How to rent empty industrial and warehouse space?

As you start with a new business and expand for the operation, there can be a need for a larger space than needed to manufacture or store the products or more people to discuss on a certain project. Warehouses, manufacturing buildings, multi-use spaces can be used for larger activities. These spaces are mainly used for the storage of products, storage fulfilments, and further distribution.

Here are some following tips on how to go about looking for more industrial space, including how you can make the best use of the space and the basic needs of the empty industrial commercial lease.

Determine the commercial space and the needs

The nature of the business is dependent on the type of property that fits well your business needs. The industrial property generally goes under one of the three different sets

– Warehouse spaces

– Industrial spaces

– Flex a space or an empty property

There are many types of industrial space and each type of industrial space serves a different purpose. The main purpose of the warehouse is used for the store and distribution of products. The distribution center would come under a warehouse that is used for the distribution of the products, but if your business is not distribution-based then you can use it for big projects and discussions. Using a warehouse may require proper packaging and product labeling to prepare for distribution or further business.

A manufacturing space other than product distribution can be used for other activities like can be used for huge discussions and meetings, different sources like presentations, client meetings, documentation, etc.

A flex space or a mixed-use property is a combination of warehouse spaces and manufacturing space that can be used for handling the manufacturing and other needs all in one place.

The right commercial industrial space

The online property databases can make it easy for commercial and warehouse searches for the comfort of the home and office space. Once you have researched what type of property would fit in well for your business and you can use the database to compare the properties searched to meet the specific criteria.

When you start your research you decide on:

– The monthly budget

– The space you need

– Where you are looking for a location for example empty offices, loading docks, ceiling height, etc.

Once you have researched online to identify the needs of a specific want to get a sense of the market, make use to connect on the commercial real estate professional space. Commissions are equally been paid by the landlord and the owner in the commercial lease market so that it doesn’t cost you much and it is affordable for you as a tenant.

Related Topic: How can empty shops be used for renting?

Visit the commercial space

After all the research, make an appointment to see the empty commercial space in-person to see the space. Space may look perfect in pictures online but you will have to walk through each property which you will be able to access whether it meets your needs. You should put your demand about the space to the real estate agent, you may be able to make recommendations on the properties according to the client.

When you keep yourself organized, the expert will keep your potential on the research on the commercial space. One way to create a spreadsheet with the detail on each space you have. Use the following category to compare the elements for the properties to include:

– Compare lease price

– Additional cost and expense

– Time of the lease term

– Property meets your needs

If you find an empty commercial space that doesn’t match your needs, you can ask your real estate agent about researching the space. There can be a point wherein there won’t be an option but it is worth asking to find a place but it would be quite right.

You can ask certain questions to the agent like:

– Whether it has enough energy lighting but can save a lot of money

– What preventions have been taken in the space

– Is there any parking available

– Is there enough clearance

– Can the space be fitted well according to your needs

If you have found a perfect space according to your need, keep searching for the space. But the important question would be don’t you want to book the perfect space once you get it? The answer to that would be “No”

Why? Because there are two to three commercial properties that would work, it is not a compulsion to the idea to like the first space. With this idea, you can consider which one is best for you and the business. If you have a few properties to consider, you will have an upper hand when it comes to negotiating the terms because you won’t have to be desperate to close the deal.

Expert recommends you searching the three properties that meet your needs. And with that, you should consider making the offers and comparing the lease terms.

August 27, 2021 0

5 Keyways to overcome the Risks while optimizing ERP Implementation

Finding the right ERP software solution is not an effortless task to achieve and can prove to be a long and tiring process, but it certainly adds considerable value to the activity and business flow of the company. Nonetheless, purchasing the ERP software as implementation is just part of the entire process, and end-user transfer is the final step for the whole process.

The implementation aspect is where most companies are facing difficulties. In most situations, if not properly implemented, an ERP program could result in reduced ROI, leaving the company helpless. We also identified important risks that need to be tackled when refining the ERP implementation to help businesses avoid the possibilities of any failure due to these risks.

1.The requirement of the business

Before executing it with the ERP vendor and thoroughly testing it, it is essential to document the workflow and business requirements accurately during the implementation of an ERP. Such specifics allow the ERP provider to recognize and configure the specifications, thereby removing any workflow gap.

