Some people have a natural talent for commercial real estate investments but going with your gut is proving to be a subpar strategy for modern-day CRE teams. That strategy worked in the past only because the insightful real estate data and tech-driven capabilities that are available today were inaccessible or nonexistent. In the increasingly competitive CRE environment, even experience isn’t enough to offset the valuable information that can be gathered with the latest CRE tools.
Advanced corporate real estate tools are proving to be the differentiator between CRE teams that excel in post-pandemic markets and those that fall behind. No matter how good a feel you have for the market, there’s no way you’ll ever be able to leverage all the data that’s available and keep track of everything without the right tools.
In an industry that once resisted adapting to the digital era, more CRE teams don’t just understand the need for proptech, they are embracing corporate real estate software with open arms. There are hundreds of solutions available, but commercial real estate teams that want to get ahead of the competition need a technology strategy that includes five essential CRE tools.
Knowing a market inside and out is essential for any CRE team. Market Intelligence is the foundation of corporate real estate strategy and investment decision-making because without it you’re making an educated guess at best. With today’s commercial real estate software, it’s possible to get a broad view of a market as a whole along with detailed information that’s highly relevant to your portfolio.
CRE market data software allows your team to:
Market data is needed to determine when it’s best to sell, buy or relocate and for putting together a profitable leasing strategy. Having the ability to more accurately gauge risks and cost savings also enables your CRE team to create a spending plan that maximizes return across a portfolio.
Having CRE market data readily available gives a corporate real estate team a distinct advantage – speed. With unbiased data that’s tracked and readily accessible, decision-making is easier which makes the process quicker. While other teams are trying to determine whether to pull the trigger your team is already getting the deal done.
One of the most useful corporate real estate tools a corporate team can have is portfolio management software. This tool brings all of the most important information and data points together from various sources so that you get a complete, comprehensive view of your entire portfolio. It’s data organization that makes portfolio management much more efficient and accurate.
Because information is aggregated, portfolio management software is a great tool for measuring key performance indicators (KPIs) and overall performance at any given time as well as how things are trending over time. Portfolio-wide planning is simplified since information on every property is automatically compiled for you and reports are accessible to all stakeholders. From staying on top of leasing logistics to allocating resources, portfolio management software will help direct your attention where it’s needed when it’s needed.
The best corporate real estate software won’t just tell you what’s happening in a market. It will also help you determine how your properties perform in comparison to others in the market and against one another. CRE benchmarking software can be used to measure performance against peers globally, within a specific market, across certain locations, or an asset class as a whole.
Benchmarking is an advanced level of data analysis that gives corporate real estate teams a better way of:
The benchmarking reports should provide a snapshot of the portfolio’s health overall and a closer look at key metrics that matter the most.
CRE teams that use a corporate real estate software to benchmark put themselves in the position to make more informed + strategic decisions, particularly on positioning themselves within a market. RefineRE offers next-level benchmarking by providing access to our BenchCore Community where you’ll be able to analyze proprietary datasets and can ask analysts for assistance interpreting the data.
READ MORE: Discover the role of benchmarking in corporate real estate.
One of the biggest challenges for corporate real estate teams today is optimizing space utilization. Space management is much easier with a Workplace Analytics solution that can show you how every square foot is being (or not being) used.
Determine the most profitable use of leased space with deep insights into:
Analyzing all of these data points together can help CRE teams determine if they need to repurpose, expand or consolidate. It’s clear to see which spaces are underutilized and which ones are overutilized. You can even analyze the historic data to make predictions and projections for future use so that you’re able to budget accordingly.
There are two things to look for with this type of corporate real estate software. First, how easily it integrates with third-party platforms. Second, whether space utilization can be measured without expensive sensor installation. RefineRE’s Workplace Analytics solution provides seamless integration with popular third-party platforms like Slack and can use Wi-Fi-enabled routers to measure activity so that workplace utilization can be fully analyzed with limited upfront investment.
CRE portfolio management involves a lot of moving pieces. No matter the size of the portfolio, being able to organize and visualize the information in a supervisory view makes the process much easier.
A CRE data dashboard like our Data Foundations solution is a centralized location for data reporting that tracks what information is coming in and where it’s coming from. Beyond that, you can customize reports, create datasets, standardize the data, and run diagnostics for even more control over the information.
Utilizing a dashboard provides a level of transparency that reduces manual reporting, time spent analyzing data, and the number of people needed to make key decisions. It’s a hub where your data goes from being information to becoming an actionable part of your investment strategy.
What’s considered the best corporate real estate software isn’t a single-purpose tool. Today, software platforms that offer a suite of CRE tools are proving to be the most cost-effective and efficient solution.
RefineRE is a corporate real estate software platform that was developed specifically for CRE teams to better manage their portfolio. We understand the managerial benefits of having all of the information you need in one reporting system that’s accessible to the whole team. From a data analysis perspective, corporate real estate teams also have more confidence in the accuracy of their reporting when the information is centralized and standardized.
When all of your CRE tools work together you have added assurance that no important decision-making details are missed, and the information is accurate. Schedule a demo to see how RefineRE brings all the essential CRE Solutions together in a single platform for more agile operations and defendable decisions supported by data.