Picture this common scenario…it’s the end of the month and your bills are due. Your cupboards are looking a bit lean, the kids maybe need routine medical upkeep, or perhaps one of them must have major reparative surgery. Oh, and your dog is sick. Now replace the children and animal in this scene with property maintenance costs and the utility bills with, well, utility bills. Whether running a household or a sophisticated and diverse portfolio of commercial real estate properties, a fixed estimated cash flow and unforeseen costs can bring about the stressful “tightening of the belt;” a scenario that poses major hurdles for your ability to grow and plan for the future. If this scenario is all too familiar with your CRE business, property management software, such as that offered by Quarem, is here to help.
Calendar Those Regular Upgrades
Major projects such as structural, exterior and infrastructure upgrades won’t come as such a surprise to you or your pocket book when they are scheduled into your calendar and balance sheet. Property management software solutions such as the Quarem Access or Quarem Vantage platforms, easily integrate these types of major maintenance and repair projects into an easily accessible timeline. Simply enter your scheduled projects and estimated budget for individual properties and then run sophisticated reports or view results at a glance for any given day, week or month. Compare estimated cash receipts with predicted costs and be prepared in advance for time periods that may need more capital in order to accomplish your CRE goals.
Trim the Fat with Ease
In addition to knowing what’s coming and going as far as expenses and income, a sophisticated property management solution will allow you to get a bird’s eye view of just how and where your money is being spent. A comparison of property maintenance costs across your portfolio can give you valuable insight as to which contracts may need to be renegotiated. Perhaps changes in demographics or booms or busts in certain cities have made some regions more comparable.
Simply pull up your individual portfolio assets by city, state or region and compare rent and lease rates across a broad spectrum of comparable criteria. Quarem’s sophisticated lease management software easily allows you to identify areas where you may be leaving profit on the table and helps enable you to take quick action to rectify the situation.
Avoid Loss of Income
As a busy CRE professional you know that timely payments are essential to your ability to stay in business. If a tenant, or series of tenants, doesn’t pay their lease for a given month those utility bills and other business upkeep costs continue to roll in. Lease administration software solutions allow you to track payments and identify trends that may help you make the decision to cut your losses with a given client before costs start piling up. Even better, an all-inclusive solution like that offered by the Quarem Vantage platform, provides comprehensive property and tenant analysis from the outset, setting you up for success from the get go.
Whatever your cashflow needs, property management software can help keep your business and bank account running on schedule. Track expenses, capitalize on trends and avoid losses, all at the click of a button. Your additional revenue means opportunities to grow your CRE portfolio and business. Contact Quarem today and find out how we can be your partners in lease administration and property management revenue protection.