Creating a custom tech stack for your commercial property.
An effective tech stack allows property owners to understand performance across their entire business. However, many property owners do not know where to start when building their property’s tech stack. While every property has its own unique needs and considerations, there are certain technologies that every owner needs to think about. According to your trusted commercial realty advisors, here are some of the key components of a world-class tech stack.
1) Enterprise Resource Planning (ERP)/Accounting Software
All businesses, including those in the commercial real estate sector, require this software that makes the running of your business more efficient by streamlining operations.
2) Budgeting and Valuation Platforms
These platforms allow you to make accurate predictions for your buildings by collecting information on past expenditures.
3) Property Management Software
This category refers to software that helps you monitor and ensure a standard level of maintenance in your assets. These tools can help support communication between tenants and property managers and help track the status of maintenance requests.
4) Leasing and Asset Management Solutions
Leasing and asset management solutions give you one place where you can manage your commercial real estate spaces, deals, and tenants. These tools allow you to close deals more efficiently and make more informed asset management decisions.
5) Data Warehouse
A data warehouse is where you can store information from a variety of sources within your business. This platform works in tandem with other software and tools to process all your data in a centralized location.
6) Business Intelligence Software
This technology integrates and analyzes the data collected in your data warehouse to offer you workable business insights.
7) Portfolio Monitoring/Investor Reporting
This software allows you to pull portfolio information for investors quickly.
8) Acquisitions and Dispositions
Similar to leasing and asset management software, acquisitions and dispositions tools help you manage your deal activity on an asset level. These tools help you track, manage, and complete deals to optimize the acquisitions and dispositions process.
9) Capital Project Management
These tools help you manage your capital and construction projects to ensure that they are completed on time and in-budget. These tools are particularly helpful if you have several development projects going on simultaneously.
Do you have more questions for your commercial realty advisors? If so, then contact us at California Commercial Realty Advisors, Inc. We are eager to assist you with all your commercial real estate needs today.