The commercial real estate industry is one of the largest industries in the world. It is estimated to be worth over $32 trillion.
Due to the enormous size of the industry, many people aspire to get in on the opportunities that it provides. Around 90% of the world’s millionaires created over the last 200 years made their wealth by investing in real estate. There are still plenty of opportunities to make money with commercial real estate.
However, the industry is also incredibly competitive. In order to thrive, you need to invest in all of the best tools available. There are a number of great commercial software applications that are worth exploring.
What are the benefits of using commercial software like www.northshoresystems.com? Some of the biggest are listed below.
More organized finances
Financial mistakes are the downfall of almost all failed real estate entrepreneurs. You must keep track of outstanding loan obligations, cash flow situations, projected property values, outstanding debt, expenses and revenue projections.
Merely keeping track of all of this data can be overwhelming by itself. Compiling the data and making associations between different figures to make sensible decisions is even more challenging.
This is one of the reasons that commercial real estate management software is so important. You can easily track all of your expenses and other financial data. You will also have access to sophisticated tools that make it easier to manage all of your finances in one place. You can save countless hours on financial management and make far fewer costly mistakes.
Accept payments from tenants online
One of the biggest problems that any property owner must deal with is collecting payments from tenants. It can be a frustrating part of the job, but it is something that you have to take very seriously. Around 82% of all business failures are due to cash flow problems. This statistic holds true for the real estate industry. Cash flow problems are primarily due to failure to get rent from tenants on a timely basis.
Of course, many tenants fall behind on rent due to their own financial problems. There isn’t too much you can do in the situation, because you can’t squeeze blood from a stone. However, other tenants don’t pay their rent on time because there isn’t a convenient way to do so. This is especially true for businesses that are headquartered overseas or even in other states.
Commercial real estate software makes it a lot easier for companies to keep up with their rent. They can pay through online payment systems instead of sending a check or making a bank transfer. This simplifies the process for everybody.
Improve tenant satisfaction
There are a lot of tasks that property owners and managers must take care of to keep their tenants satisfied. This can include everything from making sure plumbing issues are taken care of to maximizing the security of the property.
Real estate property software makes it a lot easier to complete these tasks. You can track what needs to be done, provide an online system for filing requests to take care of projects, assign tasks to various employees and organize workflows in the most efficient way possible.
All of these features make it a lot easier to give the tenants the support that they need. This in turn maximizes tenant satisfaction.
Access information remotely
Real estate owners have to travel frequently and often have properties all over the country or even all over the world. However, their problems don’t disappear when they are away from the location in question. They need access to relevant information to properly address the problems they are facing.
Fortunately, commercial real estate software makes it easier to access the information that you need. You will be able to store important data on the cloud and review it from anywhere in the world.
Regulatory compliance is a very important aspect of managing any business. The commercial real estate industry has a massive number of regulations that all property owners will have to abide by.
You can’t afford to be lax about compliance issues. The good news is that commercial real estate software makes it a lot easier to adhere to them.
Minimizing vacancy rates
High vacancy rates can be the death of any real estate business. You need to do everything possible to keep your properties filled with paying customers.
Commercial real estate software makes it a lot easier to accomplish this. you can track your properties more easily and make sure you know which available units to market.