The time of being an absentee landlord or manager in the commercial real estate industry is over. The experience that your property provides for tenants influences retention, occupancy levels and business performance. A reliable, top-of-the-line tenant experience is shaped by how efficiently your back office is operating, how your business responds to challenges, and how you position the organization for future growth.
The best way to stay ahead of your competition is to run your commercial property well, ensuring that your tenants have a superior experience and that the business is prepared for the future.
Live up to the lease agreement
Adhering to the lease agreement is a process that goes both ways – while commercial properties need the right tenants to fill the space, property and facilities managers are responsible for maintaining an experience that meets the needs of their tenants. Providing a well-maintained space, timely responses to work orders and limiting the need for additional services is all part of running your property smoothly. Empowering tenants with self-service tools such as online payment options and an easy-to-use maintenance request system can also help set the standard for good landlord/tenant interactions.
Streamline back office operations
By providing you with full visibility into your data, MRI @Work enables you to easily access information and leverage key data points that make managing day-to-day property operations easier. Whether you manage a commercial retail, mixed-use, office, or industrial property, this central hub of data can be the resource you need to access the necessary information that will enable you to operate efficiently across your entire portfolio.
With the right commercial solutions, you can easily process billing and deposits with the confidence that the payment is being logged to both your company’s accounting system and the tenant’s record. With solutions from MRI @Work, you can better protect your company from both a financial and legal standpoint by evaluating risk from bad debt and collections, easily tracking and managing disputes, and utilizing accurate and timely CAM calculations.
Taking proactive steps to provide for your tenants and ensure a quality experience for them also means engaging in good maintenance practices. Manage tenant maintenance requests through MRI @Work’s dashboards and enact preventative maintenance measures that can help decrease the frequency of work orders. Gain visibility into task status and portfolio performance, helping you to stay ahead of the curve.
Align budget, financials, and long-term strategy
Managing your property operations goes beyond the surface-level tasks that can be accomplished and checked off a list, however. Stepping back to examine your property operations and financials at a high level is more important than ever when it comes to understanding where money may be slipping through the cracks.
In many areas, automating your organization’s revenue-generating tasks, such as your lease clauses, break points, and recoveries can tighten up the way your properties run and capture more profit. This kind of automation can enable your staff to work more efficiently and effectively, and it allows you to easily accommodate variable lease types and drive tenant renewals.
Taking it one step further, any conversation about streamlining workflow and property operations has to address your organization’s budget. The solutions in MRI @Work can assist you in structuring a budget that looks out into the future and prepares you for both the best case and worst case scenarios. With the ability to extract data from a set time period and apply market assumptions, you can make more informed decisions around costs and investments, and then measure performance against those assumptions. All of this leaves you better prepared to adapt to whatever challenges the future may hold and, as a result, operate more efficiently.
Simplifying day-to-day property operations with the powerful tools found in MRI @Work’s suite of solutions lets you manage complex lease terms, facilitate tenant billing, and streamline facilities management so that your property can run smoother than ever. Learn more about MRI @Work and the commercial solutions that can help you streamline your workflow.