Nearly half of commercial property teams say they will increase their commercial real estate (CRE) technology spend this year, according to our State of Commercial Real Estate Building Operations for 2022 report. And commercial property management software for building operations is among the top areas of investment.
If you’re among those looking to get more from your property management software for commercial real estate buildings and/or portfolios, you’ve come to the right place. You can build a robust building operations platform that gives you all the functionality needed to meet your goals.
What is Commercial Property Management Software?
Commercial property management software streamlines operations for building owners and operators. This software offers several core capabilities that make operating a building easier for property teams. With property management software for commercial real estate, you can file work orders, optimize building communications, and carry out inspections. You can also address insurance, space management, and visitor access needs.
Historically, these things were done with paper and pencil, telephone calls, and faxes. With commercial property management software, everything is consolidated into functional modules that can be deployed in a building to streamline processes. In short, property management software allows commercial property teams to complete tasks quicker. The key value proposition of property management software for commercial real estate is its ability to improve net operating income (NOI).
Here’s a rundown of some key features and capabilities that will help increase your NOI.
1. Streamlined Work Order Management
When issues come up, you need an effective way to manage the entire process from work order to final resolution.
Here’s what your property management software should do for you:
- Make it fast and easy for tenants to submit work orders from any device
- Auto-prioritize critical requests to ensure the right work is getting done
- Provide full visibility into work order status, assignments, and SLAs
2. Invoicing for Billable Services
Efficient operations mean not letting service-related revenue opportunities slip through the cracks.
Here’s what your property management software should do for you:
- Auto-flag all billable charges for labor and materials
- Generate invoices for tenants and process payments
- Plug into your existing accounting system to keep financials in sync
3. Central Tracking for Maintenance and Equipment
You need clarity into what’s in your building – and how it’s being maintained.
Here’s what your property management software should do for you:
- Maintain a digital inventory of everything from boilers to HVAC units
- House maintenance data for each device (manuals, service histories, etc.)
- Schedule and assign maintenance for every piece of equipment
4. Mobilized Inspections, Maintenance, and Rounds
Engineers and maintenance staff are always on the move from one space to another. Your building operations platform should be mobile-ready.
Here’s what your property management software should do for you:
- Provide a mobile app for engineers to access any time from their phones
- Simplify the completion of rounds, inspections, and readings in the field
- Enable teams to generate work orders the moment issues are found
5. Dedicated HVAC and Indoor Air Quality Management
Effective HVAC management is more important than ever for your tenants. The right tools can also make it even more efficient and streamline processes for you.
Here’s what your property management software should do for you:
- Make it easy to maintain a complete digital inventory of all HVAC units
- Help ensure HVAC tenant compliance with triple-net lease obligations
- Optimize HVAC systems for energy efficiency, tenant comfort, and indoor air quality
6. Communication with Tenants at Scale
Tenant communication ranks among the top five areas property teams are looking to improve this year. The best building operations platforms have built-in features to make tenant communication easy and effective.
Here’s what your property management software should do for you:
- Easily create and deliver custom messages via text, email, or apps like Slack
- Respond to tenants faster with an AI-powered virtual assistant
- Create custom contact groups to ensure the right information gets to the right people
Your Guide to Property Management Software
Robust property management software can help your property teams work smarter, faster, and more cost effectively. Look for building operations tech that can do all of the above so that you can increase NOI. Contact an expert to learn more about how you can build your ideal building operations platform that will help you meet all your goals.
