Is it easy for your tenants to reserve building resources?
If not, you’re not making the most of building amenities – or maximizing building revenue. Having great resources can differentiate you from other buildings – helping you attract and retain more tenants.
But, if it’s difficult and time-consuming to book conference rooms, event spaces, or other amenities, tenants aren’t going to use your resources. And, when their lease is up, tenants will move to another building with amenities they can actually use – even if your building has better resources.
Difficult to use resources also limits the revenue you could be earning from them. If no one books your amenities, you’re losing out on earnings from common areas in your building. With buildings having so many common areas, this can be a significant revenue loss.
So, how do you make it easy for tenants to use building amenities? Read on to learn how to make resource reservation simple – allowing you to maximize building revenue.
1. Create Billable Resources
The first step to driving more revenue from resource reservation is to create billable resources – which allow you to earn revenue from amenities.
While having amenities tenants can use is great for attracting tenants, it can also be a revenue-generating opportunity. When tenants want to use a conference room, lobby meeting space, or any other common area, you can charge a fee – allowing you to earn more.
However, if you don’t have a process for billing and collecting payment for amenities, then you’re letting potential revenue slip through the cracks. Instead of earning revenue every time a tenant uses resources, you have to spend time writing up charges, getting them to tenants, and tracking down payment – wasting your valuable time.
Having predetermined billable resources can help you quickly charge every time tenants use building amenities. To do this, you’ll assign a flat fee or hourly rate to every resource tenants can use – like a conference room. Then, when tenants want to use amenities, you have a price ready to go.
While you can create a spreadsheet or word doc to track all your billable resources, this can be time-consuming to keep up with. You have to enter all data and any updates by hand for all your amenities. Plus, you have to manually share the resource with your team and tenants when you create or update it.
An easier way is to use resource reservation software that provides templates for billable resources. You simply fill out the template with a description of the amenity, pricing, and availability. Then, you can easily share the resource with anyone who has access to the software – like your team or tenants.
That way, you can save time creating billable resources – and earn revenue more quickly.
Creating billable resources is the first step to simplify resource reservation and drive more building revenue.
2. Streamline Tenant Scheduling
After creating billable resources, the next step is to make it easy for tenants to reserve resources. That way, tenants will reserve more resources – generating more revenue.
Scheduling resources can be a hassle for tenants. They have to call or email to find out if resources are available. Then, they have to reserve the amenity – which can be another call or email. After all of this, tenants might find out that the resource was double-booked – and not be able to use an amenity they had planned on for days or weeks.
This process is time-consuming and frustrating for tenants – leading to them rarely using building resources. Instead of using your conference rooms, they might have meetings in nearby coffee shops, restaurants, or even other office buildings.
So, not only are you missing out on potential revenue from amenities. You’re also missing opportunities to create a positive tenant experience – and increase tenant retention. Great amenities can help you keep good tenants. But, difficult to use amenities can prompt tenants to move to another building.
As such, making it easy for tenants to reserve resources is crucial to driving more revenue and having happy occupants. While you could create a paper sign up sheet, you have to spend time on a weekly or monthly basis drafting it. And, tenants have to go to wherever the signup sheet is – taking up time they don’t have.
A simpler way is to use resource reservation software that has an online tenant portal. With it, you can create resource blocks that reoccur every day, week, or month. So, you only have to schedule each resource once. And, tenants can reserve resources on the same calendar – making it effortless to book amenities.
Streamlining tenant scheduling is another way to simplify resource reservation – while generating more revenue.
3. Quickly Approve Requests
Along with creating billable resources and simplifying tenant scheduling, you need to quickly approve resource reservation requests. That way, tenants can book and confirm amenities in no time.
When tenants want to request a resource, they call, email, or text you (to name a few methods). So, you have to keep track of requests from all of these communication channels. With so much to keep track of, it’s easy to miss a resource request. Or, forget about a request until the date the tenant wanted the resource has already passed.
Even if you do respond to all requests, you likely don’t respond to them instantly – like many tenants expect. It could be hours or days until you respond to tenants about resources. This creates a negative tenant experience and makes it less likely they’ll reserve amenities in the future – costing you revenue.
So, you need a way to respond to tenant requests as quickly as possible. You could hire someone to respond to reservation requests. But, hiring more staff is costly. And, reallocating existing team members could harm other aspects of your property – like staying on top of maintenance.
Instead, you could use resource reservation software that lets you see all amenity requests in one place. And, you can set automatic request approvals for some (or all) tenants or resources. If you don’t want to have requests automatically approved, you can still approve requests in seconds. Plus, your software will notify your tenants after – which is one less thing you have to do.
Quickly approving amenity requests is another way to simplify resource reservation and capture more revenue.
Wrapping It Up
Great amenities can give your building an edge over competitors. But, if it’s hard for tenants to reserve and use these resources, you could lose tenants to buildings with fewer – but easier to use – amenities.
Building resources can also help you generate additional revenue. However, without a process to capture this revenue, your amenities are underperforming.
How can you make it easy for tenants to use amenities while driving more revenue? By creating billable resources, streamlining tenant scheduling, and quickly responding to requests. And, resource reservation software can make this a breeze.
Looking for a resource reservation software that can help you capture more revenue? Consider Building Engines. With its resource reservation module, Building Engines helps you create and invoice for billable resources, make it easy for tenants to reserve resources, quickly approve resource requests.