Opening Franchise Locations – You’ll Need Lease Management Software.
Last Updated on May 9, 2023 by Morgan Beard
Going into 2023 and beyond, franchisee growth has gotten more competitive. Retail vacancy space is at an all time low. So opening franchise locations will require a sound real estate and site selection strategy powered by a lease management software solution.
Spreadsheets, pdf lease documents and calendar notification on critical lease dates work when you have a small lease portfolio. But once your franchise hits 10 lease then it’s time to think about automating your lease management workflows in order to efficiently scale into new locations and markets. So, instead of manually filling out spreadsheets, tracking rent expenses and calendar invites for critical dates, a lease management software does this fro you. This software can help with franchise development by eliminating human error.
The Challenges of Opening Franchise Locations
Franchise development is all about franchise growth. This growth means and opening more franchise locations. Even keeping track of one property can be a pain, but keeping track of several can be an absolute brain-boggler. Commercial real estate lease agreements require you to analyze the property to make sure it is suitable for your intended use, sign the agreement, store it, renew it when necessary, and have it on hand if you ever need to present it. Imagine doing that for multiple locations.
With lease administration software, you can get rid of that headache. The software can do all those things for you. That opens time that can be spent focusing on franchise development. Not only does lease administration software saves you time, however, but it can also save you money in the long run.
It’s well known that employee payroll is the biggest annual expense for franchisees, but second to that is paying for real estate. Mitigate the risks of human error and get a better view of the leases in your portfolio, by working in a single source of truth. In addition, every stakeholder on your team can access your real estate data within a few clicks. So, when you are looking to grow in the future, lease administration software can help you analyze different locations to find the optimal property for your next space.
All of this is why franchisees must equip themselves with real estate technology purpose built to give them a competitive edge.
How Occupier’s Lease Management Software Helps
Occupier has developed a lease management software that streamlines franchise development. This proprietary software ties up all the loose ends for you, saving you time and money. Here are some of the most significant advantages of Occupier’s lease management software:
1. Location Selection
You’ve heard it before, but it is worth repeating: location matters. This is especially true in a post-pandemic world where franchisees have different needs for their units (e.g., drive-thrus, ghost kitchens, pick-up windows).
The Occupier lease management software has a site selection tool that can outline advantages and disadvantages when looking for your next physical location. By using data from your other franchise locations, this tool can help guide you, as well as compare and contrast your unique space needs. It also crunches numbers such as cost per square foot, lease terms, and tenant improvement allowances. Plus, you’ll have an advantage when negotiating with landlords because you will have accurate data at your fingertips.
2. Stakeholder Collaboration
Occupier’s lease management software is the only software that allows everyone involved to look at the same data at the same time. It is a powerful organizational tool that stakeholders can use throughout the life of a lease. Team members can set tasks and due dates for each other through the Occupier portal. This will keep the team on the same page and can have huge benefits, including faster speed to opening, optimized revenue generation, and better deals with landlords.
3. Metric Reports
Not only does Occupier’s lease management software house all your data, but it also presents it to you in an easily digestible way. Occupier believes that being visually organized goes a long way in understanding the impact of your lease. The dashboard allows you to easily look up lease expirations, critical dates, clause deadlines, and expenses. Occupier helps your real estate and operations teams stay organized by empowering them to make better strategic decisions for franchise development.
Franchising is a great way for business-minded people to become their own bosses, but most business owners want to focus on big-picture thinking. With Occupier’s lease management software, franchisees can spend less time crunching numbers and more time on franchise development and sales.
Learn How One Great Clips Scale
Great Clips Franchisee Owner, Joseph Kissick II runs a portfolio of Great Clips in North Carolina. As his leases were coming up for renewal or expansion he had a hard time finding critical lease details for leases that were 20 years old. Ultimately leaving leases in a shared folder and printed spreadsheet no longer cut it. Excuse the pun. A means was necessary to track and review all the details of agreements in greater, well, detail. Read how Joseph adopted Occupier to manage his Great Clips portfolio and unlock expansion opportunities.