The Landsec team realised that not having their leasing and tenant data stored in one central location was making it harder for them to develop the best possible relationships with tenants.
Landsec care a lot about maintaining the great relationships they have with their customers . As a FTSE 100 Listed Property company, Landsec believe that “great places are for people to experience and made with the experience of great people.” It’s that mentality that has helped the firm become the largest listed property development and investment company in the UK, with over £14 billion in assets.
However, Harry Foster, one of the firm’s asset managers, felt that the access to customer information and communication with their key customer contacts had room for improvement. “Our leasing and tenant data was not easily accessible,” he explained. “It was either in someone’s memory, on a desktop computer, or sitting in a spreadsheet. It’s quite a bit harder to develop the best possible relationship with a tenant if you’re always chasing information and manually having to connect the dots.”
When Harry first learned about VTS, his curiosity was piqued because he thought “it could work wonders for us.” So, in 2016, they decided to test the theory and that was to be the start of a great partnership.
“In 2016 we piloted VTS for about 12 months across 8 or so assets in our London portfolio,” said Harry. “We were very aware it would only work if the agent adoption was there, and we were a little concerned about that.” It turned out that these were misplaced concerns and the perceived reaction couldn’t have been further from the reality.
“We found that not only were our agents willing to use the VTS software, they had already been using it for a few other owners and were quite proficient,” he continued. “It didn’t take long for our agents to move their reporting process for us onto VTS and It really picked up from there.” Landsec has since expanded the relationship and has rolled out VTS across their entire London portfolio.
“VTS has totally transformed our leasing meetings,” explained Harry. “Reporting is now done on a live basis. We get an instant update to our desktop or mobile device whenever a viewing takes place, complete with immediate feedback and information to digest ahead of our next marketing meeting. Having all the agent comments in VTS makes reporting upstream within the business much easier. Far easier than chasing down six agents on half a dozen deals for the latest update.”
He continued “Since all the information is centrally located, many people on our senior committee have become much closer to the deal process. Not only are they more informed, but now they can be more proactive about getting involved in negotiations or providing critical insight and experience where needed.”
The other major benefit VTS brings to Landsec is “having all our property portfolio data in one smart easy to consume dashboard,” said Harry. “We now have the ability to dive into information with a click of a button. For last minute meetings with customers, we are fully prepared. You can look silly if you don’t have the basic information and latest updates on hand when talking to customers. Having that available, on your mobile in the palm of your hand, is invaluable.” The benefits and automation available will only grow as Landsec continues to expand their partnership with VTS.
Another major driver for the roll out of VTS across the London portfolio was the automation and “connecting the dots” experience with existing customers. Landsec is “using the Tenant Relationship Manager (TRM) tool to record all of the latest interactions with customers. All of the key information and relationships are stored, helping us improve our relationships,” said Harry. “Being alerted of existing relationships and having a central source for information, which is overlaid with the real-time data flowing in from our leasing pipeline and general occupier negotiations, is game-changing.” This is an initiative that is being driven from the very top of the company and is indicative of the forward thinking approach taken by Landsec.