Lobby CRE | Blog

5 Signs You Need Asset Management Software

Written by CRE Data Experts | 10/16/20 12:28 AM

The commercial real estate industry is historically slow to embrace new technology and is often described as outdated. In fact, the industry may be as many as 5 years behind the curve. But new tools are disrupting the marketplace, and adoption of technology such as asset management software is increasingly becoming less of a luxury and more of a necessity. With benefits that include enabling data-driven decision-making, driving operational efficiencies, and eliminating manual processes, those who fail to adopt risk getting left behind and could be leaving money on the table. 

If one or more of the indicators below rings true, you may want to look into how asset management software can address your challenges and create value for your company. 

1) You have siloed data across multiple platforms or systems 

In commercial real estate, there is no shortage of data; the problem is that the information is often heavily siloed and sometimes even inaccessible. This fragmentation makes it challenging to get a complete overview of your company’s and portfolio’s performance, as well as to provide transparency and effectively share any insights with teammates.   

How asset management software can help: CRE technology can consolidate that disparate data into a single source of truth. With the ability to easily access and analyze your data from one location, your business can become more agile, and you can respond more quickly to issues as they arrive. 

2) You rely on manual, time-consuming processes 

You are likely responsible for tracking many metrics, from debt/equity and delinquency to vacancies and cash flow. With the volume of data that is involved across the lifecycle of your assets, it can be very time-consuming and take a lot of effort to analyze that information and develop reports, especially if you are relying on spreadsheets. And by now, you have probably heard the stat that says 9 out of 10 spreadsheets have errors, which means there are likely mistakes and inconsistencies in your calculations. Because of that element of human error, relying on spreadsheets for data tracking, modeling, and analysis is not only time-consuming and inefficient but can also create risk. 

How asset management software can help: Automation enabled by CRE technology can help your company to standardize reporting, ensure compliance with regulations, and navigate changing requirements. Reports can even be automatically scheduled. And perhaps the greatest benefit is that the time saved from reducing or eliminating manual processes is time that can be dedicated back to value-add work. 

3) You have a large and/or complex portfolio of assets 

Commercial real estate portfolios can be complex and often include multiple types of assets. With market volatility and increasing competitiveness, it’s even more important to be able to easily and quickly keep a pulse on what’s going on in your portfolio. Further, if you are looking to grow, you need to be able to identify potential opportunities and uncover possible risks. But again, effectively managing your real estate portfolio can be challenging if your data is scattered across different platforms, systems, and spreadsheets. 

How asset management software can help: Asset management software provides easy access to critical information so that you can make strategic decisions in a timely manner, increase your portfolio efficiency, and drive cost savings. Predictive analytics functionality will also help you to identify trends and opportunities that align with your business objectives. 

4) You don’t have the insights to optimize your portfolio and make data-driven decisions 

Data is clearly a hot topic in commercial real estate and has the potential to fundamentally change the way the industry (and your business) operates. But it can be hard to make decisions that impact the portfolio and create a competitive edge when you have volumes of raw data and can’t easily derive meaning from it. After all, data is only useful if it can be consolidated and streamlined.  

How asset management software can help: CRE technology enables you to be proactive instead of reactive with regards to managing your portfolio. A tool such as Lobby CRE aggregates data from multiple reporting systems, tracks and monitors the key metrics that matter most, and provides alerts to changes that could indicate an opportunity or a risk. Real-time dashboards provide a comprehensive, 360-degree overview of your portfolio, enabling you to derive actionable insights, identify next steps, and make informed and timely decisions. 

5) You find collaboration and communication across the team to be challenging 

In commercial real estate, the only constant is change. Data and people silos, as well as miscommunication and slow response times, can hinder your ability to respond to issues as they arise or even to work efficiently from day to day. 

How asset management software can help: A CRE solution such as Lobby Connect leverages internal chat, task management, and file sharing features, which enables your team to move quickly, stay connected and informed, and engage with each other in real-time. As a result, this type of tool boosts collaboration, fosters innovation, and ultimately produces the outcomes you need. 

To learn more about how commercial real estate firms have used asset management software such as Lobby CRE to optimize decision-making, automate manual processes, and drive value, click here!