The Lithuanian start-up Pingin.Space doubled its operations in 2021 and has become a familiar and regularly used tool for many of the country’s more prominent commercial real estate developers or managers. The key feature of the start-up’s product is its ability to automate a large part of routine commercial property management activities and offer a better experience for customers in parallel. According to its founders, with the product established in Lithuania, they are already looking at foreign markets for expansion, according to a press release from the company.
„Knowing the market well, we see that for many commercial property owners and managers, responding to hundreds of incoming customer enquiries, the flow of account administration and trying to reconcile thousands of rows in Excel with the benefits to their own business is a huge part of the required resources, and often means there is not enough time to collaborate with customers and meet their needs. So we always offer potential clients an analysis to assess where they could save the most resources or get better returns on their business space management by using our tool. Our own experience shows that often the optimisation solution is right there, but relying on conventional and inefficient processes,“ says Mindaugas Juška, co-founder of Pingin.Space.
According to the co-founder, Pingin. Space is a one-stop-shop for managing managed commercial assets and ensuring smooth collaboration with clients in the building. One of the product’s key advantages is optimisation. It aims to benefit both sides – the manager and the client, who can get a solution or order additional services more quickly, avoiding unpleasant experiences or mistakes.
„We don’t just see our product as a technology platform or software. It’s a solution that offers a flexible approach to specific needs, and our team is actively involved in the process, helping us tailor the optimal solution to the needs of each client. We then offer our specialists support at every step to improve the entire administration tool in their daily operations. For example, each business centre or co-working space may involve a very different number of third-party service providers (parking services, event spaces, catering, or cleaning services), which dictates that each Pingin client can set up the system in a way that suits them best and then make adjustments,“ says Juška.
Product options: from basic to unique solutions
„The Pingin platform aims to bring harmony and reduce the hassle of building management to a minimum, leaving no room for inaccuracies or bad experiences. This does not depend on the building or the number of services to be managed from a small co-working centre to a large office rental complex.
The product offers comprehensive tenant contract management, with all management done in one place, the ability to create and edit a single register of tenants, view utilisation and performance reports and manage contract details.
It also offers a user-friendly solution for managing technical tenant enquiries, generating reports and monitoring access. The platform provides real-time monitoring of occupancy, aisle loads and traffic movements, bookings, utilisation of additional services and products.
The platform makes it possible to create an unlimited database of third-party services for tenants and gather offers from trusted suppliers. The system enables facility managers to offer tenants more paid and free services without increasing manual work in the administration process.
In addition to the many other features on the admin side of the platform, there is a solid focus to the client-side. The Pingin platform provides tenants with self-service access via a browser or mobile app. Tenants and their employees can easily access the services they need for their guests and administer the services provided by the office building or co-working space – for example, booking meeting spaces, parking spaces, one-click billing and subsequent reporting. The list of self-service functionalities is constantly being updated and expanded.
„Perhaps one of the more important examples of the flexibility of our platform is that the existing administrative structure and its functionalities can be changed very quickly if, for example, the management of the premises or even the business model itself needs to be changed. For example, if you decide to turn regular office spaces into hot desks or transform the use of shared spaces, the transformation at the platform level is very fast, the operational adaptation can take just a few hours and start generating benefits on the same day,“ says Mr Juška.
Entering foreign markets and building partnerships
One of the product developers, M. Juška, says that the platform has already helped manage more than 200,000 square metres of various commercial properties in Lithuania by the end of 2021, and this year’s expansion ambitions are already focused on foreign markets.
„We are currently opening our representative offices in Latvia and Poland, and in parallel, we are carrying out preparatory work for expansion into the commercial property markets of southern European countries. Our expansion is not only about opening new markets or attracting financing. We have the ambition to become the largest commercial property administration platform, where a large number of third-country partners will operate and offer their services to tenants so that, for example, companies operating in Lithuania will be able to offer their services in a simpler way to a much larger number of potential clients, maybe even beyond their geographical presence,“ Juška comments on the start-up’s prospects. According to him, there are only a few similar platforms in the Baltic region and in more distant foreign markets, which often cover only a very limited part of the administration processes or simply offer a different format and environment for the same process and do not optimise the costs. It is precise because of the shallow market for administration solutions that this year, the start-up Pingin. Space is planning to develop even more actively, both in terms of new markets and in terms of technology and service development.