Real estate laws and customs date back centuries in some cases. It’s no surprise that a field so rich in tradition is resistant to change. However, the systems surrounding real estate — the software in particular — have needed upgrades for many years. A sound real estate tech stack acts as a way for organizations to quickly gain insights into risks and opportunities associated with their lease portfolios.
A Square Peg in a Round Hole: Real Estate Has Historically Lacked Resources
Real estate has been slow to gain the resources that other departments use to execute their jobs. Sales departments use CRM software, marketing teams have services to manage across platforms, and finance teams have accounting and payroll solutions. Yet, real estate has been much slower to adopt similar solutions.
Often, real estate teams have used tools better designed for other teams or siloed resources, such as Microsoft Excel and email. Real estate, as the second largest expense after payroll for businesses, demands more attention.
Moreover, besides managing one of a company’s major expenses, a real estate tech stack can serve as a vital source of knowledge and a foundation for operational success.
Real Estate Software Modernization Promotes Overall Success
As businesses scale, leaders must look for every possible avenue to promote growth and reduce costs. Among real estate technology trends, lease management software is perhaps the most effective tool for meeting those needs.
Businesses can look to their software to help solidify their business plans and make educated decisions about their growth. If a company has a thriving location in one market, the team can ask specific questions about the location that might predict success elsewhere.
For example, is the thriving location next to a specific anchor tenant that promotes growth? Are traffic patterns, utility costs, or taxes particularly favorable in the area? Many of the same ideas can be applied to organizational…
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