It’s been nagging at you day and night. You can’t sleep. You can’t eat. The sun isn’t shining quite as bright and coffee doesn’t even taste as good. You just want this waiting period to end. When will it end? When will it end???
While a bit exaggerated, every commercial real estate professional goes through something like this when one of his or her properties is sitting vacant. After all, every day the property sits vacant is another day money goes down the drain. Isn’t there a way to keep this from happening? While it may not completely eliminate all the days your property sits vacant, commercial real estate software like Quarem can help reduce them.
From staying on top of critical dates such as lease expirations to freeing up time with collaboration and automated reporting, as well as market insight features, here’s how Quarem could potentially help your organization limit vacancies:
- Critical Date Tracking
Have an important date coming up on a lease? CRE lease and project management softwaregives you the ability to recognize key dates and prepare customizable alerts that can be shared with your contacts. From lease expirations and renewal periods to option/right dates, CRE software will help you manage all types of dates. By being aware of these dates ahead of time, you can better prepare for them and prevent property vacancies from happening in the first place.
- Easier Collaboration
Reports. Balance sheets. Tenant improvements. Lease changes. Upcoming appointments. New FASB leasing standards. These are just a few of the things a CRE professional thinks about. How is one person supposed to stay organized, let alone multiple people working on the same team? Since it’s a cloud-based system, CRE software like Quarem makes it easier than ever to stay organized and collaborate with others. You don’t need to schedule meetings at a certain time or download and print reports, as all data is updated in real time and easily (and securely) accessed by team members. Even tenants can make your life easier by uploading documents or submitting questions via the software. The more everyone is on the same page, the less likely it is that vacant properties fall through the cracks.
- Automated Reporting
As mentioned above, data in CRE software like Quarem is updated in real time, meaning you and all of your team members have access to the latest metrics and reports. Organize, manage, and report on just a few, or thousands of leases and subleases, then automatically export all reports and abstracts to either Excel or PDF. Want to create a report that gives you better insight into what properties might become vacant? Quarem lets you do that.
- Market Insights
Quarem also lets you keep up with the market. You’ll be able to monitor expirations for your existing properties and compare them to market rates for similar properties on the market. By staying organized and analyzing market trends, you’ll be able to better negotiate for existing property leases and determine what new properties have a low risk for vacancies.
These are just a few ways Quarem can help reduce the number of days a property sits vacant, but there’s so much more involved with the tool. If you’re interested in learning more, request a demo today!