Your commercial real estate portfolio is often one of the largest line items on your income statement. But when was the last time you critically evaluated it?
To save you time and resources, we designed the CRE Score interactive assessment. The self assessment is divided into five sections and asks Likert scale questions to help you critically evaluate your commercial real estate strategy, people, processes, technology, and portfolio. The CRE Score’s algorithm translates your ratings into a customized, comprehensive report with valuable insights and relevant resources.
The information generated from the assessment is designed to help you better understand your company’s overall CRE health and activate the next steps towards achieving a more optimized portfolio.
Continue reading for a preview of the core sections of the assessment—and explanations of how the results can benefit you.
Evaluate Your Real Estate Strategy
Your CRE strategy is a crucial extension of your overall business strategy. When done right, effective real estate strategy:
- Enables more effective and efficient operations. A thoughtfully conducted strategy can reduce inefficiency in office utilization and help cut costs across the board.
- Produces the best representation of your brand and accentuates the best in your culture. Investing in your real estate strategy enables your organization to communicate its mission, vision, and values among internal teams and to the right external audiences.
- Generates superior financial results. Finally, a strong real estate strategy will take your organization to the next level when it comes to financial return. Thorough planning based on historical performance and predictive data will impact your people, processes, and technology, ultimately yielding higher ROI.
With the CRE Score, you have the opportunity to self-assess the strength of your organization’s CRE strategy by answering important questions such as:
- Do you regularly identify supportive assets, unsupportive assets, and gaps in your portfolio?
- Do you monitor occupancy costs across the portfolio?
- Do you proactively manage environmental issues?
- Do you quantify and take advantage of all available economic development incentives?
Based on your answers, helpful strategic resources are custom-selected and available for you to use and apply upon completion of the assessment.
Your People, Processes, and Technology Matter
The final sections of the assessment will address how well your people, processes, and technology impact your real estate needs and decisions.
Real estate is where an organization’s values and principles are physically realized. When done right, it supports your existing teams, attracts new hires, and contributes to client success. Some questions to keep in mind when evaluating the strength of your people in relation to your commercial real estate needs are:
- Do you regularly manage and evaluate your real estate vendors and partners?
- How well does your portfolio support internal clients and their needs?
- Do you have the right internal resources positioned to proactively manage your commercial real estate portfolio?
Having a comprehensive decision-making framework and realistic KPIs are just a few components of an effective CRE process. When evaluating your overall CRE health, it’s important to consider:
- Do you have a centralized decision-making framework for CRE transactions?
- How often do you meet to manage your CRE portfolio?
- Do you have standardized processes to transact CRE and manage facilities?
Your team should be leveraging technology, like CMMS and lease management software, to influence CRE decisions and maintain your portfolio. The latest systems and technologies can put your team ahead of the curve when it comes to optimizing your portfolio. To most accurately evaluate your commercial real estate technology, ask yourself:
- Do you effectively use facilities management technology to manage preventive maintenance, benchmark financial metrics, and measure performance of buildings?
- Do you leverage technology to boost internal efficiencies and maintain accountability?
- Do you utilize a lease management tool to proactively manage critical lease dates?
Your people, your processes, and the technology you leverage are essential components of strengthening your commercial real estate portfolio. By using the CRE Score assessment to critically evaluate each area that impacts your CRE, you will receive helpful (free!) resources directly related to your top needs as an organization.
Get Your CRE Score Today
The CRE score is designed to help you evaluate your real estate strategy on a deeper level. Based on your unique answers and ratings across five core areas, our algorithm generates a custom report filled with actionable insights and relevant resources. Take the assessment now and receive instant results.