Asset type
Retail
Portfolio size
6.3M SF
Regions
AL, FL, GA, IN, IA, KY, LA, MI, MN, MS, MO, NC, OH, SC, UT, VA, WV, WI
VTS product type
VTS Core, VTS Deal Approvals
Regency Properties is a privately held retail real estate company focused on small markets where it can hold the dominant asset. With aggressive growth targets, the leadership team is a major advocate for digital innovation and believes that the key to scaling is to optimize the leasing process with effective technology.
Regency began looking for a technology solution when it became too difficult to provide capital investors with up-to-date information while on capital raising trips. The team wanted a solution that would enable them to generate real-time reports with insight into deal flow and capital requirements in just a few clicks. What they didn’t realize until they started using with VTS was just how dramatically their leasing team’s productivity would increase with a leasing and asset management platform
“This system pays for itself every single year just by being able to move those deals quicker.”
Jim Wittman, Chief Operating Officer & Senior Vice President
Challenges & Roadblocks
Why Regency Properties needed to transform its approach to leasing & asset management
Inefficient leasing process
Without a central system to manage leasing activity and critical budget metrics, the deal process was delayed. Often, during an initial call a prospect would ask a question the leasing agent couldn’t answer, and a follow-up would be scheduled. Frequently this never took place as the prospect had found a better option in the meantime.
Lack of portfolio visibility
Regency Properties had experienced leasing agents with a wealth of deal context and experience, but no effective way to capture it so that prior learnings could be leveraged on new deals. As a result, agents were constantly reinventing the wheel, holding up deal cycles.
Difficulty compiling information for investors
Given Regency’s growth, its executive team was constantly going on capital raising trips for weeks at a time, and its investors expected real-time information on deal flow and capital requirements. A last-minute team meeting to get status updates just wasn’t working.
Solution
Transforming the leasing and asset management process at Regency Properties
Accelerated transaction times
With VTS, Regency’s agents have critical information at their fingertips, enabling them to answer questions from prospects on the first call and calculate the key metrics (such as IRR) needed to understand whether a deal will work. Now agents can proceed with the right deals quickly, reducing the number of days it takes to convert a proposal to a lease from 132.8 to 59.8.
Real-time portfolio visibility
By providing real-time visibility into the progression of every deal, VTS enables Regency’s more experienced agents to share deal context and learnings with newer staff – expediting the deal process. New agents can also mine VTS for past deal information, ensuring they’re more productive from day one.
Instant, real-time reports for investors
With VTS, Regency’s executive team is able to instantly generate real-time reports for investors containing information about deal flow and capital requirements, completely removing the last minute rush to compile updates. This is saving the team, the CEO and COO in particular, hours of time per week that can now be spent focusing on strategic growth initiatives.
Results
-55%
in average days from proposal to executed lease
0.9 days
average time for updates to be entered into VTS
4 hrs
saved a week by the CEO and COO
Technology is huge for any company that’s trying to scale. You can keep throwing human capital at any problem, but when you’re truly effective is when you leverage that technology so you can have 40 people on staff versus 60.”
Chief Operating Officer & Senior Vice President