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Fueling Rapid Growth and Accelerating Leasing with VTS
REGENCY PROPERTIES
Regency Properties is a leader in locating, upgrading, and
revitalizing retail assets in markets that serve as shopping,
government, manufacturing, and agricultural hubs.
With properties in 18 states across the U.S., the firm has
aggressive growth goals – it is planning to expand from
6.3 million square feet to 10 million in the next three years.
Technology is huge for any company that’s trying to scale. You can keep throwing human capital at any problem, but when you’re truly effective is when you leverage that technology so you can have 40 people on staff versus 60.”
“
Jim Wittman, Chief Operating Officer & Senior Vice PresidentRegency Properties
Regency Properties is a privately held retail real estate company focused on small markets where it can hold the dominant asset. With aggressive growth targets, the leadership team is a major advocate for digital innovation and believes that the key to scaling is to optimize the leasing process with effective technology.
Regency began looking for a technology solution when it became too difficult to provide capital investors with up-to-date information while on capital raising trips. The team wanted a solution that would enable them to generate real-time reports with insight into deal flow and capital requirements in just a few clicks. What they didn’t realize until they started using with VTS was just how dramatically their leasing team’s productivity would increase with a leasing and asset management platform.
Case Study: Regency Properties Page 2
VTS PRODUCT TYPE
VTS Core, VTS Deal Approvals
ASSET TYPE
Retail
PORTFOLIO SIZE
6.3M SF
REGIONS
AL, FL, GA, IN, IA, KY, LA, MI, MN, MS, MO, NC, OH, SC, UT, VA, WV, WI
BROKER MODEL
Third-Party Brokers & Internal Leasing Team
WHY REGENCY PROPERTIES NEEDED TO TRANSFORM ITS APPROACH TO LEASING & ASSET MANAGEMENTChallenges & Roadblocks
Case Study: Regency Properties Page 3
DIFFICULTY COMPILING INFORMATION FOR INVESTORS
Given Regency’s growth, its executive team was constantly going on capital raising trips for weeks at a time, and its investors expected real-time information on deal flow and capital requirements. A last minute team meeting to get status updates just wasn’t working.
INEFFICIENT LEASING PROCESS
Without a central system to manage leasing activity and critical budget metrics, the deal process was delayed. Often, during an initial call a prospect would ask a question the leasing agent couldn’t answer, and a follow-up would be scheduled. Frequently this never took place as the prospect had found a better option in the meantime.
LACK OF PORTFOLIO VISIBILITY
Regency Properties had experienced leasing agents with a wealth of deal context and experience, but no effective way to capture it so that prior learnings could be leveraged on new deals. As a result, agents were constantly reinventing the wheel, holding up deal cycles.
“
Jim Wittman, Chief Operating Officer & Senior Vice PresidentRegency Properties
Case Study: Regency Properties
When you take VTS and put it on a property, we ask ourselves, does that help us make another deal or make another deal a month faster? And the answer is absolutely yes. This system pays for itself every single year just by being able to move those deals quicker.”
Case Study: Regency Properties Page 5
TRANSFORMING THE LEASING AND ASSET MANAGEMENT PROCESS AT REGENCY PROPERTIES
ACCELERATED TRANSACTION TIMES
With VTS, Regency’s agents have
critical information at their fingertips,
enabling them to answer questions
from prospects on the first call and
calculate the key metrics (such as IRR)
needed to understand whether a deal
will work. Now agents can proceed
with the right deals quickly, reducing
the number of days it takes to convert
a proposal to a lease from 132.8 to 59.8.
55%↓ in average days from proposal
to executed lease
Using VTS, Regency Properties is now able to instantly generate updates for investors and has increased portfolio visibility and accelerated transaction speeds.
4 hrssaved a week by the CEO
and COO
With VTS, Regency’s executive team is
able to instantly generate real-time
reports for investors containing
information about deal flow and capital
requirements, completely removing the
last minute rush to compile updates.
This is saving the team, the CEO and
COO in particular, hours of time per
week that can now be spent focusing
on strategic growth initiatives.
INSTANT, REAL-TIME REPORTS FOR INVESTORS
0.9 daysaverage time for updates
to be entered into VTS
By providing real-time visibility into the
progression of every deal, VTS enables
Regency’s more experienced agents to
share deal context and learnings with
newer staff – expediting the deal
process. New agents can also mine
VTS for past deal information, ensuring
they’re more productive from day one.
REAL-TIME PORTFOLIO VISIBILITY
Are you ready to transform your leasing and asset management processes? Discover how, like Regency Properties, you can generate real-time reports for investors, increase portfolio visibility, and accelerate lease transaction speed with VTS’ leasing and asset management software.
BOOK A DEMO
VTS is the commercial real estate industry’s leading leasing and asset management platform. Landlords use VTS to maximize portfolio performance by transforming their leasing and asset management process, enabling them to acquire the right tenants faster, sign the right deals at the best economics, and optimize the renewal process – reducing costly downtime.
Over 8 billion square feet is managed on VTS by a user base exceeding 28,000. VTS’ clients include some of the world’s most forward-thinking landlords, investors and brokers, such as Beacon Capital, Blackstone, LaSalle Investment Management, Hines, Boston Properties, JLL and CBRE. To learn more about how these clients are using VTS to drive portfolio performance, profitability and efficiency, visit www.vts.com and request a demo.
ABOUT VTS
Case Study: Regency Properties Page 6