The Ardent Companies is a very hands-on investor. But managing all of the different relationships and properties in this way was quickly becoming a challenge. The team needed a way to more effectively communicate and develop insights.
For The Ardent Companies, an Atlanta-based real estate investor, being hands-on has been a core part of their success. “We are a very hands-on company,” said Scott Doksansky, Managing Director, Commercial Real Estate for The Ardent Companies. “This active involvement, combined with our experience, has been a very successful combination for us.”
But, hands-on managing can be a time drain -- especially since Ardent has “a bunch of smaller properties - some single tenant,” said Scott.
Hugo Frewin, a Director at Ardent, agreed. “We’re definitely hands-on and I was in the habit of talking to our brokers on a daily basis. For our more distant properties, like in Miami, we also had bimonthly leasing calls and got quarterly reporting that we need to do for our lenders and larger investors.”
Ardent was committed to spending the time and effort because they wanted that certain level of insight into asset activity. But, then they learned there was an easier way.
“We became familiar with VTS through an acquisition,” said Scott. “We bought down in Florida and one of our partners in the deal was using VTS as a management tool. We were immediately impressed by the software.”
He continued, “It became clear there was an easier way to manage all of our activity in real-time.” The Ardent team bought VTS Landlord Standard and began putting more and more of their assets onto VTS.
“Ever since we rolled out VTS, we’ve changed the way we manage a lot of our assets - we have real-time alignment with our brokers,” said Scott.
He continued, “This alignment has had a pretty substantial impact on how we monitor tenant churn. We used to feel reactive, always waiting to hear what was happening from the broker. Now we can be much more knowledgeable about tenant churn and can be more proactive about kicking off either the renewal process or begin touring sooner than we would have previously.”
Hugo added, “VTS generally just gives us an upper hand in communication. So many people are looking at it each day - and we’re all on the same page. We are just a more efficient and productive organization.
“Scott used to be on the phone with brokers for at least an hour and a half every single day. Now that’s down to half an hour - at most. That’s an additional 5-6 hours a week to focus on new acquisitions.”