You’ve managed to work so long without specialty leasing software, why fix what isn’t broken? The commercial real estate industry is slow at adopting new technology, but this is changing.
The thirst for technology stems from significant shifts taking place in the industry. Priorities are changing, optimized processes and customer centricity are increasing in importance.
Imagine reducing the processing time spent on a short-term retail lease from 6 weeks down to 3 minutes. Or giving your leasing teams more time to nurture relationships instead of slugging away on manual tasks. At the same time, meet and exceed your customer’s expectations by allowing them to lead their own leasing process. Specialty leasing software makes this possible.
Commercial real estate is catching up. 61% of CRE leaders have already adopted at least one new technology tool in the last few years. Early adopters of tech understand the importance of process improvement, tenant needs, and employee satisfaction. Once you start to recognize the benefits of specialty leasing software, your business will be able to compete as a key player in the market.
How it benefits your team
Accelerate deal processing by up to 90%
The current way to process short-term leases is fine, it works, and it gets the job done. But like with all manual processes, there is always room for improvement.
Leasing deals are usually drawn out. It might not seem like it, but consider how many hands a deal passes through before it’s finalized (from leasing to legal, to accounting and so on). There’s a lot of back and forth between the tenant and the leasing team before the ball even starts rolling.
Spacewise’s specialty leasing and asset management software optimizes your deal processing by up to 90% and allows you to communicate your offering with clarity online. It gives your tenants the option to send an inquiry or book a space in an instant. This reduces the to-and-fro between parties and improves the reaction times from leasing teams. It’s not all about speed. It also makes tenants happier, creates a better partnership, and gives leasing teams more time to focus on deals.
Raise employee morale and motivate teams
No employee looks forward to the mundane and repetitive tasks. Wouldn’t it be great to free up employee’s time to let them focus on the more fulfilling parts of their job? Specialty leasing software achieves this by automating parts of the process.
CRE is a people business. While technology improves the process, the human connection will always be at the core. Free up time spent on paperwork and administration. Give leasing teams more time to work on canvassing and develop deeper relationships with tenants.
Ease your tenant’s experience
Today’s tenants expect property managers to understand their needs and struggles. This is exactly why it’s a trending topic, our post on tenant centricity deep dives into this. Businesses that adopt strategies to address their customer’s needs excel within their market.
Where does specialty leasing software come in? It helps to aid the customer’s experience. It cultivates a better experience for them by creating a seamless process. Likewise, it benefits leasing teams too, making the leasing process shorter and more effective.
The search for space
Searching for information has changed since the birth of the internet. 87% of people no longer call for information, they look for information online. This shift is so significant that B2B businesses are adopting more channels to serve their customers. 72% of B2B companies that adopted 7 or more sales channels saw a significant increase in their total sales. This habitual shift indicates that there is a desperate need to bring your offering online.
Leasing software brings your offering to your prospects. It makes the process of broadcasting your spaces online a breeze. Prospects need as much information as possible in their search. The result for your leasing teams is leads are of higher quality and turn into deals at a faster rate than before.
A digital booking channel
A branded booking channel improves your online presence and attracts new, exciting tenants. It makes your company look ready for the future. Tenants have the opportunity to do their own research and commit to a space straight away. Resulting in better leads for leasing teams and enhanced interest in your short-term retail spaces.
Release yourself from your dependence on external parties. A branded portal gives you complete control over how you manage your listings. You’ll no longer be reliant on other leasing platforms to market your business. The ability to centralize all your bookings in one place and do it all in your company’s name boosts your brand.
Secure more deals
Centralization to bump up efficiency
Centralization improves the efficiency of the leasing process. Any required information is one click away, located in the same system. Time isn’t wasted on sifting through Excel sheets, emails, and folders to find what you need.
Spacewise help you manage 10x the number of requests. It takes care of the payment process, creating a smooth experience for leasing teams and tenants.
Deciding to adopt new software is a big decision. A case needs to be made that it will raise your business to the next level. This is exactly why Spacewise offers a free trial so that you can test out the tool before committing to a plan.
Why remove a manual process?
The question of why bother removing manual processes might be brewing in your mind. It can take time to adjust to new technologies and get your team onboard. These concerns are worth consideration, but you shouldn’t lose sight of the benefits to automating certain processes.
It improves internal processes that help increase productivity and revenue. Most importantly though are the positive effects it can have on your colleagues and customers. Eliminating repetitive tasks with quick, simple processes benefits both tenant and leasing teams. Giving tenants more time to focus on their business and leasing teams more time to focus on rewarding work.
Remember the time when a short-term rental space was double booked? We are all human and mistakes happen, but they lead to frustration on the tenant and the leasing team’s side. Adopting technology is a sure way to reduce these risks. A study by Smartsheet showed that 66% of people feel that automating processes will help to eradicate human errors.
Manual processes are prone to mistakes, often it is completely unavoidable. There’s a reason for the phrase “too many cooks spoil the broth”. The more people involved in a process, the greater the risk of error. This is especially true with mundane tasks like data entry.
Level up your sales ratio
Leasing software makes it much easier to capture tenants and convert bookings. In e-commerce, the goal is to make it as easy as possible for customers to check out to help increase sales.
Research shows that 73% of merchants that made it easier for customers to complete transactions online grew by 20%. This approach can be applied to leasing short-term spaces online. The easier you make it for prospective tenants to “check out” online, the more bookings you’ll have in the calendar.
Rent and occupancy optimization
Specialty leasing software lets you analyze the performance of your listings. The analysis creates a clear overview and lets you plan ways to increase occupancy. The bigger the portfolio, the harder it is to have a clear oversight of performance. This is where specialized software helps.
Once you have a solid grip on the performance of your spaces, you can start to think of ways to optimize. Use levers such as special prices for low and high periods. Keep new and returning tenants happy by offering deals on certain days.