It may seem obvious, but your commercial real estate company has a simple purpose: to make money.
There are a few basic ways to increase profitability. One way is to increase revenue. The other is to save money by becoming more efficient and productive. To achieve the goal of increasing efficiency and productivity, you need automation in commercial real estate management!
The Cost of Not Automating Your Processes
Lost Revenue Due to Mistakes
People make mistakes sometimes – even people who are excellent at their jobs. The chance for human error can increase due to tiredness, boredom, or feeling overwhelmed. Some mistakes won’t have a lasting impact, but others can be a major headache for your organization. When replacing some of your manual processes with automated ones, you’re less likely to have errors and inaccuracies interrupting your workflow and affecting your bottom line.
We see it every day: Missed lease escalations, mismanaged common area maintenance reconciliations, and missed lease expirations. Automation in your commercial real estate business can prevent all these common issues.
Higher Labor Costs
If you were to hire someone new right now, would it take significant time and training for them to learn your processes? Do your current employees spend time doing work that could be done by a computer instead? For example, entering data in spreadsheets, sharing financials with investors, or digging through files to find the right information? If so, your lack of automation could be leading to higher labor costs for your business.
Wasted Time on Manual, Duplicative Tasks
People are capable of teamwork, decision-making, planning, brainstorming, problem-solving, and other incredibly beneficial skills that computers simply can’t do. But when people are spending too much time doing manual work, they aren’t spending time on these other beneficial tasks. Automation can help minimize or even eliminate the need for repetitive manual tasks. This frees up time for doing the things that only humans can do! We talk about this in our article, 5 Ways to Automate your Commercial Real Estate Business.
Why You Should Start Now
In many cases, businesses decide not to invest in business process automation because they don’t want another expense. Often, they believe that everything is fine the way it is currently being done. However, they fail to see that the cost of automation is small compared to the cost of inefficient daily processes over the long term. Little mistakes add up to significant dollars.
Automating time-consuming tasks could save thousands of hours, reduce hundreds of mistakes, and give you much greater control over your organization. So, the sooner you improve your processes, the more you’ll benefit in the long run!
How to Achieve Automation in Commercial Real Estate Management
Automation can help lower the costs of running your commercial real estate business. It can also help increase profit potential. It can be as simple as investing in software that integrates easily with your existing programs. If you think your business would benefit from reducing manual work, there’s an online software solution made just for commercial real estate management companies like yours!
STRATAFOLIO can help you automate financial management, operations management, asset management, and investor management tasks. And, we integrate seamlessly with QuickBooks. If you’re looking for a straightforward way to manage your properties more effectively, schedule a demo today to learn more!