Commercial real estate (CRE) owners and operators are often bogged down with a myriad of challenges that come with managing properties. From tenant management to financial oversight, the responsibilities are vast and varied. Some owners and operators have manually managed various aspects of their properties.  

If you’ve been manually managing certain aspects of building operations, the question you may be asking is, “Is property management software worth it?”  

In this blog, we’ll showcase how property management software can be the game-changer you need to take your property management strategy to the next level.

1. Tenant relations management

In the heartbeat of any commercial property lies its tenants. Effective tenant management is crucial, involving a delicate balancing act of tracking leases, renewals, and addressing tenant requests promptly. Further, the coordination of amenities and services adds another layer of complexity to this task. 

How property management software helps 

When it comes to solving the tenant management dilemma, property management software emerges as an ally. At the core of its benefits is a centralized database that holds all tenant information, making management streamlined and less cumbersome. Automation features can simplify lease renewals and notifications, eliminating manual tracking and potential errors. 

Additionally, integrated portals foster seamless tenant communication, enabling quick responses and fostering a sense of community. This streamlined approach not only enhances tenant satisfaction but also adds a layer of professionalism to your operations, affirming that yes, property management software is worth it. 

How to measure tenant satisfaction: 4 best practices for success

Here are four things every tenant satisfaction survey needs in order to collect the best data, create lasting relationships with tenants, and increase net operating income at buildings.

2. Maintenance and repairs

Maintenance and repairs are inevitable in property management. Regular scheduling of maintenance tasks and prompt handling of emergency repairs can sometimes become overwhelming. The added responsibilities of vendor management and coordination further worsen the challenge. 

How property management software helps 

Here again, property management software comes to the rescue, offering streamlined solutions for scheduling and tracking maintenance tasks. The software integrates systems for logging and monitoring repair requests, ensuring no task falls through the cracks. 

Vendor management tools housed within the software help better coordination and efficiency with maintenance crews and contractors. And the use of analytics assists in planning preventive maintenance schedules, helping to avoid costly emergency repairs in the future. 

So, is property management software worth it? The answer is yes, according to the seamless handling of maintenance and repairs. 

Preventive maintenance: 6 metrics to measure building health

We breakdown the specific metrics you should be measuring to ensure your preventive maintenance program is in top performance condition. Plus, we even include how measuring these metrics can impact your capital expenditure rates.

3. Financial management

Financial management stands as a cornerstone in property management. Ensuring efficient rent collection processes, accurate budgeting, and secure management of financial transactions and records often demands a significant time investment. 

How property management software helps 

The transformative power of property management software shines brightly in the realm of financial management. Automated invoicing and rent collection features streamline the monthly rental process, reducing administrative load and minimizing delays. Real-time financial reporting and analysis provide insights at your fingertips, facilitating informed decision-making. 

Property management software offers secure platforms to manage sensitive financial data, ensuring compliance and safeguarding against potential fraud. The ability to integrate with existing accounting software means a seamless experience in financial management, further attesting that property management software is indeed worth it. 

How to track work orders and billbacks for better lease renewal rates and NOI

Do you know how to track work orders? What about billbacks? Tracking these metrics at your commercial real estate property is what will set you apart from your competitors.

Is property management software worth it? 

So, is property management software worth it? Considering streamlined operations, enhanced tenant satisfaction, and insightful financial management, the answer resoundingly is yes. 

As you navigate the intricacies of CRE property management, we invite you to explore the multi-faceted benefits of property management software further. Take the self-guided tour of commercial real estate’s best-in-class property management software.