PropTech in the Pandemic Age
How to use the downturn to your advantage
For commercial real estate companies, the pain of the pandemic directly impacts your properties
The world has changed considerably, seemingly overnight. For commercial real estate companies, the pain of the pandemic directly impacts your properties. You’ve seen tenants shut down offices in favor of work-from-home solutions, scale back or discontinue operations, and sometimes go out of business entirely.
This environment can lead to distress and trepidation about what’s coming next, but it can also be a time to reimagine your business as you plan for the future. When the economy comes back strong, will you be ready to take full advantage of the efficiencies that PropTech (property technology) has to offer?
Policies and procedures are the foundation for best practices throughout your business.
Now is the time to build efficiency into your policy management system. Why focus there? Policies and procedures are the foundation for best practices throughout your business. Old-fashioned paper and three-ring binders don’t scale well and can lead to a poor tenant experience. Your tenants are at the mercy of your team’s policy interpretation. And while they mean well, employees may be running your business in ways that are detrimental to your best-laid plans. They may not know which policies are most current, or they may not be able to access them during an emergency or when they are away from the office. Contrast that with a modern PropTech solution that is always current, easily-accessible, and delivered to your employees on their phone, tablet or laptop.
Tenants appreciate knowledgeable employees who provide an excellent customer experience; the result is reduced turnover and increased NOI.
Digital PropTech solutions provide a single repository for all policies and procedures that is easier to maintain than binders and paper. Have an update? Push it out in real time to your entire team. A centralized, searchable repository that can be accessed from any device keeps your team members prepared, informed, knowledgeable — and ready to handle any tenant request. Tenants appreciate knowledgeable employees who provide an excellent customer experience; the result is reduced turnover and increased NOI.
Well-trained employees tend to be more engaged and less likely to leave
Another way to streamline your business is to add a Learning Management System (LMS) that works with the policy foundation you’ve built to reinforce employee knowledge. Well-trained employees tend to be more engaged and less likely to leave, so your investment in training pays back in reduced disruption to your business and longer-tenured employees who provide the continuity and expertise that motivates tenants to stay.
While you can’t predict the future, you can prepare for it now. Wise investments in technology can prepare you for growth that exceeds your current capacity and position your portfolio to benefit from the next economic expansion. To learn more about commercial real estate solutions that make sense now, visit GraceHill.com/commercial-solutions/ or call 866-GRACE-HILL.