How to Mitigate Risk During COVID-19 with VTS [Webinar]
The challenges posed by COVID-19 are unlike anything our industry has ever faced before. As the situation rapidly evolves, landlords across the board are navigating the shift to remote work while keeping their business on track.
As your partner, the VTS team has been working around the clock to help in the areas you need it most. As part of our efforts, we’re hosting a weekly webinar series focused on VTS best practices related to COVID-19 and practical tips for remotely managing your business.
Our first webinar — How to Mitigate Risk During COVID-19 — focused on four topics we understand to be critical during this time: managing your leasing pipeline risk, tracking rent-relief requests across your portfolio, maintaining visibility into your lease roll, and tracking your tenants’ current business needs during this pandemic. Enjoy!
1. Managing your leasing pipeline risk
Why is this so important to focus on right now? While it may seem elementary to keep up to date on your pipeline, given the uncertainty in the market, it’s worth spending this time in order to have crystal-clear visibility into potential revenue. If you have the opportunity, close the tenant right now.
What we know from our 750+ global landlord customers is that for deals already in later stages of the pipeline, teams want to ensure the latest deal updates are understood throughout the organization — from the deal team all the way up to senior management.
To learn more about how you can manage your leasing pipeline risk in VTS, read this article in VTS Learn for a step-by-step guide. (VTS Learn is our brand-new knowledge hub filled with the insights and best practices you need for using the VTS leasing and asset management platform!)
2. Tracking rent relief requests across your portfolio
If there’s one thing we’ve heard loud and clear from our customers, it’s that rent relief requests are flowing in from tenants and you need a systematic way to track and manage them.
What was once a one-off process that occurred periodically now needs an organizational structure and process in order for leasing and asset management teams to understand what’s happening to the business at the macro-level. Right now, we’re hearing every day:
- How do I understand who is requesting relief?
- What kind of relief are tenants asking for?
- Where can I afford to be a good partner and where do I need to draw the line?
We’re seeing a number of our customers employing a systematic approach in VTS that’s giving them good data so they can make better decisions about their business.
To learn more about how you can track and manage rent-relief requests in VTS, read this article in VTS Learn for a step-by-step guide.
3. Maintaining visibility into your lease roll
This a topic you’re probably pretty familiar with, but one that’s especially important during COVID-19: How to get ahead of your lease roll and maintain visibility into upcoming renewals.
Once you get your head around what’s happening and not happening in your pipeline and with rent relief, you can start to think a little more proactively. We’ve seen a number of our customers roll out new renewal strategies that are working because they’re based on real data from teams in the field who have real relationships with your tenants — even if they’re no longer meeting face to face.
But before you can be proactive, you need to know what the current state of your rollover and renewal pipeline looks like.
To learn more about how you can get visibility into lease roll in VTS, read this article in VTS Learn for a step-by-step guide.
4. Tracking your tenants’ current business needs during COVID-19
In talking to some of our most forward-thinking customers, we see that they’re laser-focused on proactively partnering with their tenants and gaining a good understanding of their current business needs so they can deliver value in today’s environment.
To do this, landlords are working to get deep context on things like instances of COVID-19 cases in your assets, work-from-home decisions that extend into May or June, and financial updates like tenants’ decisions to furlough employees.
By efficiently collecting this information, you empower your team to get really creative in partnering with these tenants.
To learn more about how you can track your tenants’ business needs in VTS, read this article in VTS Learn for a step-by-step guide.
If you’re a VTS customer, you can watch this webinar on-demand and view step-by-step guides into how to look into these items using VTS.
Not a VTS customer and want to learn more? Reach out to our team today for more information.