This is the second installment of our two-part blog series on effective real estate planning. If you haven’t already, go back and read part one: 3 Things Preventing You From Making an Effective Real Estate Plan.
Now that you know what is holding you back, we’re going to show you how to give yourself an edge and make a winning real estate plan for your company.
What is most critical to a Real Estate Plan?
- Data Centralization: Before anything, get organized. Organizing data into one centralized location eliminates the guessing game. Creating a centralized data hub using accurate data sources allows for confidence in reporting. Simply, it creates one version of the truth.
- Agile Systems: Set in place a system that can manage all that great data you’ve organized and help you react to strategic changes that are inevitable in real estate.
- Guidance: Now that you have organized data and a rock star system it’s time for analytics. Whether analysis is provided from internal or external sources, be sure there is transparency in the results. Analytics and data can identify strategic targets to be worked by real estate teams. However, the marrying of analytics and real estate creates a living breathing plan that can be executed upon and trusted throughout your organization.
What are the benefits of tracking your Real Estate plan?
- Strategic vs. Opportunistic: While it may be easy to follow the leader in the real estate game, opportunities are becoming more competitive. A sound real estate plan will allow users to strategically focus efforts on the best opportunity with confidence.
- Go for the Best: Ensure real estate teams are focused on the best sites. Don’t just evaluate any sites, become laser focused on the best locations. Optimize your site evaluation!
- Speed: Having the right plan in place allows real estate teams to react to opportunities with confidence, eliminating the competition from taking valuable locations.
Where is the ROI in a Real Estate Plan through TAS?
- 3X Increase in Sites Reviewed: A focused real estate team knows where to look without the guessing game. Reach your goals faster and eliminate the last-minute push to meet your annual goals.
- 4X Improvement in Approvals: Now that you’ve provided guidance to your real estate team and brokers, get ready for more approvals. No one wants to have a site rejected in committee. A sound real estate plan gives you the ability to bring potential sites to real estate committee with confidence.
- Cost Savings Impact: With tools like TAS, companies can track things like co-tenancy provisions to identify lease violations. Clients have saved millions during the first year by having up- to- date information and tools like TAS at their fingertips.
There are many points where real estate teams fail when it comes to having a sound plan. TAS gives companies the ability to organize data into a common location, creating a centralized data hub for information and one version of the truth. This leads teams to a clear vision of their real goals allowing them to deploy a trusted analytical approach. Ultimately, these tools shift organizations away from the grey and into a well- postured position to drive home real estate goals and improve ROI.
So where are you in the Real Estate Plan spectrum? Are you hoping for the next best location or are you confident in the strategy you’ve built? If you’re looking for guidance, we’re here to help.