In Changing Environments, Does Your Lease Administration System Offer Strategic Advice?
The commercial real estate industry has always been one of the slowest to adopt innovation in software and IT. Remember this is the industry that large firms voluntarily gave up their national research capabilities only to give it to third party providers for free to save costs. Now CREXi, Co-Star, Ten-X and others have created huge enterprise values on a function the big commercial real estate firms in the 90's gave away for free. Not very innovative or forward looking. A collaborative approach then would clearly have saved them millions in annual license fees today.
Lease Administration Software vs Analytics
Let's be honest - most lease administration systems, while critically important to all firm sizes, deal with static data. This static data is only real estate oriented in terms of rents, costs, dates, budgets, and abstracts and reporting. You put it in and it kicks it out, in the same format you put it in, just reorganized.
We firmly believe in the tremendous value of the lease administration systems available today. However, static systems are a thing of the past, and need to integrate with systems that centralize all decision-making data into a single application associated with managing a portfolio. And this expands well beyond real estate centric data. It includes data from transaction, finance, operations, sales, HR, Maintenance, Project & Vendor Mgmt., Cap Ex and budgeting, Valuation - all with centralized input from internal and external stakeholders. It requires complete flexibility to meet the needs of each individual client. And the system needs to provide detailed and complex real estate and business analytics to identify areas of cost reductions, process improvement and related financial results. Not simply reformulated static data, but data that is identified for you from the system.
Successful real estate decision making absolutely requires a complete perspective on all of the factors affecting your locations. This includes an understanding of the cause and effect of certain decisions, and how that will increase your business competitive advantage.
If you want to use best practices in this area, you should look to applications that can be a single source for compilation, presentation, decision making, analytics, reporting and collaboration. Having to gather data from separate silos, stakeholders or files only creates additional costs, loss of time and loss of productivity. In the market we all now find ourselves in, we can't afford it.
This market creates huge opportunities in business and commercial real estate strategies if you know where to look. Increasing the productivity of you and your teams is invaluable. This is your time to shine.
Real Clear Software's commercial and cloud based real estate management software provides the ability to centralize data from every aspect of a retail portfolio - RCS integrates portfolio, transaction, project, capital, document and performance management, data security, extensive data analysis & comparisons, real time data access, stakeholder collaboration, CRM, demographics, and generation of various reports. It increases productivity or all users, internal and external.
For more information on RCS Portfolio from Real Clear Software, visit https://realclear.software, email firstname.lastname@example.org, or phone (949) 445-6220. Craig Morris Co-Founder, Real Clear Software