Technology for Landlords and Tenants
Over the last several years, the commercial real estate (CRE) industry has experienced significant technological advancements, impacting everyone from CRE advisors to landlords. From modeling software to virtual property walkthroughs, new tech has improved the CRE-related business.
CRE technology extends past marketing or property searches. Now, there are several available resources to help facilitate landlord-tenant communications. Several companies offer mobile applications that can assist with day-to-day CRE tasks.
HBRE and Technology
The HBRE team is constantly engaging in CRE news and updates, including finding new tech resources to offer our healthcare clients. However, HBRE is not affiliated with any of the below applications or associated companies. While we are interested to learn more about these technologies, we do not directly recommend one app over another app. Instead, we would advise our clients to research apps or other technologies that can improve their practices. These apps are interesting developments that could be helpful for CRE personnel across the board and applicable to healthcare landlords:
VTS for Landlords
The VTS platform acts as a “digital command center,” for assets, tenants, and agreements. In addition to providing a full-scale version of its platform, VTS also offers a mobile application. The app keeps track of real-time market data and allows landlords to manage their tenant relationships. Landlords can also record deals and manage their portfolios.
MRI Real Estate Software for Landlords
The primary purpose of MRI Real Estate Software is to provide flexible tech that improves multiple facets of CRE ownership. Its tech resources include planning, accounting, lease abstraction, investment management, etc. The software offerings span a broad range of landlord uses, such as reporting or lease management. And they also offer a mobile app, MRI Workspeed. Their app features property management tools that improve workflow for landlords and their tenants. The app facilitates the creation and dispatch of service requests.
Yardi for Landlords
Similar to MRI Workspeed, the Yardi Facility Manager App allows users to manage work orders. Yardi’s full platform includes more resources as well. It provides accounting systems, construction and development tools, and other CRE solutions.
Staff Time-Tracking Apps
Time-keeping apps like HoursTracker® are appropriate for healthcare landlords who staff a real estate team. It allows the individual team members to input their hours for accounting and payroll purposes. While this app doesn’t directly assist with the CRE, it helps landlords remain organized and focus on their tenants’ needs.
Other notable time-keeping apps include Toggle Track, Harvest, and Everhour. Time-keeping apps would be beneficial for landlords who would like to research the amount of time they and their team spend on CRE tasks. They may discover they are spending too much time on CRE tasks compared with other business needs. In this case, the landlords may choose to hire healthcare CRE advisors to handle real estate tasks for them.
Using Apps in CRE
While tech resources like mobile apps are useful in CRE, they might not be beneficial for all landlords. Not all landlords directly engage in lease negotiations, tenant relations, or property management. For these CRE owners, mobile apps won’t be as helpful. Instead, they may want to refer the apps to their healthcare CRE advisors.
Medical real estate advisors assist with commercial tasks like leases, transactions, or market research. They save their clients valuable time by offering their expertise and negotiation skills. Healthcare CRE advisors are familiar with the requirements associated with medical properties. They often help manage landlord-tenant communications to maintain smooth, ongoing business relationships. Healthcare professionals interested in learning more ways to improve their CRE processes can reach out to the HBRE team for more insights—[email protected].
If you are interested in learning more about investing in commercial real estate, or if you have questions about buying, selling, or leasing a commercial property, please contact an HBRE advisor. Our team of experienced CRE professionals have the skills and insight to assist with all property transactions. To reach out to us directly, email [email protected] or call 615-564-4133.
