The bigger the better. Great things come in small packages. You must be this tall to ride. One size fits all.
Wherever you go, our culture is obsessed with categorizing everything by size. From jumbo eggs in the grocery store to micro flash drives that can hold a lifetime of data on something smaller than your pinky, whether it’s big or small, we tend to generalize based on an item’s size. While that may work for groceries or tech convenience, when it comes to property management that kind of thinking is as wrong and outdated as a supersized box of fries and matching unhealthy drink.
Whether you manage a portfolio of 500 or five properties, as an owner of a diverse and sophisticated collection of real estate you realize that the initial purchase price is only a small portion of your investment. Time and energy spent sorting through individual property details, keeping on top of various deadlines for lease renewals or property inspections can all cut into your ability to continue to grow your investments, not to mention personal time and family time. Big or small, property management software can save you time, effort and money.
Be Small but Think Big
For smaller real estate portfolios, having detailed analytics can help your investment perform just as well as larger companies. Information on things like property values, return on investment and annual maintenance expenditures can help you decide when to hang onto that lucrative piece of real estate and when you should consider making a move into another location. No more outside analyst needed to help perform like the big boys.
Software solutions, such as those offered by Quarem, can also make up for shortcomings in human staffing. No massive overhead needed, a dynamic property management software platform can take the place of a dedicated on-site property manager. With the help of Quarem’s own internal staff, lease abstracts, contracts clauses and important dates can all be uploaded and monitored by a piece of sophisticated software, saving you valuable money in labor and freeing up physical office space.
Accepting Your Limitations
If you have a larger portfolio there may be a tendency to think you have your bases covered with in-house resources. In reality, managing a larger real estate portfolio increases the demand on your abilities exponentially. A larger book of properties equals more data to sort through and a greater increase for small but important details getting lost among the weeds. With increased size comes the need for additional financial tracking since a larger portfolio also means a bigger potential for large bills if something goes wrong or gets missed. Smart real estate owners don’t make the mistake of thinking they can go at it alone and employ the aid of tools such as property management tech solutions.
Big or Small It’s All Relative
Whether your commercial real estate portfolio is big or small, smart management software adapts to your individual needs. Despite the popular saying, there is no such thing as a one-size-fits-all solution. Good tech will get you half the way, a good company with sophisticated human support will take you further by tailoring specific products to just the right fit for your assortment of properties. Give one of Quarem’s customizable property management solutions a try today.