Specialist Software for Commercial Property Managers

Trace Solutions was the first company to produce property management software in the UK. To still be around today, it’s clear we must understand the different types of property management, and be able to meet their needs correctly.

If you’re looking for commercial property management software, we’re probably the solution you need. Let’s have a look how our software meets the specific requirements of commercial property managers.

Common Roles of Commercial Property Managers

Commercial property managers distinctly focus on the administration, operation, and oversight of properties designed for business purposes, such as office spaces, retail outlets, and industrial complexes. This specialisation involves a broad spectrum of responsibilities aimed at enhancing the property’s value and profitability while catering to both tenant and owner needs.

Lease Management

A crucial component of commercial property management is managing lease agreements. This process encompasses marketing available spaces, vetting potential tenants, negotiating lease terms, and overseeing renewals. Effective lease management is essential for achieving high occupancy rates and maximising rental income.

Tenant Relations

In commercial property management, building and maintaining positive relationships with tenants is vital. Property managers act as the primary liaison, resolving any concerns or conflicts, thus ensuring tenant satisfaction and retention. Understanding and meeting tenants’ needs is crucial for the long-term success of the property.

Maintenance and Facility Management

Ensuring that commercial properties are well-maintained and adhere to safety and regulatory standards is a key responsibility. This includes coordinating routine maintenance, managing repairs and renovations, and responding to emergencies, all aimed at maintaining the property’s appeal, functionality, and safety.

Financial Management

Commercial property managers are tasked with financial oversight, including rent collection, expense management, budgeting, and financial reporting. Analysing financial data and managing operating costs are crucial for achieving the property owner’s financial goals.

Legal Requirements

Adherence to legal and regulatory requirements, including zoning laws, building codes, and safety regulations, is essential in commercial property management. Managers must ensure that properties comply with these regulations to minimise legal risks for property owners.

Compared to residential property management, commercial property management requires a unique set of skills and expertise to address the complex needs of business environments. The focus is not just on maintaining the physical space but also on ensuring that it meets the dynamic needs of commercial tenants that drives their profitability and compliance issues.

Software that Meets the Needs of Commercial Property Managers

At Trace Solutions our TRAMPS product has stood out as a brilliant solution to property management over many years. With the addition of our Mojo applications, we’re now achieving a level of flexibility and functionality that makes a property managers job strictly easier. Here are 5 key points that showcase the need of a commercial property management software:

1. Secure and Easy Data Management

Our commercial property management software allows you to securely store details such as:

• Lease information
• Key dates – such as lease expiries
• Break clauses

Having easy access and convenient secure storage for data like this reduces stress levels and raises efficiency. Further to this, our property management software can scale with you as your portfolio does.

Transaction management through the likes of automated charge raising and rent demands provides a focus on reducing errors and meeting deadlines. Our software learns over time and so continued use allows for more efficient data management.

2. Enhanced Communication and Satisfaction

It’s important that a commercial property management software aids you in achieving a high level of tenant/leaseholder satisfaction. This is often built on effective communication and the organisation of your work. As a result, our data management features allow you to quickly respond with accurate data. By reducing the likelihood of miscommunication and further improving time efficiency your tenant management simply becomes easier.

Part of enhancing communication and satisfaction within property management comes from understanding the point of view of the multiple stakeholders you deal with. It’s important that this is then reflected in your reporting process. Our property management software allows you to produce flexible customised reports that are tailored to the end user. The ability to schedule and automatically email these reports ensures that relevant stakeholders are always informed, promoting transparency and trust.

3. Ensuring Commercial Property Upkeep

Our commercial property management software allows options to aid with facility management. It simplifies key aspects like:

• The management of maintenance requests and schedules regular inspections
• Organising and tracking repairs, allowing for swift issue resolution
• Minimising tenant inconvenience and ensuring properties remain well-maintained and presentable

Our software’s automated transaction management streamlines the financial side of maintenance operations, enhancing both efficiency and accuracy. By automating invoicing and payment processes, it ensures timely payments to contractors, which helps maintain positive working relationships and high service quality. This automation reduces manual tasks and errors, providing a reliable financial overview for better budgeting and planning. Ultimately, this feature allows property managers to devote more attention to other vital areas of property management, improving overall operational effectiveness in managing commercial properties.

4. Built-in Service Charge Accounting

Our property management software also comes with service charge accounting. This is a significant feature that automates the billing process and adapts to various leasing scenarios, crucial for the diverse nature of commercial portfolios. The software’s real-time financial tracking and simplified budgeting processes empower managers to maintain financial control, making their operations more efficient and improving tenant relations. This streamlined approach is a significant advantage in the competitive field of commercial property management.

5. Keeping Ahead of Regulatory Requirements

As with anything that follows regulations and legal requirements, it can’t be wrong. Our property management software is designed to provide a robust framework to keep your work within regulatory boundaries. Here’s how it can help:

• Stay ahead with automatic software updates for key regulations like Making Tax Digital and IFRS16, ensuring your business remains compliant without manual intervention.
• Our service charge accounting is also fully aligned with RICS service charge apportionment matrices and ARMA-Q standards, making complex legal compliance straightforward.
• Keep your financial and operational records up to date with minimal effort, aiding in compliance with local and international standards.
• Generate reports that comply with regulatory requirements at the click of a button, facilitating audits and financial reviews.

Taking the Next Step

Trace Solutions’ TRAMPS commercial property management software, enhanced with our Mojo applications, offers a fantastic combination of flexibility and functionality. Whether it’s improving tenant relations, streamlining financial management, or ensuring compliance with evolving regulations, our software will be a great solution for any property manager.

Feel free to take a look at our case studies to see how other commercial property managers have achieved success with us.

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If you’d like to know more about Trace property management software, please call us, email us, or use the contact form below.

We can provide demonstrations online or in person, at your convenience.