The real estate industry has long been known for its complexity and high operational costs. Managing and maintaining properties and assets can be a daunting task for property owners, managers and investors. However, technology that is purpose built for real estate has brought in a new era of efficiency and cost reduction in the industry.
Reduce Costs with Property Technology
So, how can property technology be used to reduce the cost of asset operations in commercial real estate? By centralising data, automating processes and enhancing communication, property software reduces the complexity and costs associated with managing multiple properties. With a comprehensive overview of all assets and streamlined workflows, property software enables property managers to:
Optimise Resources
Technology provides valuable insights into asset performance to help property managers make informed decisions on resource allocation. By analysing data on property usage, maintenance needs and tenant behaviour, managers can efficiently allocate resources and reduce unnecessary expenditures.
Simplify Leasing & Deal Management
Shortening sales cycles can help you reduce the cost of asset and property operations. Property technology helps you keep track of your leads in a CRM (Customer Relationship Manager) system. In addition, you can utilise a deal management solution to access real-time unit availability information. A unified solution will help you to quickly identify available space and manage tenant renewals with ease.
Elevate Forecast Management
Property management software helps replace the labour-intensive process of manual calculations and sharing of Excel spreadsheets. A unified platform for forecasting ensures your data is connected in one place with real-time insights. In addition, it automates repetitive calculations so you can save time and your teams can focus on other areas of the business.
Efficient Financial Management
Property software allows for precise tracking of financial transactions, rent collection and expense management. By automating financial processes, property managers can reduce the risk of human error and efficiently handle financial tasks. This helps to ensure that all monetary aspects are accurately recorded and managed.
Streamline Construction Management
Technology helps you improve efficiency with your CapEX projects. Managing your projects can involve a lot of manual input across multiple areas. If you are using several systems, it can be difficult to find the information you need. Property technology helps connect everyone from a single solution and automates processes. It provides a clear view of work progress against user-defined milestones to allow you to proactively address issues before they impact project success.
Enhance Facility Management
With the help of technology, you can easily track technicians, assign work orders and react faster to maintenance requests. With an end-to-end property management platform, you can assign and schedule facility maintenance and work orders from initial contact through to completion. Furthermore, you can automate planned preventative maintenance scheduling so you can keep your properties in optimal condition. This includes code compliance checks, warranty maintenance and regular inspections.
The Time-Saving Impact of Automation for Property Managers
The main benefit of property software is automation. It is redefining the traditional methods of property management and facilitating increased productivity and time savings for property managers. Through automation, property managers can:
- Improve Communication
Property software helps you to automate communication and simplify interactions with tenants, contractors and stakeholders. By sending automated notifications, reminders and updates, property managers can ensure efficient communication without spending excessive time on emails. - Accelerate Administrative Tasks
Automate administrative tasks such as invoices, lease agreements, rent collection and document management. With a unified property management solution, you can significantly reduce the time spent on paperwork. By digitising and automating these processes, property managers can focus on strategic decision-making and tenant satisfaction. - Increase Data-Driven Decision-Making
Automated data analysis and reporting within property software provides property managers with actionable insights in real-time. By accessing comprehensive data analytics, managers can make informed decisions faster, which leads to better operational efficiency and overall asset performance.
Save Time & Reduce Property Operation Costs with Yardi
Our innovative technology helps connect everyone in your team so you can automate processes and enhance collaboration. Yardi clients are experiencing 50% faster reporting through automation. Our single connected solution has led to a 40% decrease in the leasing planning and approval cycle and a 35% improvement in the lead-to-deal cycle for residential and commercial clients.
Yardi’s connected solution allows you to elevate asset performance, lower costs, balance risk and increase revenue. Your asset managers will be able to leverage in-depth operational data to make better business decisions and streamline operations to reach revenue targets. See how Yardi can help you elevate your asset management by booking a demo below.