“The whole is greater than the sum of its parts.”
Aristotle’s famous quote is a lesson on synergy. Simply put, a single thing is made up of several parts and it’s useful or important because those parts come together. The individual parts may be slightly useful on their own but connecting them in a certain way produces more value. There are many examples of this in our lives. The words you’re reading right now are formed by individual letters combining to produce a word that has meaning. A brainstorming session is made more valuable if several minds come together to produce a great idea.
Your real estate portfolio is also made up of several different pieces, like leases, properties, and FF&E assets. They each rely on the other in some way that ultimately produces value. If you have a lease, you need a building or structure that forms the space, and you wouldn’t be able to work in that space it if it were empty.
In order to maintain the value of your portfolio, you have to strategically manage each of its parts. Often times, however, the FF&E assets that reside within your space get overlooked.
What Is Portfolio Management?
Portfolio Management is a vast, complex and involved area of commercial real estate. It’s the big picture comprised of data, activities, and processes associated with managing leases, properties and projects.
In one of our previous posts, we discussed the important role that your FF&E assets play in the way you run your business. The individuals that work in and enjoy the space you manage, be it an office, retail shop or warehouse, spend a great deal of time there, which means you’ve invested time and resources into the space. You’ve filled it with important items that deserve a little bit of attention. Be it computers, furniture, machines, or artwork, these items should be considered part of your portfolio management strategy.
Centralize Your Data And Stay On Track
These days, it can feel like technology is pulling you in all different directions. Between email, spreadsheets, shared calendars, document drives, and the multitude of other software solutions, you spend a lot of your time bouncing back and forth. At some point, the parts begin to break down and the snowball starts to roll down the hill. Commercial real estate software is the tool that keeps the parts working together by centralizing everything – leases, properties, FF&E, projects, documents, critical dates, and communication – on one platform. It protects the accuracy of your data and saves you time.
See for yourself by scheduling a demo of Quarem today.