The company needs to define the goals to be achieved by the new ERP software. The selection process for ERP software is an unimportant attempt if there is no clear goal. It is important to evaluate the existing system in order to set a clear purpose and to clarify the business requirements, and the processes within and outside the system must be observed in detail.

An imperfect implementation of ERP will create different issues, such as unnecessary features, poor integration of the ERP program with business operations, etc.

2. Software Selection:

While selecting ERP software, it is important to choose a system that fits well with the needs of the organization. A proper analysis should be drawn to find the pain and risk areas of the organization, and then only the ERP software should be chosen that can address these sections along with various other functionalities.

This analysis helps in avoiding multiple issues rising down the road, making the new ERP software a success. The ERP software chosen should be equipped with future state technology including additional interfaces and adequate infrastructure to withstand the demands of the performance.

3. Complete control of ERP Implementation:

It is imperative for the organization to pay close attention to all the critical implementation processes such as budget and timeline, selection of the vendor and software, resource strategy, deployment methodology, etc.

The company must pay close attention to all essential processes of implementation such as budget and timetable, product and device selection, resource plan, delivery methodology, etc.

Failure to do so may result in less than expected results from the implementation of ERP software, such as communication issues, inadequate internal support, delays, budget overages, etc.

4.Continuous Support

Commercial property management software is also a form of technology, and it also has a shelf life like any other ever-evolving technology. Therefore, a version update is usually the right solution for a successful implementation.

In such situations, a team of technology professionals working constantly to upgrade and improve the efficiency of the ERP program will take the business to the next level by supporting the strong support system.

5.Data Migration

When a new ERP program is introduced, it is important to transfer all data from the old system to the new system. The cost of updating the data is likely higher for most software and more time-consuming than implementing a new ERP program.

The real reason for such pitfalls to occur is because the data, itself is the issue. The format of the tables used might be different, the software difference between the two systems, poor quality of data, etc.

The best way to overcome these restraints is by choosing a commercial property management software that makes data migration easier in place of making it a sophisticated, grueling task.

Maisonette’s ERP software with its technology professional team helps to overcome all the risks associated with the implementation of ERP making it the company’s best commercial property management software.

The risks are real, and it’s not always possible to avoid these risks but they can still be recognized in time and prevented, and Maisonette at every step focuses on being the support of their clients helping them overcome the issues with ease.

Corporate and commercial agents need an industry-specific and tailored ERP software solution to manage property-based inventory transactions such as office, retail, residential, industrial or branch offices and corporate offices. A real estate software system can monitor different types of property as well as all other asset life procedures like space assignment and many other functions.

January 9, 2020 0

Benefits of Adopting Software Systems at Property Management Firms

Managing property and handling their routine tasks consists of a large number of juggling tasks for managers. Manually performing such business operations as tracking rent payments and managing maintenance requests is highly time-consuming and often overwhelming, and these processes form only a small part of what property managers face on a daily basis. Luckily, there is a property management software solution which is attracting more and more companies these days.

Property management software facilitates its users to automate multiple business operations through a single platform which otherwise consume lots of time, this many times even hampers the business. So the property managers should gain the benefits by implementing such software which goes far beyond saving time and money. If you wonder how your company can benefit from having property management software designed and developed, let’s find the answer here.

Benefits Of Property Management Software

Implementing this software solves most of the complication that property managers struggle with on a daily basis. By enabling the Mpower which is a space management software, the companies can achieve the following benefits:-

1. Real-time access to information

All the necessary information is stored in your laptop or is piled as documents, this restricts you from working anywhere else, but only at your office.

But with MPower the property management software which is a web-based platform, one can work from anywhere at any time. Data is updated automatically and stored online, allowing both you and your tenants to access all the necessary data in the right form from the mobile phone.

2. Improved communication

This is a two-way process where not only you are involved to manage the property but also tenants are expected to perform many operations as well, like including paying rent and reporting maintenance requests, parking management, etc such essential activities requires their time and your availability for smooth function.

Implementing the property management software, tenants can log into their own profile and perform all the necessary operations online. Offering access to a tenant portal allows them to report a maintenance request any time of the day and track every update.

