For Property Managers, Technology Eases Burden Of Budget Season
Every year it’s an inevitability—budget season, when property owners and managers nationwide begin the planning process. We’ve previously discussed how, as the property management industry becomes increasingly data-driven, owners and asset managers are placing more emphasis on allocating larger portions of their budgets toward tech that leverages the latest innovations to produce results. These manifest in the bottom line, as well as in intangible, but equally important metrics, such as tenant engagement and satisfaction.
Tech also has the capacity to facilitate and provide insights during the budgeting process. Using technologically sophisticated budgeting tools helps owners and managers stay organized, streamline operations and ultimately generate the kind of data that strengthens decision-making.
Taking innovations from past decades to new levels, technology continues to enable more comprehensive analysis, generate accurate long-term forecasting and help commercial property entities work more efficiently, with the benefits of reduced risk, portfolio growth and profitability.
“Tech is great, but it has to be easy to implement, ready on day one, and must have a compelling value proposition,” says TIAA - College Retirement Equities Fund senior director of asset management Brad Simpkins.
Some research suggests property owners often fail to properly or sufficiently introduce new technology to their staff. Whether adding new software or new systems, upgrading current technologies or switching vendors, developing a training program that reduces disruptions is critical to successfully integrating new technology at a property.
Building teams able to quickly acquire and exploit new technology will help companies gain a competitive advantage in the market and become better equipped to handle shifts in tenant demands.
The key to successful technology integration is employing providers whose:
- Platform is easy, scalable and working on day one.
- Software/Tools are turnkey, accessed on multiple platforms (mobile-ready).
- Customer Service is available and accessible with short turnaround times.
- Value Proposition is meaningful and provides immediate ROI.
Serving over half a billion square feet of commercial office space, Electronic Tenant Solutions understands the key to effective reporting and budgeting relies on integrating the right technology for setting, reporting and benchmarking operational goals.
Utilizing comprehensive tech tools that incorporate usage data, reporting and benchmarking provides owners and operators a comprehensive view of the overall health of a property, which is key to budgeting and forecasting for future growth.
To further understand the specific benefits of property management technology and how it can help teams get a better picture of operations, click here. Also check out how Energy Software Management can help reduce consumption costs.