Five Best Practices for Real Estate Optimization
When you own or occupy a sizable real estate portfolio, it’s easy for efficiency to get lost in the shuffle—you may be throwing away money that could instead be used to increase your bottom line. In order to keep the portfolio thriving and profitable, it may be time to consider an optimization plan. Here are some best practices to consider:
1) Bring the Entire Team to the Table: Group consensus is at the core of the optimization process, so make sure all stakeholders are involved in the process, including real estate professionals, the financial team, human resources, and company leaders. Use this as an opportunity to discuss business objectives and gather various viewpoints and recommendations.
2) Crunch the Numbers: How is your space performing? Understand the entire portfolio’s square footage, number of occupants, operational costs, energy consumption, lease setups, geographical overlaps, and vacant space to see where you can redeploy capital, erase inefficiencies, and strategize.
3) Modernize and Refresh: Where can you bring your portfolio up to today’s standards? Occupants increasingly expect more collaborative spaces, amenities, superior technology, and sustainability. There are cost-effective ways to upgrade your portfolio to garner more attraction, increase employee retention, and position your company as a market leader.
4) Streamline Processes with Technology:From portfolio management to lease administration, a plethora of software options are available to help companies and real estate professionals keep track of important numbers and documentation. 5) Reevaluate Lease Options: Work with your real estate team to look at where di