3. Quick property inspections

Inspecting the properties is one of the most time-consuming business operations which property managers must face. It requires visiting properties one after another, noting down all the necessary information, and then typing it up back in the office

The software can assist you to conduct property inspections and generate insightful reports while out in the field. which can save a lot of time and always provide required information on time without any delay

4. Reduced administration work

Typing data manually is a highly time-consuming activity for any business and, more importantly, it leads to minor errors which with the passage of time can lead to a major problem further it does not give you immediate results, one needs to analyse the data by self to gain insightful information, which becomes a time-consuming activity.

With the application of best software, data is automatically captured and so the reports been generated are comprehensive and one can analyse the report according to its requirement with respect to finance or the company performance. This further reduces human dependency and everything becomes automotive making the systems and process intact.

5. Online payments

Rent payments may be troubling not only for you but also for your tenants. When done manually, it is difficult to keep track of payments which require a few days to process. When manually introduced there is huge possibility to miss the payment record.

Processing payments become very convenient it can be managed with one single click from mobile within a minutes. It is easier to monitor and track the payments from each tenant to manage the proper records online, this further enables you to run financial reports automatically. Also, such reports can be viewed at your convenience through mobile.

6. Securing sensitive data

In every business, data management and protection of sensitive details of your customers, such as their credit checks and lease agreements, is very important. As a property manager, it is your prime responsibility for keeping them safe and secure.

With property management software, there is no need to worry as all of the personal data is securely stored online. Software development companies offer data encryption which secures it even more cautiously.

7. Data analysis

For a business to prosper, it is necessary that its owners make accurate, data-driven decisions. However, the data performed manually is prone to errors which further leads to inaccurate data analysis due to which erroneous business decisions can take place which in the long run can hamper the business performance.

Thus with Mpower, all the information you introduce into the system is stored, which enables you to run thorough analysis and gives you insights on your business. Proper data analysis allows you to spot any inefficiencies and discover new opportunities.

To sum up

Let the technology work for you for managing or tracking your property and growing your business. Thus having MPower the best property management software designed and developed to meet all of your property management needs can help you to improve almost all of your business operations from monitoring payments to managing maintenance requests. With automation, you can save valuable time which you can now spend on growing your business.

September 17, 2019 0

How IoT Is Revolutionizing The Real Estate Sector

Today’s world is technology-driven, you think of anything and it is backed with IoT in some or the other way. With such a high demand for AI and IoT, even real estate sector is highly influenced.

Internet of Things (IoT) and Artificial Intelligence (AI) are the buzzwords in a technology-driven world, even real estate developer are deploying this to their upcoming properties to influence the home buyers Developers are working towards the automation of products to their new developments. Earlier due to the huge cost of technology such advantage could not be provided to the customers but now as India is also a technology-driven country so there is a reduction of cost factor even the deployment cost had gone down due to which application of IoT becomes smooth.

Real estate today is no longer confined to a brick-and-mortar structure with developers constantly looking for ways to offer value to their customers. It has evolved into creating a healthy environment for people to live, work and play, thereby improving the health and quality of life of households in India

Related Post: 5 Steps to Increase Conversion and Rent Out Your Property Faster

Wifi which is now the necessity of every house enable home automation products like video door panels, sensor-based light and video-based security and surveillance systems, automatic management of home appliances, air-condition, television, geysers and other such electricity appliances the entire home automation is controlled by a single application which is slowly becoming part of new development, especially in the metro areas.

MPower, a real estate management software has been working with developers and property managers to manage their multiple properties and thus it had influenced the business functionalities.

Real estate industry completely runs on raw materials like bricks, cement, iron, steel and more. To understand the inventory, agents can keep track of the stock availability at the sites. Tracking of materials helps the real estate companies to avoid the unnecessary wastage of material hence cutting down the unnecessary cost on material and investing the money wisely. Such tracking of materials can be wisely done by IoT application.

Not only this even the decision making also have great impact with the IoT usage better decision making can be taken by customers or property managers. The devices provide valuable information that realtors can leverage to improve sales. An in-depth, predictive analysis of the home serves as a “report card” of the property’s value. Agents can provide this information to prospective buyers to boost their confidence while making the buying decision.Instead of wasting time by seeing the property multiple times for consideration, prospective buyers can use accessible, informed analytics to make quick and better decisions.

