Commercial Real Estate and Analytics: Benefits for Developers in 2023
According to the commercial real estate experts, CRE software can provide an absolute wealth of benefits for your business, big or small. From increased productivity to customer retention, CRE software has been a game changer in the commercial real estate industry.
Says a recent report from CustomerThink.com, the real estate business, by its very nature, is dynamic. It contains a lot of moving parts and is therefore difficult to manage. But a suitable software system is engineered to make the process run more smoothly. It is said to be an excellent tool for a user’s property needs, while allowing them to customize the system according to their requirements. It can also help grow the business.
That said, here are some of the top benefits of CRE software.
Lots of decent sized commercial real estate operations utilize numerous digital platforms. The CRE software can provide integration with all of them. This includes company websites, social media, direct contacts, online advertisements and marketing, and even farming.
Maintaining separate accounts for all platforms would otherwise be a time-consuming task and prove a waste of money in the long run since the everything should be integrated under one digital roof, so to speak. Simply said, consolidation and integration makes life a heck of a lot easier.
When you’re just starting out and your business is relatively small, platform integration may not seem necessary. But as the client list grows it becomes next to impossible to handle everything manually. In that sense, the need for CRE software becomes almost inevitable.
For instance, managing the company website and its many different pages and portals suddenly becomes a lot easier when you can edit information via a single command that makes the necessary changes throughout the system.
Managing contact information for all your clients is crucial. CRE software can help with that task. Specific Groups can be engineered for direct access while spaces can be utilized for making a detailed information client portfolio.
Real estate software will provide you with information on client birthdays, anniversaries, or any other special occasions you need to be aware of. You can also use the software to generate new prospective clients while keeping in close touch with former clients, thus creating a long-term relationship.
Research shows that companies that keep in touch with clients experience an 88 percent customer commitment rate. The CRE software makes this not only possible, but easy.
A real estate firm’s workforce needs to be managed efficiently, and CRE software can play a crucial role in that regard. Tools like “multiple logins” allow for multi-user access of a single account. A business’s organizational structure plays a vital role in its success and with the assistance of a CRE software, a “groomed hierarchy” can be established.
This will lead to better performance management and even the generation of reports on a daily basis. Employees can benefit from the software system since it can help with the scheduling of meetings, inspections, task reminders, and work orders.
Effective CRE software will assist you with generating reports. The reports can be daily, weekly, monthly and yearly. This allows for the review of business operations and the ability to analyze what’s working and not working for the firm and the client base at large.
Reports also detail pending tasks and allow for the mapping of properties that have specific needs, be it maintenance orders or even marketing/advertising opportunities like professional photo shoots for social media exposure.
One of the best benefits of an effective CRE software system is its ability to manage and maintain payment schedules. Any and all information that’s related to your properties can be mapped and maintained. Information regarding lease renewal, lease termination plus all the accompanying paperwork, can be easily managed.
The experts will tell you that when it comes to your commercial properties, anything that’s important will not be missed when utilizing commercial real estate software. For instance, you can set reminders using the software which translates into “timely actions.” This is especially important when it comes to collecting rent payments and other property related fees.
The software also assists clients. It automatically alerts them should they be in danger of a late payment and the late fees associated with them. CRE software will send out, via email, friendly reminders to clients who need to make prompt payment. These reminders are appreciated by clients and, in the long run, serve to establish a very good business relationship.