6 Huge Benefits of Commercial Real Estate Software

StrategyDriven Managing Your Business Article |Commercial Real Estate|6 Huge Benefits of Commercial Real Estate SoftwareThe 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 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.

Improving compliance

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.

5 Things You Need to Know Before Signing a Commercial Real Estate Lease

StrategyDriven Managing Your Business Article |Commercial Real Estate Lease|5 Things You Need to Know Before Signing a Commercial Real Estate LeaseA commercial real estate lease involves an agreement that enables businesses to rent commercial property from a landlord. Commercial leases can be full-term, net, and modified gross leases. Its identification, negotiation, and signing process is long, which is why you should know the steps involved so you can make informed decisions.

A commercial real estate lease is legally binding. This is why you should understand the lease contract as it defines your rights and responsibilities and those of the landlord. Below are things you need to know before signing a commercial real estate lease.

1. Research the area

When looking for a commercial property, researching the area will help you understand the prospective clientele. This is because location is everything for a business to thrive. Bearing in mind that once you sign the lease it becomes legally binding, and it may take at least two or more years before the lease term ends, ensure that the potential location is ideal for your business.

Consider seeking professional help for the ideal business location from industry experts like Jeff Tabor Group. They can also advise you on the benefits, differences, and value of different buildings within your preferred location, helping you make an informed decision.

2. Know the zoning laws

Zoning laws direct the development of real estate and may affect the operation of a business. Depending on your kind of business, research the municipality laws to ensure that you can run within that locality without facing any legal problems. Ensuring that your lease agreement aligns with standard zoning laws of the area will allow your business to operate without interference from local authorities.

3. What do you know about the landlord and the building owner?

At times, the landlord may not be the building owner. Before signing the lease agreement, ensure that you know who the landlord and the building owner are, their financial capacity and if they make good on their payments. This will help you protect your business should anything go wrong. For example, if a landlord doesn’t make payments to the building owner’s account, you may end up being evicted even if you made your payments on time. Conduct thorough research to ascertain that you’re signing the right deal for your business.

4. Find out about the nuisance laws

Once your business opens its doors, you want it to run without limitations. Before signing a lease, familiarize yourself with nuisance laws and check any smell, noise, and equipment clauses and negotiate where necessary. Look out for any environmental regulations governing the building you intend to lease to ensure they aren’t against your business.

5. Don’t forget the lease statutes

When reviewing your lease document, pay attention to the rent structure to determine your monthly payments, by what your rent will increase and after how long, so you can look at your budget and decide whether you’ll stay. Don’t forget about the lease term. Consider how a short- or long-term lease will affect your business. Find out about expenses like property taxes, insurance, maintenance, utilities, repairs, modifications, security, and more.


Commercial real estate leasing can be tricky, especially when you lack the proper knowledge. Consider the above tips and advice from industry experts before signing a lease agreement.

Your Office Space Just Isn’t Working For You Anymore

StrategyDriven Managing Your People Article |Office Space|Your Office Space Just Isn't Working For You AnymoreYour office space is a second home for you and your employees. There comes a time when we all outgrow our homes. Once we start adding to our family, we need a bigger place to live. The same principle applies when it comes to your office space.

If you have been operating out of the same offices for quite some time now, there is every chance that you may have outgrown them and, therefore, you would be better off looking to relocate. But have you really reached this stage? Read on to see some of the major signs it is time to move office.

There is nowhere for your employees to relax

You may assume that your workers do not need a place to relax. After all, they are here to work! Nevertheless, relaxation is critical in any workplace. All employees need somewhere they can go to refresh and revitalize. Taking themselves away from the computer and having a moment to get their energy levels back up is essential. If your office does not provide this, it is time for a change.

You have way more employees than you did a few years ago

This is one of the easiest ways for you to tell whether or not you need to hire a moving company or upgrade your office space. Roll back the clock three years ago and compare the number of employees you had then with the number that you have today. If you have way more employees today, you most definitely have outgrown your office space.

Your office feels messy and cluttered

Do you find that it is almost impossible to keep your office space under control? No matter how hard you try, it appears messy, cluttered, and like you have too many things. Of course, this does not necessarily mean you need to move. You could take advantage of business storage if there are a lot of things within the office that are not being used. However, if this is not an option, a bigger office space is a must.

Not enough space in conference rooms

The fourth and final sign that you have outgrown your office space is if you struggle to hold meetings in a comfortable and efficient manner. Whenever you hold an office meeting, do you need to squeeze workers between each other? Do you always need to source an extra chair in order for the business meeting to commence? If so, you probably need to locate a new building that has bigger conference rooms.

So there you have it: some of the clear indicators that you have outgrown your office space. If you have noticed any of the signs that have been mentioned above, it is important to take action sooner rather than later. This will have an enormous impact on your workers’ levels of efficiency and productivity because they will be operating out of an office that enables them to do more.

Creating Your Own Factory Space

StrategyDriven Managing Your Business Article |Factory Space|Creating Your Own Factory SpaceThere comes a time in which your production or industrial business outgrows its current surroundings and develops a need for increased capacity and facilities, yet searching for the ideal space can seem like an almost impossible task. You may believe that there are a wealth of different commercial buildings on the market for you to choose between, but this couldn’t be further from the truth – you can spend years searching for a good property to rent or purchase, as they are few and far between. This is exactly why so many organisations choose to create their own factory space to fit every single one of their individual needs, and have full reign over the decision making process to keep costs down and form the ideal production location. Building your own commercial property needn’t be as difficult as you might initially think, as there are few simple ideas and concepts that you can utilise to ensure you can cover all bases and succeed in your quests to expand and grow. So, if you want to find out more, then read on to uncover some of the best top tips and tricks that you can make the most of today!

