In the midst of nationwide talent shortages and industry shifts, commercial real estate (CRE) firms are recognizing the power of a growth model that is focused on scaling. The shift towards scaling is due to the widening competitive gap between firms that grow their business traditionally (increasing input and output at the same pace) and those that are able to scale (increase output without increasing input). Essentially, firms that scale their growth are able to drive revenue without necessarily hiring new talent to manage tasks that can be automated or increasing expenses.
Today, 72% of small business owners believe investing in new technologies would boost their ROI more than hiring new employees. The right solution will not only facilitate scaling your CRE company but will also reduce repetitive processes in your firm, as well as decrease the chance for human error. By eliminating manual, repetitive activities, you can avoid the need to unnecessarily increase headcount and free up your team to focus on NOI boosting activities.
Technology like Lobby CRE allows CRE owners and operators to standardize processes that reduce manual errors and save time and resources. With automated data collection, analysis, and reporting, you can use real-time insights to effectively scale your CRE firm .
Read ahead to learn how asset management software can be leveraged to position your firm as a scalable powerhouse.
Automate Your Processes
Today, automation in CRE is key to streamlining workplace operations, improving efficiencies, and scaling the business. According to Deloitte, 73% of businesses have begun incorporating some form of automation software into their operations. Of those businesses, the majority plan to increase their usage of automation, from 13% to 51% of their total operations processes.
For commercial real estate, automation has become a popular topic as organizations seek strategies to streamline manual, repetitive tasks that create inefficiencies and impact the bottom line. Plus, automation reduces errors that can be time-consuming and costly to resolve.
Many tasks and processes can be automated with asset management software:
- Data entry
- Portfolio performance monitoring
- Internal and external collaboration
- Financial reporting
- Document and data management
Asset management software, like Lobby CRE, helps firms simplify their reporting processes, collaborate more effectively, and manage their data and documents more efficiently. With automated processes, firms can enhance productivity and reallocate time savings to more rewarding and value-add activities.
Aggregate Your Data
Data aggregation refers to the process of compiling and summarizing your data for better visibility and insights. Although aggregation is important, some firms operate from scattered data due to bandwidth, data silos, or disparate tools and systems.
Disparate data sources create limited access to important information. Limited access to data impacts collaboration and productivity, data integrity, and revenue. Ultimately, creating unnecessary (and sometimes unrepairable) challenges for your firm.
With asset management software, like Lobby CRE, all of your data sources are centralized for real-time analysis and reporting. Now, you don’t have to wait to retrieve data from various systems. Plus, you can extract the property insights you need without the usual time lapse of waiting for a property manager to provide the information.
The ability to quickly get insights in a single location with minimal dependence on internal or external help means that you can be more proactive and more effectively make strategic, revenue-driving decisions.
Improve Internal and External Collaboration
On average, employees waste 5.3 hours every week waiting for data from their colleagues–or recreating information that already exists. Additionally, employees take an average of 18 minutes to locate each misplaced document. In this time, value-add activities may be neglected, and revenue-generating opportunities can be missed. With improved internal and external collaboration, your firm can complete daily tasks more efficiently and utilize time savings to focus on other critical activities.
Asset management software, like Lobby CRE, removes data silos and connects your teams for improved collaboration and results. With one single, cloud-based source of truth, your team members can access data from anywhere and at any time, as well as share information faster across the entire company and with external stakeholders. Once everyone is working from the same data and within a single source of truth, it’s much easier to align, work together, and know that you’re working from the most current version of data.
Many factors, such as the ability to adapt to market shifts and operate with limited resources, can impact your firm’s scalability. But with the right asset management vendor, you can consistently streamline your processes and maintain lean operations as your business grows.
Ready to learn more about how Lobby CRE can help you scale your firm? Contact us today!