Is it easy for tenants to reserve resources – and for you to maximize the profitability of your building assets?
If not, you could be missing out on revenue. Great amenities can help you attract and retain tenants. But, if it’s hard for tenants to use these resources, it’s like your building doesn’t have them. Even if you have the best amenities in town, tenants will leave your building for others with resources they can actually use.
And, resources, like conference rooms, are less profitable areas of your building. If you don’t have a set rate and an easy way to bill tenants for using these amenities, you’re not maximizing building profitability.
How can you make it easy for tenants to use resources – while increasing building revenue?
Use resource reservation software. With it, you can simplify the process for tenants to reserve resources. And, it’s easy to generate revenue for your resources – with little work on your part. Plus, you can set guidelines that make it easier to collect revenue and keep your amenities in top shape.
Wondering how resource reservation software could help your property? Here are the top benefits for property managers and tenants.
1. Make Resources Easy to Reserve
One of the top benefits of resource reservation software is that it’s easier for tenants to use amenities.
When tenants want to use a conference room, event space, or any other resource, they have to get in touch with your team. Either by phone or email, they have to submit their request, without even knowing if the resource is available when they need it.
Your tenants might wait for hours or days just to learn whether they can use the resource. This can make it challenging for tenants to plan meetings or other events. By the time your team can respond, it might be too late for your tenant. So, they have to turn to other buildings or public meeting spaces to get work done. Instead of using building resources.
Since tenants already have to go to other buildings to have meetings or events, they might decide to leave your building when their lease is up. Another building with fewer but easier to use amenities will get your tenants. So, you’ll have less tenant revenue – and a less profitable building.
Resource reservation software can make it easy for your tenants to reserve resources. With an interactive calendar that shows availability for the next month, 6 months, or even a year, tenants can quickly see when amenities are available. And, they can put in a reservation request right from the calendar.
So, it takes tenants only minutes to reserve resources. With a simple process, your tenants will use your amenities more often – which can increase tenant satisfaction and retention.
2. Resource Reservation Software Reduces Administrative Burdens
Another benefit of resource reservation software is that it reduces the administrative work involved in managing resources.
To reserve resources, tenants call, email, or even fill out a sign-up sheet. Then, your team has to respond to each request individually. This involves digging through emails, listening to voice mails, or tracking down a sign-up sheet. Finding and responding to every amenity request can take up hours of your team’s valuable time.
And, with so many different ways for tenants to put in requests, it’s easy for your team to miss these requests. So, a tenant might put in a request and never hear back from your team. This can make tenants feel like you don’t care – decreasing tenant satisfaction. And, responding slowly or not at all can also hurt tenant retention – and your building revenue.
Resource reservation makes it easy to respond to amenity requests. Tenants only have one way to submit requests. So, you only have to check one place to see and respond to every request. Plus, resource software allows you to approve requests in large batches, so you don’t have to spend hours a week responding.
Plus, it’s easy to respond to tenant requests in minutes. So, your tenants know almost instantly if they can use the conference room or event space. This fast response time can improve tenant satisfaction – leading to less tenant turn over. And, more rental revenue due to a consistently full building.
3. Resource Reservation Software Increases Your Revenue
Along with making it easier for tenants to reserve resources and reducing the administrative burden, resource reservation software can help you earn more from amenities.
Without a systematic process to set amenity rates and bill tenants for usage, you’re missing out on potential building revenue. Instead of making the most of your building, you’re letting tenants use areas for free. Or, only sporadically charging them for usage.
Plus, without consistent guidelines, your tenants won’t know the charges for or usage rules of your resources. This results in tenant dissatisfaction when they’re billed one time after not being billed for others. And, it could result in damaged amenities if tenants don’t know how they can and can’t use them. Leading to increased expenses because you have to repair resources.
Luckily, the right software makes it easier to collect revenue from resources. You can set a rate for amenity usage, which appears when tenants reserve amenities. So, they know what to expect when using resources. You can also bill tenants from the software, so you can maximize revenue collection.
And, you can create guidelines for resource usage that tenants see when reserving amenities. That way, tenants know how to treat resources to ensure they stay in good shape. So, you don’t have to spend revenue repairing resources – increasing your overall revenue.
Wrapping It Up
Building resources can help you attract and retain tenants. But, if they’re hard for tenants to use, your amenities could be costing you tenants. And, managing resources could be taking up hours of your time – increasing expenses. Plus, if you don’t regularly bill tenants for using resources, your building isn’t as profitable as it could be.
However, resource reservation software can help you get the most out of your amenities – and maximize building revenue.
With easy tenant scheduling, tenants can reserve resources in minutes – increasing tenant satisfaction. And, it takes little time for your team to oversee resources – cutting expenses. Plus, with features that make it easy to charge and bill tenants, you can increase building revenue. That way, your building can achieve max profitability.
Looking for the right software? Consider using Prism. With Prism’s resource reservation module, you can make tenant scheduling simple, reduce how much time your team spends managing resources, and increase the revenue resources generate.