If you’re in the position of managing thousands of square feet of successful commercial property it can be easy to get complacent. That’s not to say that you don’t realize the challenges of the job. On the contrary, you know exactly what the challenges are with this job — and you’re going to think twice about adding to your number of potential headaches by incorporating new solutions to problems that you’re not sure exist. In a position where change (negotiating new leases, finding new clients, dealing with changes in demand) can often be a cause of stress in itself, why add changes that you don’t need to?
That’s an understandable perspective, but the reality is that even the most successful people and businesses can have blind spots. In some cases, the fact that they are so proficient and knowledgeable may make them unwilling or unable to spot new processes, systems or technologies which might be able to help them. Think of it as a kind of “status quo” bias. However, these blind spots could be not only making your job harder than it needs to be, but they may be costing you money, as well.
Truly seeing the big picture
When you have tens — or possibly even hundreds — of thousands of square feet to oversee, your ability to analyze every aspect of this space is limited. A role that requires you to see the big picture doesn’t always give you the time that’s necessary for keeping on top of constantly changing figures regarding occupied and unoccupied space inventory, or the exact breakdown of which parking and storage spaces are available to which tenants leasing space from you.
Existing tools for supporting you most likely includes spreadsheets and a range of Autocad drawings. These tools certainly have their uses, but they’re not cut out for all the complexities associated with a job managing large numbers of commercial spaces. The manual nature of these systems can make them unnecessarily time-consuming, as well as difficult to keep track of changes as they happen.
At best, these changes require you to make alterations across a number of different files to make sure that all are kept up to date. At worst, you may have to send requests to an architect or Autocad professional to update details about changes such as a new client requesting to rent a store space within one of the malls you’re managing. The result is that they can make your role tougher than it needs to be, while also making it difficult to gather the kind of informed data and analysis that you may want to present to a potential client or higher-ups in your business.
Streamlining your workflow
POC’s Space Management System helps streamline these processes. It presents the commercial spaces that you’re in charge of managing using a graphical user interface that’s easy to learn, but deep enough to give you the answers you need. This purpose-designed software makes it straightforward to keep track of constantly changing commercial spaces by letting you slice, parcel and organize floor plans, whether they’re shopping malls or commercial offices. Unlike other solutions, all of this information is kept in one place, while treating your commercial spaces like a “living space,” rather than a series of static documents.
With a few taps of the mouse, the software lets you ascertain metrics like measured area (real inventory), the area for which a client is charged rent and service charges (area leased by contract), and breakdowns regarding which space is fully occupied and which is being underutilized. All of this information be quickly retrieved using an intelligent search engine.
You can additionally experiment with different strategies by running simulations. This can assist you with optimizing your space management strategies — and thereby potentially lowering operating costs. Previously, working out whether a certain space should be divided or combined, or used for storage or kitted out with facilities, was based on either past experience or potentially costly trial-and-error. P.O.C’s software can help advise these decisions in a way that’s quick, accurate and, most importantly, does not require you to commit to the changes until you’ve seen evidence that they’re likely to work.
The job of a commercial real estate management isn’t easy. The challenges you face include everything from attracting and retaining tenants to hiring staff to keeping track of changes in the commercial market. Software can’t help with all of that, but it can certainly make some of your other jobs easier — particularly when it comes to keeping track of these spaces. POC’s system aims to provide great economic value by letting you better exploit the rented premises and property revenue under your control.