Corporate real estate management and optimization is a continuous task that requires regular updates and, almost always, a great team around you. Here are a few ways to keep your team and your portfolio headed in the right direction.
Communicate Clearly and Often
There simply is not enough time in the day and in the year for many corporate real estate execs to visit the dozens (or perhaps hundreds and even thousands) of locations in their portfolios. That said, be sure to have your team or yourself check in with regional and branch managers to make sure things are running smoothly and the property is maintained, according to your leases.
Abstract Your Leases
Lease abstracting can save a great deal of time when trying to figure out what leases expiring and when, dates for renewal, etc. This practice comes in handy, particularly when you have many properties, and increased chances of a lease or two coming due in the next year or so. A good corporate real estate software system is often your best bet in terms of this aspect of lease administration.
Develop Regular Reports
Aside from being able to see your site information “at a glance,” monthly or quarterly reports on your locations will help you, over time, to track historical data regarding your sites, and spot any trends. This could be beneficial when deciding if a particular site is the optimal solution for your requirement in a particular region or area. Will your team need to start researching comparable sites (comps) for your existing location or would it be best to stay put?
Inspect Your Properties
Make sure your team knows what to look for when researching the market and site comps. What is it that your current location is missing that would be beneficial in improving productivity? What specifications of your current site are necessary in maintaining in your search?
Specialization
Be clear about whose role it is to perform specific duties. With the ongoing process of corporate real estate management, teams are often stretched beyond their comfort zones. It could prove helpful if your team members know what is expected of them on particular projects, as well as in your day-to-day processes.
Here are a few other articles to check out:
Subscribe to our blog for more great tips!!
