Yesterday out of home leasing expert Andy Goodman talked about using software to manage lease renewals. Billboard Insider asked Billboard Planet’s Mike Donaldson to discuss the benefits of using software to manage out of home leases.
Mike, how can good software help an out of home real estate manager?
There are hundreds of things on your mind as an OOH media owner. It is easy for details to fall through the cracks. I would argue that, although leases may not always be on your top-of-mind, they are absolutely vital to your success and need to be allocated any and all resources needed to ensure their longevity.
With 10, 20, even 50 structures, lease management can be managed in Excel. However, doing so takes away from your ability to run your day-to-day. If you have even more leases, it is vital to bring in technology to assist you and help maximize your time.
There are three main areas that software can assist a real estate manager. 1) Contract Dates (renewals, terminations, etc), 2) Site Access and Restrictions (Parking instructions, content restrictions, access information for installers), 3) Lease Payment calculations (fixed, rev shares and everything in-between)
Imagine the time you can save by having a system that shows you what important dates are coming up, informing sales of content restrictions, communicating site access information to your operations team and calculation exactly what you need to pay landlords each month. Besides real admin time savings, the ability to concentrate on other parts of the business is worth its weight in gold.
Can you give us some examples of out of home companies who are use Billboard Planet’s lease management capabilities.
Before coming to BillboardPlanet, my team managed 6,000 outdoor faces of all shapes and sizes. I was a Quantum client and we used the system to manage all of our leases and concessions. Besides tracking renewals, assisting with site access and helping with lease payment management, we also used data from the system to evaluate the profitability of each and every site. This analysis allowed us to renegotiate, extend contracts, and even remove structures, by providing the data to constantly evolve and improve our plant. We also used Quantum to manage the Telecommunications subleases we had on our signs.
You will be able to take Andy Goodman’s advice on timing and apply it instantly to your leases, giving you a heads up in 2, 5 or 10 years when you need to apply it to a contract.
Your software handles more than just leases. Can you explain.
Quantum manages the entire workflow of an outdoor company. Whether for static billboards, digital street furniture, building wraps, transit faces, and any everything in-between, Quantum assists with the day-to-day management of an outdoor plant. The main areas Quantum covers are: Inventory, CRM, Sales, Contracts, Operations and communication with your accounting software, your digital signs, your programmatic connections and your printers.
To learn more contact Mike Donaldson at Billboard Planet, michael@billboardplanet.com, (208) 831-0575.
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