Resource Individual

Case Study

Driving Profitability and Aggressive Growth

"Since utilizing VTS our net effective rents have gone up over 10%"

Steve Cassidy, President

Denholtz Associates

BY ASSET TYPE

Office, Industrial

PORTFOLIO SIZE

4.6M SF

REGIONS

NJ, FL, PA, IL

For the last four years Denholtz Associates has been aggressively pursuing growth. In order to strengthen their competitive edge, they decided to invest heavily in innovation across the board.

They looked for non-traditional ways to improve the tenant and investor experience, rolling out a more robust, accessible tenant portal, and starting a food truck initiative that brought a variety lunchtime options for tenants. They even kicked off a crowdfunding model.

It soon became obvious to Denholtz’s leadership that their existing leasing and asset management process was also broken. The process to sign new leases and renew existing tenants was being managed completely inefficiently and it was costing them. That’s where VTS’ leasing and asset management software came in.

Challenges & Roadblocks

Why Denholtz Associates needed to transform its leasing and asset management process

Lagging updates from third-party brokers delayed decisions

Denholtz found it virtually impossible to oversee their third-party broker partners and remain up to date with leasing progress. The Denholtz team had to track down updates through multiple calls and emails which significantly delayed decisions.

Broker communication challenges led to under-target NERS

Denholtz had clear profitability targets and leasing assumptions tied to forecasting models. But without a clear way to communicate these with their brokers, brokers continuously negotiated new deals with under target NERs, impacting Denholtz’s ability to hit their profitability targets.

Time wasted due to inefficient internal systems

The Denholtz team needed to provide accurate, up-to-date information to investors, lenders and its own asset management teams in real-time. To achieve this, their analysts and administrative teams were spending hours every month manually creating the necessary reports.

SOLUTION

Transforming the leasing and asset management process at Denholtz Associates

Accelerated deal velocity

With VTS, Denholtz gets updates from their brokers as they’re conducting tours and negotiating deals, allowing them to make fast decisions – moving tenants into spaces quicker and significantly reducing downtime.

Brokers meet and exceed NER targets

When brokers enter new deal terms, VTS automatically calculates the NER and compares it to budget, leaving no room for ambiguity. Now, every deal negotiated by Denholtz’s brokers meets or exceeds the profitability targets the company needs to achieve.

Time saved on manual reporting

By aggregating real-time leasing and asset data in VTS, the need for manual reporting is eliminated. Denholtz’s CEO is able to give stakeholders instant updates, and Denholtz’s analysts and administrative teams can focus on more strategic activities.

Results

-45%
in deal cycle times
+10%
in NERs (on average)
2-3 days/month
saved in manual reporting

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