Despite slowdowns around the nation, now is a great time to own Reno commercial real estate. Retail vacancy is at 4%, the lowest it's been since the early 2000s. Office and industrial spaces are showing similar promise.
Whether you're a new or established commercial property owner, it's important to modernize your practices. Property management software is the wave of the future. It can play a bigger role in operations than you think.
What does property management software do for commercial property operations? Read on to find out.
Tracking Financials
One of the biggest challenges in commercial real estate management is staying on top of financials. From collecting rent on time with automated payments to tracking overhead maintenance costs, real estate technology makes accounting a breeze.
Hands-off investors will enjoy updated projections and real-time profit analysis. You'll never have to wonder about next month's rental income.
Streamlining Communication
As a commercial property owner, it's crucial that tenants can reach you with questions and concerns. Ditch the days of tracking down a lost email. Instead, log into your management software and pull up all correspondence between you and tenants.
You can also communicate directly with your property manager. They can provide real-time updates and let you know about any unexpected expenses.
Improving Maintenance and Compliance
It's up to you to meet building codes and ensure tenant rights. This generally involves a combination of maintenance and communication. You can use property management software to:
- Receive maintenance requests from tenants
- Report scheduled maintenance to tenants
- Track maintenance and other projects
For many property owners, this software means getting ahead on building improvements. When you're able to track your maintenance needs, you can take a preventative approach and deal with fewer emergencies.
Securing Lease Renewals
Commercial real estate can provide a safety net thanks to long-term contracts. Many commercial leases are good for three to five years.
When it's time to secure renewals, software can help. Send virtual copies of your lease and reminders of upcoming renewal due dates. Skip the long lease renewal meetings and collect digital signatures.
Increasing Accessibility
One of the perks of being a commercial landlord is that you aren't tied to a desk. With a property management company, you can even start earning passive income.
You need software that's as mobile as you are. Thanks to cloud-based storage, you can access commercial property management software from any internet-enabled device. Get real-time updates no matter where you are.
Get Access to PMI Reno's Property Management Software
Reno has a thriving commercial real estate market and it's time to maximize your profits. With property management software, you can automate, organize, and modernize your operations. PMI Reno can take you a step further.
If your goal is to build a portfolio with a high ROI, you can't trust just anyone to manage it for you. The professionals at PMI Reno use cutting-edge technology to improve upon a human-first approach. We go above and beyond to ensure tenant satisfaction while delivering results to our clients.
Contact us today to see if PMI Reno commercial property management is a good fit for you.
