Commercial property investment typically comes with the standard risk/reward potential. You take a risk by ponying up a larger amount of money upfront than you might with other types of properties, but if you play your cards right, you enjoy the possibility of significantly higher profits over time. If your portfolio contains commercial assets, or you’re considering such an investment in the near future, here are a few proactive things you can do to improve your ROI.
Shifting as much of the day to day workload from human to machine can dramatically increase productivity while minimizing your costs and reducing errors. Commercial property management software is designed to take the burden off your staff, eliminating the mundane, manual tasks from their schedule and freeing them up to apply their skills to activities that drive business value.
Collect Payments Electronically
While it may seem like there is little difference between a tenant paying with a check vs. paying online, (after all, the amount is the same), there is actually a cost to collecting physical payments. That cost comes in the way of hindered cash flow as well as increased man hours from your team. By utilizing an online payment portal, your income will be more easily accessible and processed much more efficiently.
Share the Responsibility
Commercial properties typically have common areas that are shared and used by multiple parties. While it’s usually the property manager who is responsible for maintaining these areas, the costs associated with this are not necessarily solely yours to bear. In fact, it’s not uncommon to require all parties who benefit from the use of said shared spaces to contribute toward a portion of the upkeep expenses, thereby saving you money.
Due to the complexity of commercial property management, there are often multiple third party software tools required in order to keep things running smoothly. For instance, you might be using an accounting software, a document management platform, a payment processing tool, and more. By adopting a robust commercial property management software, you can consolidate all of these functions into one system, thereby eliminating the need to pay for and use multiple different tools.
Understand Your Finances
The last tip for improving your ROI involves developing a deep understanding of your finances – from accounting and record maintenance to bookkeeping. Having instant access to the data you need, in an easy-to-interpret format, gives you the power to make more accurate and timely business decisions. This is another area where property management software can help.
INFO-Tracker provides a comprehensive solution to your commercial property management needs. Every single aspect of your business can be tracked and managed via one intuitive dashboard. To learn more or to see it in action, contact us today.