Commercial property owners, operators and investors each face their own set of day-to-day challenges and long-term obstacles. But no matter how wide-ranging their difficulties might be, they all share one crucial commonality: their ability to overcome their challenges is based entirely on how they develop and manage their leases.
By seeking to balance occupancy and revenue while minimizing risk, commercial owners are trying to maintain the landlord/tenant relationship whose terms and conditions are spelled out in the leases they both signed. Commercial operators need to be able to access data from leases quickly and effectively so that the right people can have all information they need to make decisions. Data must be made transparent, everyday tasks need to be completed in an efficient manner, and information should flow freely throughout the business. All of this comes back to the lease.
MRI @ Work is the comprehensive and flexible suite of commercial and financial solutions that address the way businesses interact with the leases they hold. It enables owners, operators, and investors to boost occupancy, mitigate risk, and maximize performance through each stage of the commercial and investment lifecycles.
1) Attract great tenants
Having visibility into both your pipeline and your prospects is important when it comes to making the best decisions possible. Finding great tenants is about more than just filling spaces – you’ve also got to think about what mix of tenants would be best for your commercial property.
By using the tools found in MRI @ Work, you can track and manage contacts, opportunities, and documents that help you find the most productive tenants for your property. With the ability to visualize your entire portfolio and perform the proper assessments, you can take a huge step in mitigating risk before you’ve even put pen to paper. And even when you’re finally ready to do just that, the prospect to tenant conversion will be streamlined in a way that maximizes both your occupancy and your profitability.
2) Maximize the lease
As mentioned earlier, the importance of the lease cannot be understated. As the foundation of the negotiation process, it’s designed to mitigate risk for all parties involved by establishing the roles and responsibilities. The lease clearly outlines the financial nature of the landlord/tenant relationship, making it far too important to overlook as time goes on.
MRI’s solutions help you take your leases off the page and into a database, giving you the means to pull actionable insights from the lease and to share the right data with the right people in your business. When your leases are entered into a digital database, your property managers and asset managers can more easily uncover essential lease terms and clauses, helping them make better business decisions.
3) Run smoothly
With the right technology in place, you’ll have the means to simplify day-to-day property operations and make sure your processes live up to the lease agreement. Facilitating tenant billing, effectively communicating with tenants and streamlining facilities management all become easier than ever with the right processes and automation in place.
MRI @ Work offers full visibility into your property operations with a single platform, allowing commercial property managers to evaluate risk from bad debt, manage disputes and process billing and deposits with the confidence that the payment history is being logged. With the ability to automate revenue-generating and back-office tasks, you’ll have more time for high value activities. By tracking daily operations and finances to the larger budget, you can identify variations that could derail your projections. Finally, with proactive vendor management and preventative maintenance tools, you’ll ensure that your property is kept in top condition.
4) Know the score
MRI @ Work helps you keep track of your business’s health so that you can be better positioned to reach your goals and maximize profitability. With integrated financial and accounting operations, you can streamline your procure-to-pay process, boost your debt management efficiencies, and manage fixed assets.
With an actionable dashboard that is tailored to your needs, you can get insights specific to your role to help you stay ahead of the curve and easily identify inefficiencies. By having the ability to capture operational and occupancy data for investment reporting, you can make data transparent from tenants to investors.
Commercial property management software shouldn’t just help you meet the challenges you face today; it should prepare you for the challenges you may face tomorrow or farther out into the future. MRI @ Work is designed specifically to help you answer the question, “What’s next?” with greater accuracy, efficiency, and transparency. Learn more about how MRI @ Work helps you own, operate, and occupy at every step of the commercial and investment lifecycles.