How To Manage Multiple Tenants With iOFFICE
While expanding and diversifying your corporate real estate portfolio can create new revenue streams, it can also lead to new challenges.
If you’re contemplating pursuing new investment opportunities that include managing multiple tenants — such as coworking spaces or mixed-use buildings — part of your process should include adding iOFFICE to your proptech solutions stack.
Here are five ways to simplify tenant management using iOFFICE.
5 ways to simplify tenant management
Optimize space utilization
Not every tenant is going to use the space they lease in the same way.
Occupancy levels and utilization patterns will vary depending on factors such as the size of the business and the industry in which it operates. Communal spaces like kitchens and shared meeting rooms that are used by multiple different tenants will have their own utilization rates.
Making the most cost-effective decisions about how to manage and maintain your properties requires having a complete picture of how each individual tenant is using their space.
iOFFICE’s space management software gives you visibility into core attributes like the locations, sizes, and types of properties being leased as well as the total rentable square footage. You also have insight into metrics that are critical for effective tenant management, including:
- Total capacity vs. actual occupancy
- Utilization by building and floor
- Square footage by tenant
- Price per square foot per person
Built-in sensor integrations also make it even easier to see real-time occupancy data and historic trends.
IoT sensors unobtrusively and anonymously capture data you can view directly within your floor plans. Rather than relying on tenant-reported data, you can make decisions based on the actual usage and performance of every space in your portfolio.
Visualize design updates and relocations
The needs of your tenants and your needs as a corporate real estate manager are constantly changing. The companies that occupy your properties will expand or downsize, and new tenants will move in to fill vacancies. You’ll add new properties to your portfolio and remove those that no longer support your long-term goals.
That means you’ll need to update existing spaces, plan new ones, or move tenants from one property to another. iOFFICE takes the guesswork out of space planning and move management by allowing you to visualize every step in the process before you move a single desk.
If you need to reconfigure an existing space or create a space design from scratch, you can use Space-Right to test various space and seating scenarios and get instant recommendations.
If you need to plan a move, you can use interactive stacking diagrams in our move management software to see how your tenants and their assets will occupy the new space. You can experiment with multiple configurations to determine how to execute a move in the most efficient way and with the least amount of disruption.
Manage multiple leases
Properly managing leases is critical for every corporate real estate leader. iOFFICE integrates with lease management solutions to give you access to crucial lease details, including:
- Lease agreement type
- Lease start and end date
- Name of tenant(s)/lessee(s)
- Name of landlord/lessor
- Renewal options
- Renewal notification requirements
- Termination notification date
- Monthly payments
You can use our lease management software for multiple types of lease agreements, including those for assets, easements, insurance, and utilities.
You can even schedule automatic notifications to alert you about important upcoming dates, such as lease expirations. And you can build dashboards and analytics reports to generate actionable insights. Our lease management software can also easily be integrated with your other solutions via our APIs.
Track asset utilization for invoicing
Providing access to shared amenities like outdoor workspaces and fitness areas, as well as shared assets like printers, copiers, and scanners can be an economical way to contribute to an exceptional tenant experience. However, this arrangement can make monthly billing more complicated since not every tenant uses these amenities with the same frequency.
Jeff MacKay, Senior Director of Global Operations at pharmaceutical company Vertex, found himself facing this challenge while managing a facility that housed not only Vertex but also an incubator for biotech startups.
The firms had access to shared conference rooms and equipment but had to be billed separately. MacKay uses iOFFICE’s asset management, space management, and report management solution to transform the platform into a tenant billing system.
Within the Insights module, you can view granular details about each asset, including when it was used and by whom. You can use this information to build asset utilization reports for individual tenants, and then based on the reports, determine how much the tenant should be charged that month. You can generate reports manually or use automation features to create scheduled reports that are delivered to specific people at designated intervals.
Optimize the tenant experience
Due to the dramatic shift in occupant expectations over the past 10-15 years, a modern tenant management strategy must have a heavy focus on optimizing the tenant experience. This means embracing the concept of space-as-a-service and using technology that gives occupants control over how they engage with your space — like iOFFICE Hummingbird.
The Hummingbird experience app connects to your workplace management system and collects real-time data from IoT sensors to give tenants the power to do all of the following from their mobile device:
- Report maintenance issues and submit service requests
- Find and reserve parking spots, workspaces, conference rooms, and assets
- Request food delivery or catering for a meeting/event
- Receive delivery notifications for mail and packages
- Navigate unfamiliar buildings using mobile wayfinding
You also have the option to add this functionality to digital signage displayed throughout your buildings.
Using these interactive kiosks means you can not only provide access to user-friendly wayfinding, reservation, and service request tools to tenants, you can give visitors the opportunity to take advantage of them, as well. In addition, digital signage can help you keep tenants and visitors informed about building announcements and events and provide helpful information like weather forecasts, news stories, and sports updates.
As an added bonus, this technology is constantly collecting data about how occupants engage with your space, which you can use to further improve your tenant management strategy.
To effectively capitalize on emerging real estate opportunities, you need the right tools and technology. With iOFFICE, everything you need to maximize your real estate investments is at your fingertips. Learn more.