Commercial real estate tools are necessary in an industry that relies on data, but these tools come and go depending on the market and popularity. To get the most out of your commercial property developments, teams have to use tools that address all phases of a project’s life cycle.
5 Data and Analytical Tools Impacting Commercial Real Estate
The types of tools you’ll use for your commercial real estate properties are dependent on your role. However, the following tools are often used by commercial property development teams.
1. Proactive Intelligence Tools for Project Delivery And Risk Management
Proactive intelligent tools are used to reduce admin work common in the commercial real estate industry. The latest in real estate technology can eliminate tedious tasks, allow for project visibility, and harness real-time data to deliver commercial projects on time and on budget.
Tools like Northspyre are a great example of an impactful tool impacting real estate, as it’s able to reduce your workload while offering real-time access to critical project data. With Northspyre, development teams can generate key actionable insights that mitigate potential risks.
2. Accounting Tools for Cash-Flow Management and Fee Calculation
Accounting teams need a reliable way to manage and track income, taxes, and expenses. Tools that allow for cash-flow management, fee calculation, and financial reviews will help real estate developers keep track of their financial responsibilities and accounting data they can later use.
While the main purpose of accounting software is to eliminate human error, streamlining the data-incurring process is a major positive of their adoption. If you know how much you’re paying for developments, you can more accurately negotiate on construction services and prices.
3. Facilities Management Software to Keep Accurate Facility Records
Development teams often have a facilities manager that’s responsible for managing contracts, maintenance, and safety protocols. With a facilities management tool, managers get a full view of their maintenance projects and repair schedules thanks to accurate reporting measures.
What’s more, facilities management software automates most tasks, such as billing and the creation of orders and invoices. Using analytics included in the right application, managers can estimate the number of repairs, communicate more effectively, and lower administrative costs.
4. Transaction Management Technology to Standardize the Process
Transaction management software appears similar to accounting software at first glance, but the former is primarily used to calculate an asset’s worth. In commercial real estate, it’s often difficult to acquire new assets and create new deals quickly without transaction management software.
After analyzing alternative scenarios inside the software, asset managers can determine the possible outcomes from each decision. Then, they can generate reports that help reduce errors and risks in the future. What results is faster decision-making and task standardization.
5. Property Management Software to Improve Organization and Scheduling
Commercial real estate developers often handle the property management side of their projects, especially if they’re leasing out office space. A property management software makes it easier for teams to handle lease applications, collections, property costs, and facilities inspections.
If you want to manage multiple properties from one dashboard and calculate the correct rental amount for each building, you’ll need to integrate this software with the rest of your suite. Even if you don’t, the software’s reporting feature will still help teams stay on top of their budget.
Commercial Real Estate Software Can Impact Your Business
The commercial real estate industry is often demanding, but you can limit a significant amount of your workflow if you use software, tools, and technology. Plus, you can utilize the software’s data reporting system to further reduce your workload and make better investment choices.