With an economic recovery also comes a renewed interest in commercial property. Retailers in particular seem once again eager to expand their operations or franchises in new locations and in new territories.
Here in the UK, we have seen announcements of planned future growth from a number of retailers across the spectrum of the market, as reported in an article from Retail Week from earlier this year.
It is important that retailers approach such expansion in a methodical, controlled manner capturing all the future lease events at the time of acquisition so these can be recorded and planned for in a systematic way. Also to set up the on-going planned maintenance and statutory compliance testing required at the property.
Having the right tools with which they can record, monitor and maintain such commercial property is vitally important. Having a sophisticated property management system at the start of any expansion process will ensure that they stay well organised and in control as the portfolio expands and develops. We often see retailers choosing a property management system once they have grown to a larger scale business and suddenly find that managing a portfolio of shops via various spread sheets and unconnected management systems becomes time consuming and inefficient and allows commercial risks to develop.
Property Plus property management software can support all aspects of managing a commercial property portfolio. Whether you are a new retailer or an existing one looking to expand, Property Plus empowers you to track and monitor the acquisition process, record all the commercial information on the acquisition and the initial fit out project. You can then set up all future lease events and set reminders for such. It is a central management tool to record all details of your new property.
The on-going property management then becomes very simple for payment of rents, managing lease events and controlling on-going reactive and planned maintenance.
Property Plus offers a one-stop solution to your property managements requirements, all from the same dashboard. Click here to find out more.