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Few things cost property managers more than properties standing empty awaiting new tenants. 

Which premises are rented to whom, how large are they, on which floor? Do the premises need maintenance or alterations? Basic knowledge like this is of course crucial to being able to operate in property management. At the same time, it can be difficult to keep up-to-date with this kind of information, especially if you use multiple systems that do not communicate with each other.

So what can you do to reduce the number of square metres of economic vacancy, not to mention the length of time that your properties are empty? Moreover, how can you ensure future profitability?

1. Market information - Know your past and present situation
Make sure that up-to-date market prices on the premises in question are included in the same system so that you can calculate the cost of existing and upcoming economic vacancy at any time. In order to secure your position in the market place, you must be aware of the position via-a-vis competition and the current situation in the market, as well as expected developments. Who are your potential customers? What type of tenants will be happy in your premises while also representing good profitability for you? Building surveys, information about other tenants in the building and an overview of the actual square-meterage provide the basis for sound estimates and calculation of profitability. Market analysis linked to your actual portfolio will provide crucial insights for sales situations, where you need instant access to information.

2. Monitoring
You need to be the master of the past, present and future. Make sure you have a management system that provides an easily understandable overview of your whole property portfolio.
Your chosen solution must include the status of all leases, and must include information about tenants who want to expand or make changes, not just those with a contract that is due to expire.
Make sure that you have alerts and workflows in place to ensure good practice. In order to get ahead of the curve and be in a position to work proactively on renting out premises, you need to know straight away when this becomes relevant. Set up alerts in your management system to remind you that the end date of a lease is approaching. That way, you can sign an agreement with new tenants before the existing term expires, thus reducing economic vacancy.

3. Overview
Make sure that all departments in your business can turn to a management system that provides an up-to-date overview at all times. While your sales staff need a management system integrated with CRM, a controller, for example, needs a single resource in which to find accurate data.
Get running reports showing vacant square-meterage multiplied by the current market price to make the total cost evident to decision-makers in your business. Good reports show information across modules to give you a comprehensive picture of the portfolio – the tool you need to plan and make good decisions for the future!

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