A Day in the Life of
Many Chief Operating Officers use VTS to make their days more productive and strategic — but what does this actually look like in practice? Take a look below and see how VTS impacts a day in the life of a COO.
On your commute, you read an article about the latest companies filing for bankruptcy. One, Magna, sounds familiar. You forward the article to the heads of Leasing and Asset Management and ask them to confirm if Magna is a tenant and, if so, how exposed you are to them. You wait to hear back.
On your commute, you read an article about the latest companies filing for bankruptcy. Magna sounds familiar. From your smartphone, you confirm that Magna is a tenant in your portfolio and check your exposure by revenue. You immediately discover you would be left significantly exposed if Magna is unable to fulfill its lease obligations.
The Leasing and Asset Management teams rush to compile tenant information from numerous spreadsheets and disconnected systems. After working for weeks, they finally identify Magna as one of your highest revenue-generating tenants. In fact, if Magna is unable to fulfill its lease obligations, it would leave a significant gap in your portfolio. You're unprepared as the company starts to vacate spaces.
You tag the heads of Leasing and Asset Management on Magna’s profile and instantly alert them of the news and your portfolio's exposure. You direct them to reach out to Magna, determine their new space needs, and develop a proactive leasing strategy to fill the impending vacancies.
You have a lunch meeting with the CEO to report on portfolio performance and create a plan to ensure you hit your Q3 operating goals. To prepare, you scramble to pull together the needed reports from your analysts. When you ultimately receive the freshly finalized Q2 financials, you realize NERs aren't tracking to budget.
Preparing for your lunch meeting with the CEO is as simple as clicking a button, which is all it takes to pull up a report about your recent portfolio performance. Your NERs are on track because your leasing team can see how proposals compare to budget in every deal and everyone has access to centralized, real-time information.
Your meeting with the CEO is tense, and you pull in the heads of Leasing and Asset Management to discuss why NERs are off-track. They have some initial observations but can’t provide a definitive response. For that they’ll need to dig into even more spreadsheets. Your only choice is to use last quarter’s numbers to develop a plan to improve.
Your meeting with the CEO goes smoothly as the team is on track to exceed its goals. Afterward, you email the heads of Leasing and Asset Management to congratulate them on a job well done.
While reviewing total expenses from your external legal team for the first half of the year, you notice their hours seem to have jumped – becoming a significant expense. However, deal volume has increased recently, so the higher expense seems to make sense.
To better understand your increased legal expenses from the first half of the year, you dig into your leasing ef iciency dashboard to see why deals are taking longer in the legal stage. You discover that above average legal time is spent on deals less than 5K SF, which increased in volume recently. You consult your team and learn that your standard 80-page leases take too long to negotiate at this deal size.
You've read about other companies implementing short-form leases to shorten the legal stage, but it's not something your firm does. You stick with business as usual and make a plan to increase your legal budget for next year.
To streamline deals under 5K SF, you work with your legal team to implement a short-form lease that can be signed online. Your team rejoices, you reduce deal cycle time, and happy tenants report how easy the new process is.
You learn that two senior asset managers are leaving the firm – taking their institutional knowledge with them. Not only do you need to fill those positions ASAP, but you must hustle to centralize their critical emails and spreadsheets with deal and tenant information so your team isn't left in the dark after they leave.
Two senior asset managers are leaving. It’s disappointing, but you're not concerned about the loss of their institutional knowledge because that information is already centralized in your leasing and asset management platform. As you start interviewing new asset managers, you specifically look for people who have experience using VTS.
Two new asset managers get hired but are way behind because they don’t have easy access to vital information on current and past deals or details about tenant relationships. It takes up valuable time for them to get a working understanding of what’s happening across your portfolio.
Two new asset managers hit the ground running on all ongoing renewal deals and tenant relationships – thanks to VTS. You take the team out for dinner to welcome their new colleagues.
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