As an owner of multiple real estate holdings, simply keeping track of the addresses of your various properties can seem like an arduous task. Was that 1428 Elm Street address from your latest office acquisition, or is this a lingering thought from the last horror movie you watched?
Building opportunities and running the day-to-day business of your real estate portfolio takes enough time as it is without having to research, remember, file and manage the intricacies of each individual lease or the exact size and specifications of every location. That’s where dynamic and fully integrated property management software can save the day. Let’s break down a few of the benefits of this software that sits at the intersection of technology and efficiency.
Opportunity Lost vs Opportunity Cost
When are those leases up in the midrise? What about that adjacent property we’ve been considering buying? Did someone pull the latest market trends for price per square foot yet?
Having instant access to information on your entire portfolio of properties is essential in order to capitalize on opportunities for growth in your real estate business. Property management software can provide an out of the box experience that gives managers the important, standardized information about any given individual asset, at a glance.
Be in Two, or Three, or Four or More Places at One Time
Negotiating with one party in Los Angeles while you are in New York (or, better yet, Houston?) to inspect another property opportunity usually involves a slew of emails, phone calls, looking up contact info and following email threads. Property management software can allow you to quickly look up this key information. Many even have fully integrated messaging portals, allowing you to click, reply and send proposals or updates without having to bust out the rolodex mid-flight.
Vacant Properties Aren’t Revenue Generators
If a property is sitting empty it’s not generating revenue. In fact, its most likely costing you money by the minute. Property management software can keep you privy to lease expiration dates and can also generate reports based on many factors, including length of time left on any given contract. Set a monthly automated report to be delivered directly to your email and never let a property go vacant again.
Mistakes are Costly
Not knowing, or having inaccurate information, regarding the terms of a lease or other occupancy agreement can have costly ramifications. Termination or upkeep clauses can have real world impacts if not followed by either the tenant or landlord/owner. Effective property management software through a reputable vendor will abstract all of your lease information and help prevent missed deadlines or keep you or one of your agents from taking action based on incorrect terms.
Wasn’t There a Clause Prohibiting Smoking in that Lease?
Questions on unusual terms can often occur during onsite inspections or when you’re otherwise on the go. In a real world situation, immediate access to information is critical. Leading property management software companies offer easily accessible and even mobile options allowing you to identify and act on critical information at the tap of a button. Never be caught fumbling with that quiet enjoyment clause or whether a tenant is authorized to use toxic solvents in their space, again. A well designed and fully functioned property management software solution, like those offered by Quarem, can be time, money and headache savers for your real estate portfolio management needs.