Streamlining Commercial Real Estate
Real estate is not recession proof and the commercial real estate industry goes through economic cycles including downturns just like any other sector – some assets are more affected than others. Whether the cause be from a virus like COVID-19, policy or simply the end of the real estate cycle. In these economic cycles or downturns, commercial real estate investors can take steps to reduce expenses and increase revenue by streamlining and automating their operations through technology. Embracing and utilizing these systems is key.
Keeping Real Estate Lean
Staying lean in your real estate businesses has and will continue to be of utmost importance to business. Technology has made it possible to own property anywhere without necessarily needing to be in close proximity to the asset. Using technology rather than humans for as many tasks as possible promises the ability to do more with minimal errors and in less time. The value that technology brings to real estate owners, vendors and tenants alike is unprecedented.
Automating Apartment Workflows
By optimizing and automating workflows, investors can keep the properties operations running efficiently. By implementing an automated real estate system, you are not only adding value to your operations but adding value to the occupant and their experience as well. They have a place to submit any complaint, check documentation, make payments and receive receipts all in one place. Accountants love this as well as they have one source to view the apartment’s financials and can be exported.
Building Operation Management Technology
There are building operation management technologies like Yardi or Buildium which can be used by investors to achieve operational excellence. Using a ticket based system tenants can submit a task, then management can assign and dispatch work to a preferred vendor and keep things updated throughout the entire funnel. This can also be used to schedule inspections or allow a vendor to contact tenants directly.
Archaic Paper-based transactions seem to be one of the few remaining ways money is transferred. Rent payments online will be appreciated by your tenants. Most software allows credit card, EFT and debit options for rent payments.
Communication Through the System.
Letting tenants know that communication must go through the system is very important in establishing a guideline. In general keeping a papertrail of transactions, tickets, leases and messages can help in the long run.
Legal Issues – Landlord and Tenant Board
The importance of keeping digital records is undervalued, whether it be for organization or landlord and tenant issues, all records must be kept and recorded. Exchanging and organizing communication is important both practically and legally.
By using a streamlined system, investors are better equipped to monitor operations and compare performance of other apartment buildings. It also mitigates some risk and presents actionable data to analyze future competitive advantage.