Related Post: Ways to Improve your Real Estate Customer Experience

IoT applications will keep booming and molding the real estate industry in innumerable ways. When selling a home, agents ought to think about whether the home is IoT enabled or not for the offer. It will likewise be fundamental for agents to analyze how IoT innovation can enable them to expand their own activity proficiency and create leads.

Infrastructure flaws are not noticeable if a building is newly built. Though, all buildings will age and require attention for its maintenance. IoT helps developers give the assurance that buyers need before signing the agreement. The predictive technology will help tenants identify and address infrastructure flaws over time. By using IoT enabled sensors and real-time energy monitoring, tenants can track any inconsistencies that come up and schedule for maintenance automatically.

Even commercial real estate also see changes in its operations due to IoT usage. The devices connected make it clear who is responsible for the particular task. Due to such a system, last-minute changes can be made even so there’s less confusion for workers regarding their directives. They can be designed to connect all of the major systems in the facility. like HVAC , lighting, etc IoT can show how the building’s units function as a whole.

Leveraging IoT applications in commercial and residential real estate can lead to cost savings through better operations. This works more apt when the managers have all the operational data with them this further helps to make changes to reduce pressure on their equipment. Such in-depth reports lead to less maintenance and replacement costs.

Commercial tenants can also use IoT to improve their businesses with property management software which led to greater efficiency and employee satisfaction, tenants may raise their business’ profile and potentially the profile of the area through IoT. Building owners can’t mandate certain technology upgrades for their tenants. However, they can educate tenants to the power of IoT for better business benefits

Real estate has always been a lucrative option for investors. However, technology has begun to change the expectations of commercial real estate, and it’s likely to keep growing on this path. Owners and investors who understand how the advancements of today will impact the profits of tomorrow stand the best chance to sustain in the future.

IoT has already begun to increase efficiency in construction, building management, home buyers and tenant satisfaction. such capabilities and IoT features will continue to grow and adapt to new building needs in the future.

August 8, 2019 0

5 Steps to Increase Conversion and Rent Out Your Property Faster

In a world where customers demand reliable and instantaneous information, on-demand services are on a rise. You can easily access an ocean of information on your fingertips. Anyone can stream their desired TV shows, book a cab for a quick errand and catch up with world news just with a few clicks.

It is important for the real estate industry to keep up with the pace of the on-demand economy. This economy is sure to revolutionize the trends of the industry on a large scale. Customers will expect quick solutions when it comes to property.

Potential tenants desire responses regarding property listings the same way they desire everything else – fast. From quick replies to follow ups, here are five steps to be taken to increase your lead-to-lease conversion rate and rent out your properties faster:

1. Respond to queries as soon as possible:

The early bird gets the worm. Be quick as a cat when it comes to replying to customers. We are talking minutes instead of hours. Studies suggest that you have a 40 percent better chance of engaging with your customers if you respond within the first 1-2 minutes of the inquiry being made. And if you thinking that waiting for even 30 minutes is not going to affect your chances, you are going to lose about 20 percent of potential renters as they will have moved on to other listings.

The least you can do to keep the customer hooked is acknowledge their inquiry using Artificial Intelligence (AI). Innovative technology has made it possible for you to reply instantaneously to queries. Moreover, you can program the AI to answer frequently asked questions and schedule showings of the property.

2. Qualify Leads

It is of paramount importance to figure out if the property the customer is interested in is the right fit for them. You would not want to offer a smoker a smoke-free property or a pet owner a space that isn’t pet-friendly.

Setting up a criteria that filters the renters who are not fit for the property saves both your time and theirs. When you list the property, you should include as much information as possible before they reach out to you. Even after they have contacted you, ensure that the expectations they have from you match with what you have from them.

If all is well and good, you can proceed to the next step that is the showing. If not, you two can part ways or you can offer another property that will be best suited to their needs.

3. Cross-Sell

Do not rule out a renter if they are not a good fit for the property they inquired about. Instead, offer them to check out other properties you own or manage. Cross-selling allows you to turn more leads into leases.

To do so, you can by figuring out their requirements by the questions they ask or by redirecting them to the listings of other properties owned or managed by you. If you are successfully able to get the customer interested in the space, schedule a showing.

