September 25, 2018
The 5 Main Benefits of Using Commercial Property Management Software
Managing commercial properties can be a challenge. All the commercial businesses that call your property or retail space home have different needs and different life cycles. There are a unique set of tasks and responsibilities that can be quite different from residential or multi-family units. That’s where commercial property management software can help make your job easier. Here are five benefits of using commercial property management software.
1.) Approving Only Quality Tenants
Commercial property management involves more than just placing a tenant in a property. Finding the right commercial tenant is essential for a long-term healthy investment. You have to find out if the commercial tenant is financially solvent. Or do they have a good leasing record? A high-quality tenant is crucial to lowering costs over the long run. Commercial property software can help you list your property, offer an online application and screening abilities.
2.) Better Cash Flow
Quick and consistent rent collection is absolutely critical in this commercial property market where good cash flow can mean the difference between success and failure as a PM management firm. Commercial property software enables online payments, eliminating checks that can get lost, stolen or delayed. Instead the tenant can set up automated recurring payments. Automated payment solutions are mutually beneficial for both your tenants and your business as they are consistent, convenient, reduce labor costs and significantly improve cash flow. You minimize past due accounts and you spend less time collecting and processing checks and more time doing higher-value work, like relationship-building with clients. And, you can easily automate past due notices and run collection reports.
3.) Easier Management of Common Area Maintenance (CAM) Fees
Whether it’s lawn maintenance or carpet cleaning in the main lobby, the tenants pay for the costs incurred in keeping up common areas. These incidental costs are divvied up amongst the tenants, usually based on square footage. Commercial property managers must be able to accurately account for and budget for these costs. Using a centralized maintenance portal can help your commercial property business take control of its vendors with authorized vendor lists, purchase ordering systems and work order tracking. It’s easy to isolate CAM fees and reconcile them. And, as purchase orders can be generated from work orders, it makes invoice matching and processing faster and more efficient.
4.) Better Tenant Communication
Commercial vacancies take longer to fill, and it can take up to two years to replace a lost tenant. Too often, tenant dissatisfaction usually boils down to a lack of communication or a lack of customer service. A tenant portal ensures that all tenants are aware of maintenance schedules and other timely updates. You can also automate responses to queries, so your commercial tenant knows that their issue or question has been received and is being addressed. Schedule texts, emails and auto-dialer calls, follow-up with tenants for maintenance.
5.) One Version of the Truth
When a commercial property company can have everyone working from “one source of truth,” it improves collaboration from the accounting department to property management and operations. A centralized, digitalized repository of accounts, reports and information eliminates duplication and errors. Everyone is literally on the same page, accessing the same information.
How Property Vista Helps
Retaining tenants in commercial properties makes the location more attractive and the businesses more reputable—keep those tenants happy with efficient maintenance and repairs, reduce delinquencies with online payments and improved vendor relations with better order and invoice organization. With an intuitive online application process, you can welcome tenants while still focusing on the commercial aspects of your building. Additionally, Property Vista offers the most flexible communication system for property manager available. Customize your own set of messages and when to send them once, and you will never need to worry about them again. Learn more about our suite of property management software!