June 26th, 2007
Property management technologies prove right stuff at right time
As real estate markets soften, landlords and professional property managers focus their attention on retaining tenants, preserving asset value and keeping a close eye on financial performance. To meet those obligations property managers today rely on advanced technological systems and reporting capabilities.
In New York City, for example, at the end of September the overll vacancy rate for Manhattan stood at 11.8%. Since then, even more vacancies have been reported as a result of additional layoffs.
This has encouraged successful real estate services firms to apply sophisticated programs to better manage portfolios. The new technologies are comprehensive, increase efficiency, reduce unnecessary expenses arid increase profit. And they couldn’t be available at a more opportune time; namely, when property management is in the spotlight.
Cushman & Wakefield offers clients Big-e-Realestate, Inc., in which the firm has an ownership position, to tackle property management challenges and add positive results. The web-based property management technology developed by Big-e-Realestate, based in Tempe, Ariz, not only creates a platform for efficient management, but it is accessible to owners, space users and service providers around the clock.
The primary areas where the technology shines are the keys to successful property management The technology addresses lease administration, asset value, space- and project-management, and timely financial reporting, in a single database. The database creates an open, constant line of communication between tenants, management and landlords, while tracking lease data, space data, work management, transaction information and project related data.
In terms of tenant retention, Big-e-Realestate provides automated responses to tenant requests. The technology revolves around its database, but is enhanced by a 24×7 call center that logs tenant calls, automatically creates and closes work orders and notifies the tenant when their request has been completed. Nothing maximizes efficiency more than automated organization and management that enables asset management professionals to focus on the highest priorities, while at the same time, maintaining maximum responsiveness to tenants.
In connection with its call center, Big-e-Realestate’s primary tool is its comprehensive database. It allows for the organization and automatic update of several key cost saving systems. One system allows for preventive and periodic maintenance notifications, another tracks tenant changes and moves, and a project management module tracks new construction from start to finish.
Since the entire technology is available by a standard Internet browser, it can be accessed anytime by owners or property managers. This makes for seamless communication between property managers and clients, a key to keeping landlords thoroughly informed with detailed information anytime, anywhere.