4. Follow Up

Following up is the most important step to converting leads into renters. However, property managers assume that one follow up is sufficient after the initial point of contact to keep the customer engaged. Contrary to that, research shows that following up five times within four days of the inquiry is the ideal conversion ratio that ensures you get the most out of the query.

Contact them the same way they first contacted you. If they sent you an email, reply them back. If they made a phone call, ensure that you call them back. Send follow-ups emails stating the important points covered in the conversation. Moreover, you can ask them about their feedback or if they have any further questions regarding the property. Enabling multiple touch points makes the customer think you are interested in renting out the property to them.

5. Lease Online

With the proliferation of technology in all walks of life, it is about time you moved your business online. If you still rely on screening through submission of applications – consider digital leasing.

Research on a platform that lets you list all your properties and allows customers to get in touch with you regarding the space they like. Additional features that will boost your business is accepting payments through the same platform. This lays out the foundation of managing everything from one place. By switching to a digital method you will not only save valuable time but also fill vacancies faster.

MPower is one such platform that allows you to list your space inventories, accept inquiries online and earn effortlessly. You can also link your bank account and receive money into your account after you complete a booking. MPower lets you keep detailed records of your business to let you resolve issues of property management and finance.

Make the most of these five steps and you will see that letting your properties stay vacant will be a thing of the past. Utilize your time optimally to increase your cash flow with MPower.

July 30, 2019 0

Factors To Consider When Buying Or Renting Warehouse Space In India

Business Growth is extremely exciting and dreams fulfilling of every business owner. With your business growth, there comes an expansion plan as well which require a warehouse space. So before you require much large space for holding or dispatching your goods there are certain factors to consider while buying or taking a warehouse space on rent.

Traditionally one of the most ignored sectors in logistics, warehouses have now developed into sophisticated stockrooms with advanced, real-time tracking mechanisms and other state-of-the-art facilities, which have been instrumental in shaping the modern economy. Thus it had evolved from traditional godowns’ to the modern setups which have a complete suite of the warehouse management system. Now the trend is changing and there is a great demand for warehousing and logistics especially from tier-II cities like Jaipur, Ludhiana, Lucknow, Guwahati, etc

There are various factors to consider while choosing a warehouse space for your business.

Calculate the space required

Business planning is a meticulous task as it never works on the present work situation. It only works with the estimated plan of business growth in the coming years. Having a thoughtful space planning is very essential for the growth of the business. Space can be a valuable deal only when it is well-calculated else in case of gradual growth it can disturb the financial circle by incurring the extra funds in the space. So a better analysis you have the wiser you will be to make a decision. Thus the storage requirement should be according to the product.

Desired Consumer Base

While choosing a location it is very essential to consider your customer’s location. Your customers should be in close proximity to your warehouse. This will lead to good customer service as well will reduce the cost of shipping thus with the faster and cheap shipping process. This will make your customers happy and more likely they will be loyal towards your brand.

Proper documentation and understanding of Rent term

The rent agreement or lease agreement is a vital document one should go through it accurately before finalizing your warehouse space. Even the increase in the rent amount should be considered if it shoot up the cost will disrupt the financial planning of your business.

Proximity to the carrier services

Make sure your warehouses are near to carrier services as it will streamline the process of shipping your products to your customers. If there is a good balance it makes the shipping process easier and faster as well make customer loyalty. Always determine a reasonable balance of distance between the manufacturing location, warehouse storage, and customer and always evaluate the transportation and shipping costs that go with that distance

Workforce Availability

More than the physical space of the warehouse location it is the demographics that matter. Understand your labour need because people in different locations have different skills and so the price of the place changes accordingly. Always consider the supply and demand of workforce availability.
If the demand of workers is more in that area it will then lead to high salary so such variation will impact the business so having a proper evaluation of the workforce in the area is very essential before opting for warehouse. To research and understand the demographics of the area, research the educational attainment and income levels of the city or state, which can be found on government websites. Understanding the workforce is important because it impacts your employee retention and productivity rate.

Longevity

Consider the longevity of your warehouse location it will impact the growth or shrinking of your business. Always analyze the potential growth of your company and determine if the warehouse location has room for expansion. If your product is seasonal, it is always advisable to consider a location that offers the seasonal renting facility. Evaluate the potential of the warehouse space and plans for longevity.

