Asset type
Office, Industrial
Portfolio size
4.6M SF
Regions
NJ, FL, PA, IL
VTS product type
VTS Platform
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.
“With VTS, our third-party leasing teams now have the ability to understand our targets, our business practices, our net effective rents.”
Steve Cassidy, President
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
Five years ago, CRE utilized technology largely as an accounting function and not much more. Today, companies like VTS have been instrumental in increasing efficiency and profitability.”
President