How does managing a coworking space differ from a traditional commercial space?
Running a coworking space is operationally more complex than managing traditional commercial real estate. Coworking spaces have a much higher density than traditional space, resulting in a higher volume of tenants (referred to as “members”) to bill, support and manage. Members expect the space to deliver a turnkey solution, including furnished offices and internet and voice services on-demand. In most traditional spaces, you are solely responsible for delivering office space without the services and amenities. Members of your coworking space will also expect you to foster a community that drives collaboration and connections.
Yardi Kube’s coworking platform eliminates the operational complexities of running and managing a successful workspace, from automating billing to fostering community.
Why is sourcing integrated coworking technology better than managing it in-house?
Historically, coworking operators have approached workspace management and delivery of services by hiring multiple outside vendors or dedicating a team of in-house engineers and programmers.
In the case of hiring multiple vendors, you often end up with disparate systems that don’t connect well, with limited automation. The result is a highly inefficient method in which simple tasks such as onboarding a new member can take hours instead of seconds. In addition, managing multiple vendors will require a large amount of time and can be cost-prohibitive in that it may require you to hire an in-house IT specialist.
If you’re considering building an in-house solution, it’s important to realize that staff and programmers may become burdened with keeping pace with the day-to-day tasks.They may not have the time to focus on building a solution that will improve the process by increasing efficiency. Because technology is constantly evolving and in order to remain competitive, you may even need a research and development team to help your business maintain its competitiveness in the market.
Regardless of whether you are hiring multiple vendors or attempting to build an in-house solution, the result will be high running costs and limited scalability. Yardi Kube is a scalable coworking space management software platform that allows non-technical admin-level staff to manage the entire customer lifecycle, from onboarding and billing to voice and data delivery on-demand.
Why is automation key to successful workspace management?
Coworking management software that lacks automation and self-service results in inefficiency. Your time will be consumed with day-to-day operations, leaving no time to focus on building the business. Simple tasks such as increasing internet performance or providing automated door access for guests can take much more time than necessary, ultimately resulting in unhappy members.
Yardi Kube removes the operational burden from running a shared workspace and allows you to focus on what’s important: your members and your locations.
How do you prevent revenue leakage in your coworking space?
In the case in which you have disparate systems that don’t speak to one another, you may not bill the member for all appropriate charges. For example, if your meeting room is not fully automated including door access, you may find that members are being under-billed for their meeting room usage.
Another example would be if your phone system is not tied directly to your billing platform, you will likely have instances in which certain voice billing data is not imported correctly, resulting in under-billing for your voice services.
Yardi Kube delivers a complete coworking management platform that ensures that all of your services are accurately billed every month to each of your members.
What should you look for in a coworking industry partner to ensure your success?
As a commercial real-estate owner, choosing the right partner is critical to your success. The platform should deliver a complete turnkey solution. It should include management software as well as all the hardware and infrastructure needed along with onsite support for both your members and your staff.
Yardi Kube provides an all-inclusive solution that allows you to quickly transform your traditional space into shared space.
How does community play a role in the success of your coworking space?
In order to attract new coworking members and retain existing ones, you will need to provide a medium for your members to connect and collaborate. Most members today are seeking a space that, in addition to facilitating their work, will help them network. Whether this is done through message boards, interactive opportunities, networking or any other means, Yardi Kube delivers a platform that drives community and collaboration in your space.