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The Right And Wrong Way To Manage Floor Plans, Building Measurement, And Tenant Data

The Right and Wrong Way to Manage Floor Plans, Building Measurement, and Tenant Data

Many property managers and building owners, like yourself, still rely on outdated methods for managing aspects of their properties. This is common when it comes to measuring buildings as well as managing floor plans and tenant data. Many times, property teams don’t realize how much the manual methods they use and the reliance on external firms are costing them – in revenue and in wasted time.   

Today, there are two ways to manage building measurements, floor plan changes, and tenant lease data.  

1. The Old Way  

The old way uses many manual, time-intensive processes that have been carried on for far too long. The most typical methods of executing building measurements and managing floor plans and related data consists of 

  • Relying on architects for building measurement  
  • Using incorrect or outdated measurement standards  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These outdated methods of managing building measurement and floor plans are not practical for CRE organizations that compete to win best of breed tenants.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 this the case? Manual processes lead to: 

Lost or delayed leasing opportunities: Relying on architects for building measurement and changes to floor plans can take weeks, or worse, months. A prospective tenant won’t want to wait months to see a floor plan change with their request. If you keep them waiting for too long, it could result in a lost leasing opportunity. 

Missed revenue opportunities: Aside from losing or delaying leasing opportunities, you could be missing out on revenue opportunities by using the wrong measurement standards to analyze square footage. Many times, CRE organizations use outdated measurement standards, which means they are missing out on rentable square footage. Using updated standards can uncover millions in revenue through previously unaccounted for square footage. 

Wasted time that could be spent on more critical tasks: Lastly, property teams typically manage floor plans and related tenant data in filing cabinets, siloed shared drives, or other locations that the whole team does not have access to. This leads to team members spending hours tracking down the most up to date floor plan.  

The good news is, there is a new way 

2. The New Way  

The new way of managing this process and data, ensuring you are capturing every rentable square foot your building has to offer and always working off the most up to date and accurate floor plans and data. 

  • Removing architects from the equation  
  • Using experts to analyze measurements 
  • Managing floor plans and tenant data, digitally, in one central location  

Removing architects from the equation, using experts for analysis and managing floor plans and tenant data in one location means that your team will:  

Speed time to lease: Making changes to digital floor plans, on the fly, enables you to show revisions or changes to tenants quickly. They can easily see different scenarios of their floor plan based on their needs. You won’t have to worry about waiting for revisions from architects or losing a potential tenant.  

Capture every square foot of revenue: Using the right measurement standards to analyze your floor plans means that you will uncover revenue that may have been unaccounted for before. Using the correct standards will lead to increased asset value and revenue. One of our clients used our space visualization and management solution and found $1M of revenue. Read their story here.  

Save hours wasted on manual tasks: Hunting down up to date floor plans or accurate tenant data can take hours to do. Not to mention, it is difficult to share paper floor plans across an entire portfolio of commercial buildings. Storing all floor plans and data related to your building in one central location means that everyone has access to what they need when they need it without having to track anyone down or worry if they are using out of date information.   

Always having access to the most up to date floor plans and tenant information is critically important. Managing floor plans and related tenant data will allow you to keep tabs on when tenant leases are about to expire so you can proactively manage your building.  

To learn how our space visualization and management solution can help you speed time to lease, capture every square foot of revenue, and save hours wasted on manual tasks, watch this on-demand webinar.  

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