Guest Blog Post by Yardi Kube
Historically, coworking operators have approached workspace management and service delivery by hiring multiple outside vendors or dedicating a team of in-house engineers and programmers. Even without the industry shifts caused by the pandemic, this strategy was not conducive to long-term financial success or stability.
In the case of using multiple vendors, the result is usually disparate systems that don’t connect well, with limited automation. Unconnected systems mean that simple tasks such as onboarding a new member can take hours instead of seconds. In addition, managing multiple vendors likely requires the commitment of an in-house IT specialist, monopolizing a vital resource for a low-value task.
Some operators consider building their own solution to handle financials, day-to-day operations and member and prospect management. If you’re considering this route, it’s important to realize that staff and programmers may become burdened with system upkeep as well as day-to-day tasks. Building a solution requires extensive IT work beyond in-depth knowledge of the unique challenges of a flexible workspace. Because technology is constantly evolving, you may even need a research and development team to help your business grow and retain members.
Throughout the past year, the industry has branched out into new sectors both from a member and an operator perspective. Workers who had never previously considered coworking are now exploring ways to work remotely without the distractions at home. Landlords who find themselves with vacated offices or excess space are figuring out how to add flexible workspace to their portfolios to attract tenants. Due to these quickly evolving target markets, it is difficult to spend the time and resources on an in-house management platform in addition to maintaining operations.
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. The ideal solution, in both the short-term and long-term, is a scalable coworking management software platform that allows non-technical admin-level staff to manage the entire customer lifecycle, from onboarding and billing to on-demand voice and data delivery. It is also important to give your members self-service options for booking rooms and desks, submitting payments and ordering services or amenities.
Managing spreadsheets with manual entry and transferring data between files and programs can be error-prone and time-consuming. It can also lead to lost revenue and disorganization. For example, if your meeting rooms are not fully automated, including door access, you may find that members are being under-billed for usage. If your phone system is not tied directly to your billing platform, you could find that voice data is not imported correctly. Ensure that all services are accurately accounted for and billed every month with software that also provides seamless solutions for accounting, bookings, member and guest management.
Simple tasks such as managing internet connectivity or providing automated door access for guests can take much more time than necessary, ultimately resulting in unhappy members. The benefits of automated technology begin even before membership. When a prospect visits your site and can see a virtual tour, easy sign-up options, trial passes and amenities, they will get an immediate idea of the benefits of joining your space. Counting on in-person visits and hosting events is no longer enough in such a competitive and destabilized market.
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.
