One of the most popular of “Aesop’s Fables” is about a fox and a cat. In this tale, a cat and fox discuss their tricks for avoiding capture. The cat only has one, while the fox has several. When hunters arrive on the scene, the cat quickly escapes up a tree while the fox is caught because he takes too long thinking about the different courses of action he can take.
This fable is a commentary on “analysis paralysis.” It shows the benefits of finding a balance between speed, resourcefulness and strategy when making important decisions. As it applies to commercial real estate, overthinking can be your enemy. Fortunately, you can avoid analysis paralysis with CRE reporting software.
The Drawbacks of Over-Analyzing
Spreadsheets are great, but it can sometimes be difficult to unearth the “so what?” from a mountain of data. Like the fox, you have several different routes of analysis you can take. Do you take a strictly numbers-focused approach and look at individual metrics, like square footage, expirations, or rent increases? Or do you try and take a look at the stories behind the numbers, like how the space you lease or own is actually getting used?
Another route you can take is looking at the “what ifs?” related to your leases, such as shifts in the market, and the options you have if you need to take action, like rent relief. The list of things you can think about is overwhelming if you try to do it manually. Enter CRE reporting software.
The Benefits of CRE Reporting Software
Commercial real estate software’s three biggest benefits are its ability to centralize your data (which gives you focus), automate your data (which saves you time) and easily report on your data (which helps you make better decisions). By knowing what trends meaningful and which areas are most important to analyze, you’ll be in a much better place for decision making than you would on your own with spreadsheets.
Here are some examples of beneficial CRE reporting software dashboards you’ll find in a solution like Quarem:
● Tenant Mix: A resource for landlords to see the mix of tenants that lease space in a particular property. It’s especially helpful when it comes time to market the space and identify new tenants.
● Commencement/Expiration Overview: Great for both tenants and landlords to quickly identify the upcoming expirations they need to focus on.
● Critical Date Chart: The best way to get an idea of what’s coming next on your calendar (e.g. easily filter by date type). It’s also a great way to keep up with your team’s calendar so you always know who is in charge of executing certain actions like renewal options.
● Space Utilization: A great way for tenants to visualize the way they’re using the space.
● Asset Overview: An easy way to see all of the FF&E Assets that reside within the space you lease or own. The best part is that you can filter by helpful metrics, like location or user.You can avoid analysis paralysis with CRE reporting software. If you’d like to see this in action for yourself, request a demo of Quarem today.