In today’s rapidly evolving landscape, commercial asset management is witnessing a transformative shift driven by technological advancements. This shift is not merely an option but a strategic necessity when facing the specific, nuanced challenges with retail, office and industrial operations.
Spurred by changing economics, the preferences of consumers and workers, and the exponential growth of data to aid insights and decision-making, technology is imperative for operational efficiency. Asset managers are realising that embracing technology isn’t just beneficial, it’s essential for staying competitive and agile in a dynamic market. Leading this change is the Yardi Elevate Suite, a comprehensive platform that is revolutionising the industry landscape.
“At Yardi, we are seeing a shift in clients’ focus – clients want to reduce operational expenses which means an increased focus on technology to automate and help assets operate faster and more efficiently. The second is to gain better management information on their properties, the leases and all the underlying details.”
Richard Gerritsen, senior director for Yardi
Visualising Portfolio Health with Clarity
Whether your assets include retail, office, industrial or a mix, understanding portfolio health is paramount but can often be unclear. Historically, asset managers dealt with disparate systems that hindered their ability to make informed decisions and manage risks effectively. Technology emerges as the effective option, offering a transformative solution to these challenges. A connected leasing system can empower asset managers to visualise portfolio health by centralising lease data and harnessing advanced analytics. Through intuitive dashboards and customisable reporting features, asset managers can filter deep into key metrics. Such as occupancy rates, lease expirations and tenant performance. This enhanced visibility identifies trends/patterns and facilitates proactive risk management and strategic decision-making. Thus equipping asset managers with the tools to navigate market intricacies and drive portfolio performance.
Streamlining Deal Processes with Unified Solutions
Navigating deal processes can be complex and filled with difficulties, often exacerbated by fragmented communication structures and disjointed workflows. Traditionally, asset managers find themselves coordinating with multiple stakeholders. Tracking deal progress and managing contracts amidst tight deadlines and competing priorities. Technology signifies a shift in deal management. By seamlessly unifying critical data and communication channels, real estate technology streamlines deal processes. Fostering collaboration and enhancing transparency across departments. Real-time access to deal pipelines, unit availability and communication threads further enables asset managers to navigate deal complexities. Accelerating cycles and driving favourable outcomes. In addition, the ability to access information on the go, via app or desktop, unlocks efficiencies, mitigates risks and capitalises on opportunities. Thus driving value creation and competitive advantage.
Precision Forecasting for Strategic Decision-Making
Budgeting and forecasting are central to strategic decision-making, yet traditional approaches often fall short of presenting accurate and timely insights. With outdated tools, siloed data sources and manual processes, asset managers can find their ability to adapt to market conditions and drive financial performance hindered. Effective real estate technology, such as Yardi Forecast Manager, enables asset managers to navigate budgeting and forecasting complications with precision. The technology facilitates cross-departmental collaboration and alignment by seamlessly integrating leasing, asset management and finance teams. User-friendly interfaces and intuitive forecasting tools automatically input active deals into revenue forecasts, enabling accurate budget projections. Leveraging real-time unit risk and deal data alongside predictive analytics, forecast management software allows asset managers to efficiently adapt to market changes, optimise resource allocation and drive capital.
Elevating Retail Experiences with Innovation
The success of retail properties hinges on delivering exceptional experiences that resonate with tenants and customers. Therefore, asset managers must find solutions to boost retail spaces while driving foot traffic amidst evolving consumer preferences and market trends. With advanced asset management technology in their arsenal, asset managers can focus on enhancing customer experiences, improving revenues and attracting top-tier tenants. By automating retail metrics and providing actionable insights. Technology equips asset managers to make informed decisions and deliver tailored solutions for retail operators. Connected asset management solutions with advanced leasing dashboards enable retail operators to visualise and manage leasing reservations. While innovative features like interactive floor plans help leasing agents to effectively evaluate current and future occupancy rates. Integrating real estate tech solutions into retail management creates dynamic and attractive environments. Maximising property value, investor returns and customer satisfaction.
Staying Ahead of Projects with Real-Time Insights
Construction projects are inherently complex and prone to budget overruns, schedule delays and communication failures. To guarantee the seamless cohesion of a project, asset managers must oversee multiple stakeholders to ensure project alignment with strategic objectives and mitigate risks throughout the construction lifecycle. Having a tool that connects construction management strengthens asset manager’s capabilities in delivering high-quality capital projects. Providing portfolio-wide visibility and control, managers can compare job status and costs to mitigate risks and ensure project success. Furthermore, centralising project management functions and communication channels into a unified platform helps to streamline coordination among stakeholders. End-to-end technology such as this can improve project outcomes and enhance asset value, as well as drive investor confidence.
Maximising Operational Efficiency with Management-Level Oversights
Efficient facility management ensures optimal property performance and tenant satisfaction. However, as previously mentioned, asset managers often grapple with outdated processes and reactive maintenance approaches, leading to operational inefficiencies and downtime. Utilising an intuitive maintenance solution transforms how asset managers oversee properties. They help automate routine tasks and proactively address maintenance issues with scheduling and tracking tools – while predictive maintenance capabilities and real-time performance monitoring minimise disruption and improve asset revenue. With these management-level insights, facility managers can allocate resources efficiently, reduce costs and deliver superior tenant experiences – driving sustained asset performance and investor returns.
Mitigating Errors & Risks with Accurate Valuations
Traditionally, asset valuation relied on manual data collection and subjective analyses. Today, asset managers are increasingly harnessing real estate technology to assess asset value, mitigate risks and increase portfolio returns. Asset management platforms that include valuation tools provide a comprehensive solution for assessing risks and errors with industry-standard assumptions, calculation methodologies and clients’ business rules. By leveraging lease and budget data, real estate tech can offer actionable insights into asset performance and market trends. With integrated forecasting tools and risk assessment features, asset managers can gain a single source of truth for data across their portfolios and ensure alignment with strategic objectives. By embracing digital transformation, asset managers transcend traditional approaches. Furthermore, leveraging scenario analysis tools and predictive analytics not only drives strategic decision-making but also provides value in the digital age.
See how Yardi can elevate your asset performance and dive deeper into the transformative impact of real estate technology on asset management by exploring our ebook – “Leveraging Technology: Revolutionising Asset Management in the Digital Age.”