With the vast amounts of data in our businesses, it can be difficult to get a comprehensive and accurate view of many aspects of our operations. While we know it would be a “good” idea to leverage that valuable information, it can be a challenge to harness it in ways that will lead to valuable and actionable performance metrics. Many companies do not have in-depth, comprehensive and accurate information regarding their lease portfolio due to a high level of effort it takes to come up with a system and then manage it. In the absence of these metrics (e.g., location strength, property characteristics, economic considerations, tenant or landlord strength, etc.) it becomes very difficult to keep sight of the ongoing health of your portfolio as well as how to weigh new opportunities versus existing.
Similarly, some organizations have a difficult time tracking and reporting on longer–term capital expenditures and operational expenditures. This makes forecasting future capital needs and potential cash flow issues difficult and can result in unnecessary and unwanted surprises.
There is a better way! There are several automated reporting tools on the market that can greatly help organizations have a more complete picture of their financial position as well as a consistent way to gauge their performance. These tools will help your organization track and measure how well your acquisitions have met or exceeded their location criteria. Tracking key performance metrics will provide your organization with better visibility not only tied to the economic health of your portfolio but can also be used to monitor and boost performance across your operations.
However, there is a catch. Accurate and insightful reporting is completely dependent upon the data that goes into it. That data comes from the everyday operations of everyone in your organization and it needs to be collected and organized in a way that doesn’t interfere with each of their existing jobs. If the system used to collect the data is painful, no one will want to use it and it will very likely fail.
Common Areas’ mission is to help with this specific problem. We provide an easy–to–use software platform designed for people to work together, across all their properties, on all of the operational processes they have in common. By streamlining and simplifying individual processes (such as lease summaries, deal tracking, competition analysis, work orders, approval tracking, and many others) the work is easier and more effective for the individual and also access to valuable, accurate data becomes possible.
If this topic is of interest, look to Common Areas for further information. Common Areas is committed to helping organizations like yours increase productivity, accelerate and simplify your operations by uniting your people, properties, and processes. Common Areas can empower you and your team with tools tailored to your needs in the Lease Lifecycle management process. Click here to schedule an in-depth Discovery Call with experts to find out how Common Areas can help.
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