, and increase profits. Here’s a look at a few CRE technology tools for landlords.
New software applications allow investors to assess opportunities more methodically. They go beyond simple spreadsheets and straight forward calculations. Most provide an advanced interpretation of financial factors and take into account local trends. For instance, investors can review past and current occupancy rates based on the type of property and competition in the area. Such enhanced information lead to better investment decisions.
Through virtual floor plans, developers can create more functional designs. Rather than focusing primarily on layout, they can review different aspects of a building design through a 3-dimensional approach. This perspective can also help identify potential shortcomings and optimize final results. In addition to aiding the design process, virtual models can also be used for marketing purposes once building is completed.
CRE technology tools are key for landlords and their day-to-day management of properties. Management teams can communicate more effectively, quickly share information, and coordinate schedules. Technology applications can allow tenants to easily submit maintenance requests and allow maintenance staff to better track and respond to them. From internal workings of property management teams to landlord-tenant interactions, tech tools are the key to operating more efficiently and improving relationships.
CRE technology tools are the best way for landlords to remain aware of their overall investment profitability. Landlords can track rents and maintenance expenses. They can review patterns and statistics based on seasonal changes or other industry factors. They can even monitor fluctuations that may be indicative of a problem.
For example, software programs can monitor local rental rates and competition, allowing landlords to price accurately for the current market. Wireless sensors can send alerts for dramatic changes in water usage that may be indicative of a leak. Through what-if scenarios, some tools identify small changes that can lead to big savings.
With such information, landlords can gain a better understanding of past, present, and future financials and take measures to improve the bottom line. It allows landlords to increase earnings, reduce expenses, and ultimately maximize profitability.
More on CRE Technology Tools for Landlords
Fortunately for landlords, there are many CRE technology tools available from a wide range of service providers. For best results, focus on applications hosted in the cloud and accessible from anywhere via your computer or mobile device. Also, look for services with features such as automated backups, customization options, simple user management, and ongoing support. With the right mixture of technology tools, landlords can plan/operate more efficiently and improve bottom lines.