Growth in the rental income of workspaces by almost 75%. Increased 60-70% occupancy rate throughout the year and continuous cash flow. Complete strategic makeover to increase leads, revenue generation, and proper visibility
occupancy rate through0ut the year
ABOUT WORK VISTAR
IDENTIFYING THE PROBLEM
Investor Sanjay Agarwal started his journey of investing in many corporate parks and scaled his business. As an individual investor, he has a strong portfolio of corporate buildings in Indore. However, the traditional leasing methods brought several challenges. The changing scenarios of the corporate industry and the latest trends needed a solid strategy to scale the business
The first problem faced by Sanjay Agarwal was irregular rental income due to the traditional ways of leasing properties. A lack of a proper management team resulted in the properties being not leased for more than six months. It resulted in zero rental income several times, affecting the business. It was a bigger challenge to maintain the rental income every month.
The second hindrance in his way was the occupancy issue. It resulted in less rental income and low profitability. Due to improper management of the properties, they stayed un-leased for a longer period. It resulted in zero occupancy several times.
DESIGNING A SOLUTION
The low rental income and less occupancy issue were raised by Sanjay Agarwal to the experts at Propques. The solution to these issues was on boarding a team to manage the properties. Marketing with the help of banners was also taken into consideration. The Propques team designed and implemented a solution for the rental income and occupancy issue.
We understood a lack of a team to handle the properties. The firm suggested starting privately managed workspaces. Work Vistar was a result of this solution, and its first centre was established in the Zodiac Mall in Indore.
The privately managed workspaces can be provided to individuals and smaller clients. The team would continuously monitor the tenure of the clients. Based on their notice period, they would put efforts into the market. The working spaces won’t remain vacant for longer, resulting in an excellent rental income throughout the year.
Moving ahead, we ideated to create amenities like a well-equipped pantry, reception, and photocopy services. Coworking spaces often struggle with high overhead costs. It includes rent, maintenance, and utilities. We implemented a flexible pricing model and efficient space utilization strategies to nullify this problem.
POSITIVE END RESULT
The strategies proposed by Propques made Work Vistar a profitable organization. Due to our strategic approach and full-fledged support from our client, Work Vistar witnessed tremendous growth in their rental income.
Huge companies like OYO and MediBuddy established their office in the Work Vistar center. Both completed tenure of 1.5 years. Along with it, our strategy helped reduce rental irregularities by maintaining proper management with the clients. No workspace has been unleased for more than six months.
Work Vistar experienced 60-70% growth in their occupancy rate, and the properties are occupied throughout the year. It helped to increase the rental rates from 40 rupees per sqft to 78 rupees per sqft. Additionally, Work Vistar is able to create a strong community, retain clients, and build a positive reputation to attract new clients.