As a busy CRE professional, you have a keen understanding that knowledge is power. The data on your individual properties, including surrounding communities, is critical in helping you understand, manage and grow your portfolio. Bigger picture items also play a large role in how you manage individual investments and there’s rarely a day when a news headline doesn’t have a potential impact on your bottom line.
Property Management software solutions, such as Quarem Access and Quarem Vantage, can provide relief to busy CRE professionals. By running key reports with the click of a button and offering easy analysis both on individual properties and portfolio wide views, managers, owners and support staff can get the info they need to help react quickly to changing conditions. What are some of the larger market changes CRE professionals should be on the lookout for? Read on to find out.
Brick and Mortar No More
It should come as no surprise that in today’s world of online shopping and instant, Internet communication that brick and mortar shops are increasingly becoming outdated dinosaurs. CRE professionals should keep in mind retail’s increasingly smaller footprint needs and the necessity of wired communication. For upgrading facilities or tracking technology capabilities of individual properties, Quarem’s property management software can ease the burden and provide an at a glance view for communicating to potential tenants.
Smaller, Big Cities
CRE professionals are aware of the need to constantly evaluate growing regional markets. From Georgia to North Carolina, areas not traditionally noted for commercial business are becoming hubs for companies from retail, medical and more. Watching out for these trends is an important asset in developing potential CRE properties in underserved areas.
As technology improves, so does the ease for companies to offer their employees to work remotely. Whether at home in their PJ’s or at an offsite location, CRE professionals should realize that big changes are coming in the traditional office space plan. Built-in connectivity and smaller, more modular, spaces are obvious trends that can be incorporated into existing space or used to select the newest portfolio addition.
Big Data and Bigger Responsibilities
We’ve previously talked about how compliance requirements will impact the Commercial Real Estate field, but it’s worth noting here as a large change, and challenge, for the industry. Increasing regulations regarding storage and disposal of customer’s personal information present risk management hurdles to your business. Thankfully, with Quarem’s lease administration software platforms, sensitive information is always safe and secure and you can rest assured knowing communications with clients are kept private.
The Always Shifting Population
Shifts in demographics and population centers certainly aren’t a new concept but that doesn’t mean that CRE professionals can afford to overlook this always present factor when managing their portfolios. An aging populace may trigger the need for more accessible space while shifts away from or toward previously rural areas could open up new opportunities. Watching the population boom and bust of an area closely can make the difference between profit and loss, both in the short and long term.
Market Positioning for Real Estate Swings
Whether you’re a newcomer or long-time property manager, successful real estate empires are built during market shifts and swings. CRE portfolio owners should keep a close eye on the trends both regionally and across the country. Even slight dips in interest rates, property values or month-to-month lease costs can create large opportunities for sale or purchase. When property prices rise, look to sell that underperforming unit or consider whether there’s tolerance for a larger rent increase.
Development, Redevelopment and More
The final change that CRE professionals should keep in mind deals with commercial real estate’s close cousin in the residential field. New-home development nationwide is a reliable benchmark for real estate health and the state of the economy as a whole. Regional residential development can mean an influx of new residents with a corresponding opportunity for commercial development. CRE pros should also pay attention to new commercial building in the area that may signify either an over saturation and can also help clue you in that it’s time to update current facilities to match other available market options.
Whether it’s a shift away from brick and mortar or population and demographic changes, Quarem’s personalized lease administration and property management solutions can help you keep on top of the trending market and economic conditions. From sophisticated tracking options to one-click reporting, users consistently credit Quarem with simplifying their administrative duties so that they can get back to the business of running and growing their commercial real estate empires.