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A large, unbudgeted expense shows up on your monthly financial package. There's no explanation, no heads up, and when you ask about it, you don't get a straight answer. What do you actually do?
In this episode of Flex in Five, Mike Kriel walks building owners through why a surprise expense is almost always an agreement problem before it's an accounting problem, and what language belongs in a management agreement to keep it from happening in the first place.
What you'll learn in this episode:
- Why expense categories should be built on formulas, not guesses
- The pre-approval clause that heads off most expense arguments before they start
- Why the variance report is where a number like this should have been caught
- How to build a "what happens if" into every section of your agreement
Want to learn more about what it takes to open and run a profitable coworking business, and whether it makes sense for your portfolio? Download The Commercial Landlord’s Guide to Flexible Office Space. It's 50+ pages built for landlords exploring flex:
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Connect with Mike
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About Flex in Five with Mike Kriel
How do you make money in the flexible workspace industry? Mike Kriel, CEO of Launch Workplaces, breaks down the opportunities, trends, and strategies that are working right now, in five minutes or less.
Honest and unfiltered, each episode tackles one focused topic, from what's working in coworking to emerging opportunities for commercial landlords, brokers, developers, and operators.
Drawing from real-world experience and conversations across the industry, Mike delivers actionable insights designed to help you grow your piece of the pie in this ever-evolving market.
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Want to learn more about how to add a profitable coworking operation to your building? Download our free eBook: https://launchworkplaces.com/landlords/
Creators and Guests
Host
Mike Kriel
Mike has been in the world of commercial real estate for decades, meaning he’s worked on both sides of the management agreement. After an extensive career with The Brick Companies, Mike was named CEO of Launch Workplaces in 2014. In that role, he set out to build flexible workspaces in Brick-owned properties as an innovative means to solve problems by filling vacant buildings. Mike’s formula proved to be a success. And since then, Launch Workplaces has evolved under his guidance, growing to offer its managed model to commercial property owners across multiple states. Fueled by his love for the commercial real estate world and his passion for building and leading Launch Workplaces, Mike acquired the business from The Brick Companies in 2021. Since 2020, Launch Workplaces has taken over management of and salvaged numerous locations that were set to close and continues to expand with locations in DC, Cleveland, and beyond.
What is Flex in Five with Mike Kriel?
How do you make money in the flexible workspace industry? Mike Kriel, CEO of Launch Workplaces, breaks down the opportunities, trends, and strategies that are working right now, in five minutes or less.
Honest and unfiltered, each episode tackles one focused topic, from what's working in coworking to emerging opportunities for commercial landlords, brokers, developers, and operators.
Drawing from real-world experience and conversations across the industry, Mike delivers actionable insights designed to help you grow your piece of the pie in this ever-evolving market.