More revenue from building management: 5 creative tips to increase your turnover17-03-2022
More and more people are working partly or fully remote, especially after the pandemic… With that came another issue to deal with when managing a building, namely more vacancy and less revenue. As a property owner, you, therefore, have to be increasingly creative with your building management. But don’t worry: this blog is here to help! Follow these 5 tips to counter and prevent vacancy and get more income for your office, private property or hotel.
1. Create flexible workplaces for self-employed people
According to this Dutch article, there are around 1.4 million freelancers in 2021 in the Netherlands alone. A large proportion of these flex workers and freelancers are looking for a workplace other than their own kitchen table. Manage to turn your building - or part of it - into a co-working space as a smart way to increase your turnover. In doing so, you help freelancers find a desk and you earn extra income every month from this new form of building management. With good chairs, fast wifi and - if at all possible - good coffee, you will come a long way. Do your plans change and do you have other plans after one or two years? Then, thanks to the flexible contracts, you are never stuck with someone. Of course, this flexibility works the same way the other way around: flex workers also leave their jobs easily.
2. Turn your building into a creative hotspot
Do you not have a little, but a lot of space left over? More space to increase your turnover! Give something back to the city and the neighbourhood and turn your empty building into a temporary creative hubspot. Let coffee bars, set designers, food trucks, hairdressers, event professionals and other creative people make use of your building. Do you think this is a good idea, but you don’t know where to start? Enlist the help of organisations that do it for you. A good example of a company that makes something out of nothing is Temporary Palaces. They focus specifically on Amsterdam, but there are organisations throughout Europe that can transform your premises into temporary creative breeding grounds. Again, its smart to work with flexible contracts, so that you can easily plan for possible reallocation.
3. Offer your unused square metres as storage space
Do you have space left over in your stockroom or cellar, or has a whole floor been empty for a while? Offer them via a sharing platform. With unused square metres, you can easily generate more income from your premises. In addition, you are helping to achieve a fairer and better distribution of scarce urban space. An example of such a sharing platform is Djeepo. Both individuals and companies can use this platform to earn extra money by offering their available square metres as storage.
4. Rent out your unoccupied parking spaces
Do you have one, two or perhaps even a hundred parking spaces leftover in your car park? These are also easily offered through a sharing platform. This way you can generate extra income from parking spaces that would otherwise remain empty. You only make the spaces available when they are actually free. Rent out your parking spots outside of office hours, only during the weekend or during office hours or inbetween tenants. Mobypark is an example of such a parking sharing platform. This tool lets you decide when it is most convenient for you to share your parking space. Does your situation change? Then you can adjust your availability accordingly. By sharing your parking, you do not only boost your own cash flow, but you also contribute to a nicer city to live in. Travellers can reserve a seat in advance, which in turn saves them from driving around unnecessarily. All in all, this saves time, CO2 emissions and hundreds of parked cars in narrow streets. A win for you, the traveller and the public space.
5. Turn your empty space into a pop-up studio
They appear suddenly and in a flash they are gone again: pop-up studios. For smaller players and starting entrepreneurs, such a temporary shop is an amazing way to create hype around a product or service in a short time. And all this at a competitive price, because the contract duration of pop-up studios is often easy to cover- this is of course the secret behind the word pop-up: they come and go. For property owners, pop-up studios are an opportunity to combat vacancy and loss of income. Both parties remain flexible thanks to short rental contracts. Meanwhile, this temporary form of renting provides extra income every month. Not only small but also large companies regularly choose pop-up studios. They use the space as a showroom or for the launch of a new product, for example. This can be anything from an electric car to a biological toothpaste brand. You name it!
From half-empty to completely full
Get off to a good start and start renting out your parking spaces easily and quickly, or try out one of the other tips that suit your buildings situation. As building manager, you know your situation best. You will see, when managing your building’s empty space in a creative way within no time, both your glass, wallet and your space will change from half empty to half full to... completely full. You’ve got this!