ARE YOU IN CONTROL OF YOUR REAL ESTATE?
Answer these six questions to see where you stand.
Answer these six simple questions to find out whether you are truly in control on your most expensive asset: your real estate.
It is increasingly critical to have a solid real estate strategy. Your buildings must do more than retain their value – they must support your core business and comply with legal requirements. In addition, real estate managers are tasked with staying within budget and reporting accurate numbers for crucial, expensive decisions. Therefore, transparency in your portfolio is vital to ensure you are in control. Answer these six simple questions to find out whether you are truly in control on your most expensive asset: your real estate.
Do you have all basic real estate data available?
Yes, we can pull all basic real estate data from one place.
Yes, we can pull all basic real estate data from one place.
Yes, the data is available, but we have to pull it from multiple spreadsheets and locations.
Yes, the data is available, but we have to pull it from multiple spreadsheets and locations.
No, we do not have all basic real estate data available.
No, we do not have all basic real estate data available.
No, our service provider has that data.
No, our service provider has that data.
What information do you have about the utilization of your real estate?
We know exactly the size, quality, and space utilization of our real estate.
We know exactly the size, quality, and space utilization of our real estate.
We do not have information about current utilization or how we will use it in the future.
We do not have information about current utilization or how we will use it in the future.
We calculate real estate utilization information as needed.
We calculate real estate utilization information as needed.
We do not need that information.
We do not need that information.
How do you compare real estate performances across your portfolio?
We benchmark performances based on standards like BOMA or OSCRE.
We benchmark performances based on standards like BOMA or OSCRE.
We compare real estate costs only.
We compare real estate costs only.
We want to compare, but lack standards and good data.
We want to compare, but lack standards and good data.
For us, it's not relevant to compare performances.
For us, it's not relevant to compare performances.
How do you manage leases, expirations, payments and incomes?
We have real estate software that integrates with our finance system to handle leases, expirations, payments, and incomes.
We have real estate software that integrates with our finance system to handle leases, expirations, payments, and incomes.
We manage our leases across multiple IT systems.
We manage our leases across multiple IT systems.
We have no or very few contracts and manage them manually.
We have no or very few contracts and manage them manually.
We have no standardized process for lease management.
We have no standardized process for lease management.
How do changes to FASB or IASB affect your lease administration and reporting?
No effect as we have no capital leases.
No effect as we have no capital leases.
It will affect our lease administration, but we're not sure how yet.
It will affect our lease administration, but we're not sure how yet.
We are prepared and have implemented changes already.
We are prepared and have implemented changes already.
What!? There were changes to FASB and IASB?
What!? There were changes to FASB and IASB?
How do you align your real estate portfolio with changing business needs?
Our organization is static so we do not need specific alignment.
Our organization is static so we do not need specific alignment.
We are aligned now, but lack insight in future business needs that affect the real estate portfolio.
We are aligned now, but lack insight in future business needs that affect the real estate portfolio.
We have a strategic portfolio plan based on our core business strategy.
We have a strategic portfolio plan based on our core business strategy.
First we need transparency in our existing portfolio.
First we need transparency in our existing portfolio.
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