Taking the advice from the Professionals

It is always advisable to take the suggestion from the experts since every industry has different work condition so with the expert’s suggestion any unforeseen problem can be resolved prior.

Having an apt online platform for managing multiple warehouse properties. With the demand in the growth of warehouse space, there increase the necessity for online property management software,

MPower is one such platform which completely takes care of all the properties from a single interface. Thus providing accurate data analysis.

Choosing a warehouse location require lots of aggressive research work. The location of your warehouse can be mutually beneficial for your company as well as your customers, overall providing a more efficient, effective, and profitable experience for your customers and company.

July 25, 2019 2

Ways to Improve your Real Estate Customer Experience

For businesses that frequently come in contact with direct customers, it is pivotal that you provide a good customer experience if you wish to retain them. As per a 2018 PwC study, consumers are ready to pay 16% extra for good customer experience. Yet, the most important reason why customers turn their backs towards businesses is insufficient speed and efficiency along with inconvenience.

More and more businesses are focusing on improving their point of contacts with customers. This enhances their experience and adds a personal touch which in turn retains the customers. On-demand services like Netflix, Uber, Ola, etc. are surpassing the expectations of customer experience, thus helping them sore their business to unmatched heights.

The expectations of customers have drastically changed over the years, with most of the consumers expecting quick and reliable solutions. Businesses need to get on board with the trends of the market if they want to make it to the other end.

CUSTOMER EXPERIENCE VS CUSTOMER SERVICE

Customer service and customer experience are two sides of the same coin. Even though customer service had been the top priority of businesses for the past few years, light is now being thrown on the importance of customer experience.

So what really is the difference between the two? According to Forbes, customer service is defined as “the advice or assistance that a company provides to its customers.” whereas customer experience is defined as “the total journey of a customer’s interactions with a brand.”

Customer service is a reactive measure that a business takes when a consumer reaches out for assistance. However, customer experience is a proactive measure where a business reaches out to the consumer. This makes the customer feel heard and acknowledged.

CUSTOMER EXPERIENCE IN REAL ESTATE

Due to the entry of a number of competitors, retaining your customers can be a difficult task. Even the slightest of frictions between the interactions of you and the customer can result in a drift.

Customers demand quick responses and reasonable prices when it comes to real estate. Being at their constant beck and call can enhance their customer experience and improve your goodwill in the market.

WAYS TO IMPROVE YOUR REAL ESTATE CUSTOMER EXPERIENCE

Confused about how to improve your customer experience in your real estate business? Leave your worries to us as we have listed here a few things on how you can get started

Low Response Time

The choices that consumers have has increased significantly while their patience to wait for a response from the business has dropped. Speed, convenience and efficiency are vital if you are aiming at improving your customer experience. Simply acknowledging their queries and requests can buy you some time while you contact the customer to resolve the issue within a few hours or days from which a query was made. This takes up very little of your time but yields great results in customer experience.

Consider Automation

Automation is the recipe to run a successful business. More and more people are opting for automation, thus increasing the efficiency and speed at which your real estate business caters to the customers. Automating most of your processes allows you to focus less on calls and paperwork and more on growing your property business.

Streamline processes

Proper planning and execution reduce the chances of you facing any hiccups in your business. An easy way to solve this is to opt for a property management software that takes care of all the processes of your real estate business. This allows you to take care of everything from one place at any time, anywhere.

Measure success

Measure the growth of your real estate business every now and then to figure out what marketing strategies you should plan next. An easy way to do that is to generate timely reports that help you analyse the trends in your business.

These are some of the ways to enhance real estate customer experience. Now, following all of the above without a little help can be tedious. Keeping that in mind, we have developed the perfect solution to all your real estate problems.

Mpower is a real estate management software that lets you list all your spaces on the dashboard, accept inquiries for the listed spaces and earn effortlessly. You can also maintain financial records and paperwork that reflect the transactions made with the bank and the customers. Moreover, we provide you with a dedicated relationship manager that looks after all your queries and resolves them in no time.

Manage your entire space inventory and earn effortlessly with Mpower!

July 18, 2019 0

Category: real estate management software