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Why Commercial Property Management Needs a Digital Makeover

By Joseph Slonimsky

Why Commercial Property Management Needs a Digital MakeoverWithout question, the commercial property management field is a demanding one. Between the countless rules and regulations that govern the day-to-day activities, the growing pressures of demanding clients and, of course, all the busy work that makes up an average day in the life of a commercial property manager, there’s barely room to breathe.

Sadly, despite the fact that there have been leaps and bounds made in the way of technology, things like spreadsheets and antiquated systems are still widely in use throughout the industry.

These things are adding to an already complicated situation. They are costly. They are labor-intensive. They are prone to human error. They are a security risk. And because of all these things, they are no longer a viable solution. In today’s fast-paced and highly competitive digital world, if you’re not disruptive, you’ll unequivocally get left behind.

Simply put, commercial property management needs a facelift and the time to act is now.

Using Technology to Maximize ROI

The ultimate goal of any business – including those in commercial property management – is to perform at the highest level possible while generating the greatest return on the value of investments. This is maximizing ROI, and it’s crucial to success today. So, what’s the best way to accomplish this?

It starts with a focus on growth and innovation. Other industries – from travel and retail to manufacturing and education – have all made great strides in these areas. Yet, commercial property management hasn’t been able to keep the same pace. The reason for this is simple: because many companies have been using the same systems for decades.

Let’s face it. Change is daunting. But without change, there can be no progress. This is the conundrum facing the commercial property management field at the moment. Many industry leaders have delayed improving their operations due to concerns over things like staff training, data migration and, of course, the learning curve that comes with transitioning to new systems and software.

For many in the industry, embracing technology is viewed as somewhat of a burden rather than a tool for advancing and growing the business. But those who have taken the leap and are utilizing technology are already realizing significant rewards.

These commercial property managers are ensuring that they get the absolute most out the hours they’re putting in and they’re positioning their firms ahead of the competition as a result.

Embracing Change to Become Disruptive

As mentioned, the willingness to face change head-on is a catalyst for innovation and growth. The industry is slowly being transformed thanks to tools like commercial property management software. And those that have been bold enough to lead the charge are reaping the benefits.

The fact is, modern property management software is more than simply a system to help you manage tenancies and streamline accounting. It’s a tool that can help scale your business.

When automation is leveraged to do much of the heavy lifting, companies can essentially do more with less, enabling them to take on additional business, expand into new markets and grow without the need to increase human resources. Leaner business models result in higher profit margins and increased competitive advantage.

Additionally, when integrative technology is used, business leaders are able to gain much more in-depth insight into their company’s performance, which enables more data-driven decision making, opportunity to increase efficiency and productivity and the ability to stay a step ahead in the marketplace. And in a cut-throat industry such as commercial property management, this is a huge advantage to have.

Is your company still operating in the dark ages? Are old, outdated processes, systems and software holding your business back from achieving its potential? Are you at risk of being left behind as we move forward into the digital age? We’d love to help you with your makeover. Schedule your free product demo today to get started!

Tagged Property Management, Technology

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