Picking The Ideal Spot

The first step that you must take when building your own commercial property is to locate the ideal spot to start your production. The place that you choose for your warehouse or factory facility has to fit a few different specifications which may vary depending on the type of your business, so it’s important that you seek out the right location rather than opting for the cheapest land possible. If you regularly send and receive goods or materials, it’s vital that you choose a place that’s got great transport links with main roads nearby, as though remote land may be cheaper it is far tougher to access. Most factory workplaces create a lot of noise pollution that can easily distrust any residential neighbours, so seek out a location that doesn’t back on to a suburban area.

Making The Floorplan

Once you have identified the perfect place to build your commercial property, the next step that you have to complete involves creating the initial floor plan for your new factory space. You must consider all of the workspace and features that you require to encourage your business to continue progressing, so assess your current situation to gather the basics and think about the improvements you require that pushed you to build your own property in the first place. Factor in future growth and accommodate space for more employees than you have right now, otherwise you will soon find yourself in the same situation again. If you need to seek out the support of a professional then do not hesitate to contact a commercial architect that can aid you in making the most of the space you have.

Sourcing Affordable Materials

When your floor plan is finalised it’s now time to start deciding on the last few details, most of which involve choosing the perfect materials for your build. This can be the most expensive step if you are not smart in your search, so it’s important that you can take some time to do some digging to secure an affordable price. Start off with the basics such as bricks and cement, and try to strike a better deal with your supplier if you’re going to buy in bulk. Next, find the best commercial roofing supplier to finish off the basic shell of your new factory space, and invest in some high quality double glazing to let in some natural light. The internal layout and therefore the materials that you require will depend mainly on your own individual floor plan and business needs, so just make sure that you shop around when purchasing the remaining items to secure the best quality for the best price.

Seeking Reputable Contractors

If you do not have qualified staff already, then you must seek out some reputable contractors that can begin your building work in a safe and efficient way. There are many risks associated with your actual build, from staff related injury to financial loss, so you must make an effort to find contractors who have many previous happy customers that can guarantee the best service. Going out on a whim and picking the first search engine result will no doubt cause you many problems later down the line, so don’t make the mistake of wasting your time, money and effort on builders who don’t have the right qualifications or experience for the job. Always ask to see previous examples of contractors work, and get all receipts and agreements in writing as you simply cannot just rely on their word.

Finding Machinery & Equipment

When the shell of your building is built and the relevant services such as electricity and running water have been rigged up and turned on, it’s time to start investing in some machinery and equipment to get your business up and running. It’s likely you’ll want to bring some items from your old premises with you, but it’s vital that you can increase the amount of machinery you have to accommodate your growing organisation. Purchasing new models of vital equipment can help you to modernise your business and create a more advanced and productive workplace, so then you can upgrade your business in more terms than just space. If you don’t have the cash to start buying huge machinery after building your factory then do not stress, as you can easily rent out or hire the machinery you need for a much more affordable price.

Creating your own factory space has never been so simple when you are able to make the most of the ideas and concepts detailed above! It’s so important that you can make a detailed plan and follow each step carefully so that you can fulfill your business needs, keep costs down and make sure that your staff are out of harm’s way too, but with these tips and tricks in mind it couldn’t be easier to get started today.

4 Tips for Renovating a Commercial Property: Are You Ready to Upscale Your Business?

StrategyDriven Entrepreneurship Article |Renovating a commercial property|4 Tips for Renovating a Commercial Property: Are You Ready to Upscale Your Business?As a business owner, you know that attracting customers has almost as much to do with how your business looks as to how your business is run. Consumers are bombarded every day with ads from competitors trying to draw them into their store and sometimes, success comes down to something as simple as the way your business looks.

Renovating a commercial property can be a huge endeavour, but upscaling your business’ appearance can also be the thing that takes your company to the next level. Here are our best tips for renovating a commercial property:

1. Create a budget and a schedule

Like any renovation project, a budget and a firm schedule are key to success. There is an incredible array of changes you can make to a commercial storefront and it can be hard to reign it in, but proper planning and budgeting before the project starts are key. In general, you should add about 10% to your final budget as a contingency, since you never know what contractors might find when they start work.

Also, when it comes to scheduling your build, you want to make sure you can give your customers a date that you will be open and not leave them waiting. Customers’ attention spans are quite short these days, so if you run late on opening, they may forget about you!

2. Keep it clean

Even though your property is undergoing a renovation, it’s important to still keep it tidy and secure. Not only is it unsightly if there is lots of construction debris left lying around it can also be hazardous for the people working there. If you’re still open for business while renovations are ongoing, you could set yourself up for an accident if a customer got hurt. To prevent this, look into skip hire costs so that you have someplace to put your debris while the renovation is underway to keep your space safe and so that your storefront looks like its being worked on, and not like it’s been ransacked and abandoned.

3. Be prepared for change

While it would be great if our visions for renovation could go off without a hitch, that’s rarely – if ever – the case. Unless you’re building new, you can’t be certain what you might find behind the walls when the demo starts. Shoddy electrical work or outdated plumbing could quickly eat up your budget while taking away from your final product. While it might be hard to consider, being ready to have to change your final decor ideas to accommodate unexpected changes will be what helps your renovation succeed in the end.

4. Know your customers

Understanding who your business caters to is one of the most vital things to consider when you start a renovation. No matter what type of commercial property you’re renovating, take your employees’ and customers’ opinions into account. Make the design engaging and attractive, while still being a practical space for the work you’ll be doing in there. The way you renovate an office versus how you renovate a storefront will be vastly different. Don’t get lost in the design and stop considering how space will function.