The value chain of a corporate real estate property portfolio is simple. It is essential to manage assets and liabilities in an effective manner. This includes maximizing the ROI on those investments and finding new opportunities for growth. With this in mind, it is important to look for a solution that can manage all aspects of property management, from lead to leasing to portfolio optimization. Salesforce has a multi-cloud approach that seamlessly integrates with CRM capabilities to provide a complete end-to-end solution for corporate real estate property portfolio management.
A Fully Integrated Solution
An integrated property management solution provides benefits in many areas. These benefits include more than just process efficiency gains. By integrating all data, real estate companies can have visibility into the entire property management lifecycle and leverage analytics to proactively manage tenants and properties. These insights help companies increase the ROI of their portfolios by preventing inefficiencies or mistakes.
The popular Salesforce CRM is a dynamic solution that can seamlessly address all aspects of property management and manage leads, opportunities, contracts, billing, servicing, and portfolio optimization. And, it manages all of those aspects while providing visibility to the entire team for efficient workflows.
With an integrated lead-management solution, firms can easily track and communicate with prospects and define multiple audiences to set each audience on a personalized and automated journey from lead to lease. The time and effort saved on these marketing activities has a direct impact to the bottom line, freeing the firm’s limited workers to focus on other value-add initiatives.
Easily converting leads and creating opportunities allows for a seamless handoff and speedy closing. Companies can leverage term sheet digitization and automation for generating both long-form and short-form term sheets. Automation can also accelerate processes, reducing the time it takes to generate documents by up to 50% and providing a single source of truth that removes any question as to what has been agreed upon.
The automated solution converts a letter of interest to a letter of intent (LOI). LOI digitization and optimization automates the process of getting a corporate real estate manager’s signature to an agreement and moves it to be reviewed by legal counsel for final sign-off before sending to vendors. This eliminates manual steps and removes any chance that the client may not have completely reviewed the document.
A key to keeping tenants happy is managing to the agreed-upon performance obligations. Automated contract-management capabilities can manage contracts and obligations in one place. With this functionality, corporate real estate firms can easily track all contractual relationships, provide transparent reports on compliance with contractual terms, quickly identify at-risk tenants based on agreed upon performance metrics, send automated renewal reminders and contract renewal notices, and automate the process of generating new contracts.
A robust leasing-management portal should enable firms to keep track of all details involved in an application process by using intelligent guided workflows. This includes features like scheduling appointments with prospects, showing the property, and collecting signatures.
Billing can be a painstaking and error-prone process. Salesforce provides billing capabilities that generate invoices and statements that can be billed directly through the CRM, saving time for the client by eliminating manual steps for tracking all billing activity and receivables.
A critical area for customer satisfaction is how a firm manages service. Salesforce Service Cloud provides both proactive service management and reactive issue resolution. This enables a firm to proactively manage tenant needs, identify at-risk tenants based on agreed upon metrics, and fix the problem before it becomes an emergency situation.
With workflow automation, firms can also automate the process of assigning service requests to the appropriate agent, generate a follow-up email with status updates for all parties involved, and track the number of hours an employee has spent on each task.
Another area that improves customer satisfaction is providing self-service portals. Using Salesforce Experience Cloud, tenants gain access to their leasing information, can generate offers, and see the status of lease renewals.
Insights and analytics help clients make informed decisions about how to manage their corporate real estate portfolio. This includes things like return-on-investment (ROI) calculations for sales and leasing, tenant turnover forecast analysis, and a dashboard that shows the performance of each property in terms of revenue, occupancy cost per square foot, market rent per square foot, ROI and more.
The lease optimization feature in Salesforce’s Portfolio Management tool provides a dashboard that shows the revenue breakdown of each lease and the tenant's performance against their obligations. This enables firms to see potential opportunities, while tenant turnover reporting capabilities enable firms to see all relevant turnover and vacancy details. This information is critical, because it helps proactively identify improvement opportunities.
Finally, AI and ML identify cross-selling and up-selling capabilities. Firms can see patterns in lease renewal rates, get a clear picture of the customer's needs, and can recommend relevant products or services. AI provides insights into areas like occupancy rates and market rental values so firms can see trends over time. This information helps real estate firms plan future steps whether developing new properties, expanding into a different city or country, or even acquiring another company in the same industry.
Improved Property Portfolio Management
Now is a great time for corporate real estate firms to improve their property portfolio management. Leveraging the Salesforce CRM and related tools, firms can improve their visibility into the overall portfolio while streamlining portfolio and turnover management. At the same time, they can reduce their application landscape complexity while increasing their flexibility and scalability. The Wipro Salesforce Practice is familiar with the challenges that corporate real estate managers face and has helped many clients maximize results by enhancing their Salesforce capabilities.
Portfolio Partner – Capital Markets
Josh is responsible for Capital Markets at Appirio and has over 15+ years of experience in designing, developing, and implementing scalable, reliable, and secure architecture for enterprise customers. He is a senior leader skilled in building effective teams capable of executing scalable and predictable front and middle office processes that result in revenue expansion and service excellence. His capability to straddle both Strategy and core execution uniquely positions him to ensure his clients' success in the CRM space.