Change equals opportunity: Stay competitive in the property management landscape
By: Anton Systems
One look at the mall up the street and it is obvious how competitive changes force a constant flux of evolution and rediscovery in the property management industry. Property managers are scrambling to fill vacancies with “draw” tenants to replace the “big box” stores that are moving out. Online retail is increasingly taking its pound of flesh, while technology that allows employees to work from anywhere is shrinking the demand for office space.
It’s possible to leverage these industry changes as opportunities. With the right tools, management companies and owners can “resurface” their existing properties with a tenant mix that retains cash flow and even allows them to flourish with the ebbs and flows of the market.
Agility is one of the keys to success. The evolution of change can be very labor intensive, but not changing with the times can have devastating results. The ability to quickly review key metrics and make wise assessments is the difference between success and failure.
For example, a tenant mix for a mall that has lost or is getting ready to lose a major anchor is not an easy fix. Not only is there a major deficit in revenue, but there is also new dark space (due to the size of the space to be vacated). What “new” anchor can be placed there, if any? The decision to split the space, refurbish to variety shops, or bring in an entertainment anchor is one that needs to be evaluated with the entire tenant mix of the mall.
The ability to confidently evaluate and make smart business decisions is just one of the powerful tools available from the SKYLINE property management system. It does more than just manage lease abstractions of critical dates and monthly billings; it allows the end user to appraise the entire property schematic for both leasing and ownership options and, in turn, reinvent or change the property if need be.
SKYLINE property management software from SS&C provides the tools you need to meet the challenges of today’s ever-changing marketplace. For more information, download our brochure or contact Mark Ziemba at email@example.com.