7 benefits of commercial property management software

To keep up with the competition, commercial real estate property managers understand the need to build efficiency into their operations, and ensure tenants and leaseholders receive the highest levels of service.

Technological developments have advanced to the point where a well-run office isn’t enough for commercial property management success. Tenants and employees expect smooth processes, integrated systems, and easy access to accurate, well-managed data. The answer lies in implementing effective and purpose-built commercial property management software.

In this post, we’ll explore the key benefits of commercial property management software and how it simplifies the lives of property managers.

Efficient task management

Effective commercial property management software simplifies and streamlines task management, making it more efficient.

Integrated and connected workflows: Tasks are created automatically depending on factors across the business, reducing silos and improving cross-departmental communication. Integration also reduces the volume of manual tasks to be completed such as duplicate data entry, filing, and other admin duties. Streamlined and integrated processes let team members focus on value-add activities, increasing output and productivity.

Automation: Automating key tasks increases accuracy and efficiency. The system can handle lease accounting and administrative tasks, including complex calculations such as lease clauses, breakpoints, offsets, estimated payments, and recoveries.

Real-time alerts: Response times are expedited thanks to real-time alerts and reminders. Problems are rectified quickly, and customers and occupiers receive exemplary service. With improved service levels, tenants are more likely to stay long-term, improving business performance.

Analytics and reporting: Comprehensive, straightforward, and up-to-the-minute reporting helps focus and inform teams, while built-in analytics identify data trends and patterns to highlight opportunities and inform decision making.

Dashboards and tracking: Daily tasks can be tracked, allocated, and flagged within a customizable dashboard, providing at-a-glance overviews of daily operations and progress.

Built-in compliance

Compliance with regulations and requirements is an ever-evolving commercial property management challenge, and keeping pace requires effective and specialist software to ensure adherence to property regulations and legislation.

Centralized database: With a central cloud-based storage system, all business data is centrally located and can be referenced in just a few clicks, making demonstrating compliance simple and accurate. You can create a clear and comprehensive audit trail for critical compliance systems that’s easily stored and accessible.

Enhanced FM: A commercial property management system can use tools for effective property and facility management to populate portfolios with secure, well-maintained, and sustainable assets, improving the occupant and tenant experience and ensuring compliance.

Critical updates: Maintaining compliance requires constant monitoring and careful asset management, as well as quick responses to maintenance issues or critical updates. Commercial property management software lets you log repairs and set alerts for key developments to ensure property managers are current with important updates.

Energy efficiency: As global responses to climate change impact regulations, commercial property managers need to meet sustainability targets including energy efficiency. Effective commercial property management software lets you monitor energy usage closely, including reporting, analytics, and alerts when usage reaches key thresholds. The data enables informed decision making around energy efficiency and highlights usage reduction opportunities.

Planning permissions: Managing compliance around property development (including refurbishment, rebuilding, and new building work) requires a robust system designed to help teams manage planning permissions and other project management factors.

Easily manage maintenance requests

Addressing and resolving maintenance requests quickly not only enhances the customer experience, but also reduces the risk of developing costlier issues in future. Properties are also kept in optimum condition, increasing tenant satisfaction and ensuring portfolios maintain their value.

Track and manage repairs: Effective commercial property management software, lets you track repairs from logging through contracting to resolution, with a comprehensive paper trail built into the process.

Online maintenance requests: Customers can submit maintenance requests with videos and pictures through an online tenant portal. It automatically sends tasks to the right department, ensuring maintenance issues reach FM and repairs teams directly.

Work order creation: Effective commercial property management software creates work orders quickly and easily, assigning tasks to specific maintenance team members and tracking the progress of repairs.

Maintenance schedules: Commercial property management software provides automated workflows and advanced repair and maintenance scheduling tools to ensure routine servicing and maintenance cycles, retain warranty information, and handle responsive repairs smoothly and quickly so your assets remain in good condition and in compliance.

Better organization

A commercial property management system ensures businesses run smoothly. With organizational tools designed to enhance accuracy, reduce the risk of human error, and ensure important tasks and updates are never missed, commercial property management software can improve performance and customer satisfaction.

User-friendly dashboards: Easy access to daily data, tasks, and notifications ensures property managers stay on top of their responsibilities and never miss critical updates.

Streamlined workflows: Effective commercial property management software lets you build workflows that include automation and cut out unnecessary roadblocks, ensuring tasks are completed quickly and smoothly with simplified procedures powered by AI.

Accurate data: With a cloud-based system and a centralized database, teams are always working with up-to-date information, reducing the risk of acting on inaccurate data or firefighting issues caused by human error.

Saves time and money

Keeping up with competitors requires businesses to work efficiently and economically. With commercial property management software, businesses can streamline their operations, enhance productivity, and increase profit margins.

Automation: Complex tasks and processes (such as creating standard email templates, automatic email updates, and instant reports) that would otherwise require significant resources can be automated. This frees staff to focus on value-add activities and provide excellent service to customers.

Integration: Effective commercial property management software can be integrated with third-party systems to increase functionality and eliminate duplicate data entry or manual transfer of data.

Increased efficiency: Automating tasks reduces staff costs and allows team members to increase their productivity and focus on more important tasks within the business.

Paperless office: With all documents and reports being produced and stored electronically, money can be saved on office supplies, printing, mail, and other paper-based expenses.

Better communication

Communication with tenants, property owners, and other stakeholders is vital for a successful portfolio and improved customer satisfaction. A commercial property management system lets you manage communications more effectively and improve service to clients.

Automated communications: Automatic reminders for rent payment and lease renewal keep tenants and occupants informed and improve cashflow by reducing overdue payments.

Centralized platform: Communication management via a centralized platform provides a unified overview of business communications. With an effective commercial property management solution, information and progress on maintenance requests, customer service tickets, and day-to-day emails and notifications are available from a centralized, integrated platform.

Access your information anywhere

Property management is not a wholly office-based business, so it’s vital to have access to customer and property information on the go. Cloud-based commercial property management solutions provide much greater accessibility and enable real-time access to information from anywhere, on any device, at any time.

Flexible work options: Staff expect flexibility with their work situations. Offering remote working options via cloud-based software ensures employee satisfaction is enhanced with no impact to productivity.

Customer portals: Cloud-based systems also allow customers and tenants to access information about their tenancy, leases, payments, and properties easily and from anywhere, without the restrictions of contact center opening hours.

Real-time updates: With a centralized data bank providing a single source of truth, and cloud-based operations enabling real-time data updates, businesses and property managers can be responsive and always make informed decisions, whether in the office, on a site visit, or working remotely.

FAQs

Contact MRI Software

At MRI Software, we create commercial real estate software to simplify your operations and boost portfolio performance. To find out more about how our solutions can help your business, contact us today.