Real estate ownership can be a whirlwind. You manage accounts and finances, interface with the public and your tenants, organize documents and applications, and much more. With all these tasks, it’s like you need a personal assistant by your side, scribbling down everything that happens in a day.
Luckily, there are many technological solutions to this problem. A tech stack optimized for real estate owners can consolidate your tasks and ease communication on all ends.
What Is a Tech Stack?
Though the name may be unfamiliar, you probably recognize the concept of a tech stack. A tech stack tracks, manages, and stores data through a set of software technology applications.
By cultivating and consolidating these resources, you can have more time to complete deep work or more advanced projects. Essentially, your tech stack automates as much of your day as possible so you can do more.
Choosing to cultivate a tech stack for your commercial real estate business means cutting down on costs and maintenance. Many tech stacks use serverless computing, so there are no physical servers to house in your facility. Faster and more economical, tech stack applications are the way to go.
How Do I Begin Creating My Tech Stack?
Start with the most essential factors of your business or areas where you need the most assistance. For real estate businesses, consider starting with financial applications.
Do you need more help budgeting payments and managing your investments?
Software that houses important documents and information can be helpful, especially for property owners with a large number of employees. A central hub to share and easily update information also ensures you lose no documents.
Consider your unique business and how a tech stack may be best utilized to aid you and your commercial real estate properties.
How Do I Stay Safe With Tech Stacks?
Like any technology in our modern age, we must implement proper safety measures to protect our data or sensitive information. Many businesses choose serverless computing in their tech stacks for accessibility and affordability, but this third-party software must be properly secured.
If you are not careful, an attacker could gain access to your clients’ and employees’ personal and sensitive data. Have your software configured so that someone can only add data through an API key and make sure that logging is set up correctly so that, if any breaches do exist, IT security can patch them quickly.
Keeping your information safe and secure is vital to any virtual endeavor, so apply the same amount of thought and care to your tech stack.
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Choosing Software for Your Commercial Real Estate Business
Whether your properties are retailers, offices, or medical facilities, you need proper software to keep information consolidated and communication frictionless. See the varieties of property management software below and begin your seamless transition to an efficient work life.
1. Budgeting and Accounting
Choosing to implement financial software can be a big help. By tracking your monthly budgets, payments, investments, and deposits, you can better understand where your money is flowing and whether there are better ways to manage these finances.
2. Leasing and Asset Management
This software consolidates your building information and ongoing projects or deals. Some commercial spaces can house a variety of different tenants, from retailers to medical facilities, so it’s important to keep all their information organized.
Manage contracts, leases, and tenant data all in one place with leasing and asset software in your tech stack. Might we suggest STRATAFOLIO?
3. Communication
Clear and frequent communication is vital to running a smooth real estate operation. For your internal communication, consider quick and casual software that acts like a messaging app. This way, employees can have more time for their deep work instead of drafting emails.
For tenant and vendor communication, sales software could organize emails and events, as well as automate responses to emails using paste bins. You can even program them to send gifts and invite potential buyers and tenants to events.
4. Design and Advertising
Being in the commercial real estate landscape means relying on advertising and design. Use software in your tech stack that eases your advertising needs by automating the process. Some software or web apps have a variety of templates, stickers, and colorful typefaces to make stunning posters or flyers.
Whether posted around town or sent virtually, the aesthetic look of your materials is essential.
5. Document Storing and Signing
Compiling your documents into easy-to-find folders can make your daily life go a lot smoother. According to a study by Enlyft, 31,255 businesses use Google Drive in their company document-sharing workflows. Drive allows users to share and edit offline and across platforms and you can easily update information and avoid losing critical notes or data.
Document signing platforms ensure lightning-fast turnaround times for deals and tenant applications. Even if you are not in the same room, your contact can verify documentation and the process can begin.
6. Data Tracking
With all your projects and building responsibilities comes an abundance of data sets to track. Are your advertising and design elements bringing in traffic? Is the tenant communication software reaching people in a timely manner? With a data tracking app, you can clearly outline how you are performing in one place.
Even better, business intelligence software can advise you on how to improve. By tracking your data and performance, this software offers insights into your successes and future actions.
7. Tenant and Building Management
You can also implement software to encourage a better rapport between you and your tenants. For office buildings, you could install a booking platform for conference rooms and special spaces in your building. Retail tenants may want specialized security through a key fob or alarm system to keep their assets safe.
Property management software that can let your tenants know about emergencies immediately, or about updates on service and maintenance requests, are also helpful in maintaining this relationship.
Your Journey With Tech Stacks
Tech stacks can take a heavy load off of commercial real estate and property owners. Experiment with and research different software technology options to make sure they will work together well in your tech stack. Grow your business to new heights by creating a seamless software experience with your tech stack today!
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