What’s the point of using space management software? Many commercial property managers and building owners still happily rely on outdated methods for managing their properties. Such methods are common when measuring buildings, or managing floor plans and tenant data. But the substantial cost of using manual methods and relying on external firms is wasted revenue and time.
Today there are two ways to manage building measurements, floor plan changes, and tenant lease data.
1. The Old Approach to Space Management
The old way uses many manual, time-intensive processes just because ‘that’s the way we’ve always done it.’ The most typical methods of executing building measurement and managing floor plans and related data consist of:
- Using architects for building measurement
- Using outdated or just plain incorrect measurement standards
- Tracking floor plans and tenant data in filing cabinets or siloed shared drives
These outdated methods of managing building measurement and floor plans are not practical for CRE organizations that compete to win best of breed tenants. Why is that? Manual processes lead to:
Lost or Delayed Leasing Opportunities
Relying on architects for building measurement or changes to floor plans can take weeks, or worse—months. A prospective tenant doesn’t want to wait months to see a floor plan change. The longer you keep prospects waiting, the greater the chance you lose a leasing opportunity.
Missed Revenue Opportunities
If you’re using dated measurement standards to analyze your square footage, you’re likely leaving revenue on the table. And you’re not alone. Many commercial real estate teams miss out out on rentable square footage because of the measurement standards they use. Using updated standards can uncover previously unaccounted for square footage—and potentially millions in revenue.
Wasted Time Better Spent on More Critical Tasks
Property teams typically manage floor plans and related tenant data in locations that make sharing them difficult. Think filing cabinets, or siloed shared drives. This forces team members to spend hours tracking down the most up-to-date floor plan.
The good news is, there is a better way.
2. Using Space Management Software
There is a far more efficient and effective way of managing this process and data. It allows you to capture every rentable square foot a building has to offer. And it ensures you always have the most up-to-date, accurate, floor plans and data.
- It removes architects from the equation
- Experts analyze measurements
- When you manage floor plans and tenant data in one central, digital location, sharing is easy
Removing the need for architects, using experts for analysis, and managing floor plans and tenant data in one location means:
You Speed Time to Lease
Space management software enables you to make changes to digital floor plans on the fly. So you can quickly show revisions or changes to tenants. And they can easily see different scenarios for their floor plan based on their needs. You don’t have to worry about waiting for revisions from architects or losing a potential tenant.
Capture Every Square Foot of Revenue
Using the correct measurement standards to analyze floor plans allows you to uncover previously unaccounted-for revenue. This leads to increased asset value. One of Building Engine’s clients used space visualization and management software and found $1 million in revenue. Read their story here.
Save Hours Wasted on Manual Tasks
Searching for up-to-date floor plans and accurate tenant data can take hours. It’s also challenging to share paper floor plans across an entire portfolio of commercial buildings. Storing all of a building’s floor plans and data in a central digital location means everyone has access to what they need when they need it. They don’t have to track anyone down or worry that they might be using out-of-date information.
Having access to the most up-to-date floor plans and tenant information allows you to keep tabs on when tenant leases are expiring, so you can manage a building proactively.
If you’d like to find out more about space management, read Building Engines’ Methods of Commercial Real Estate Building Measurement & National Trends white paper. It explores how you can reposition your properties to maximize RSF in any market.
