In our previous Property Management Basics posts we focused on Weingarten’s efforts to maintain properties efficiently and effectively, as well as the creation of revenue generation through our temporary leasing efforts and strong tenant relations. Tying together our strong tenant relations and revenue generation initiatives is the final topic in our series: Getting Rent Faster.
Securing rent quickly is vital to any real estate organization and an initiative that Weingarten has embraced for several years. We work hard on getting tenants open as soon as possible, which in turn assists in getting rent faster! The majority of our leases are structured in a way, that when a tenant opens for business, it commences their rental payments. This is not only beneficial to the landlord, but also to the tenant; as they are motivated to not only get their business up and running sooner, but also to be profitable as swiftly as possible. The construction phase of opening a business can be a long, drawn out process and Weingarten’s team does everything they can to make this endeavor as prompt and seamless as possible.
The pursuit of getting rent faster commences well before having a signed lease or possession of a vacant space. Weingarten’s ShopEase program offers expedited lease forms and tools to assist in finalizing their business plans as they work with our leasing professionals. As soon as the Property Management team is aware of an upcoming vacancy, efforts are made to ensure the space is ready for the next incoming tenant. This is done through scheduling inspections and basic services in advance of the Landlord’s possession date, so that action can be taken from the moment we have possession.
At the time a new tenant’s lease is executed, the Weingarten team is primed to get them open for business. Our Leasing, Property Management and Construction teams immediately communicate with the tenant to guide them through the sometimes daunting task of construction. We also work without delay to tender possession of the space to the tenant. As part of this tender package, Weingarten Realty supplies the tenant with a Help Line contact sheet that relays important Weingarten, utility and municipality contacts, as well as valuable information to assist in their business. During this process, we do offer referrals for potential contractors that our tenants may select to complete their construction. Our recommended contractors have shown a proven history of completing projects in an accurate, timely and cost effective manner. Weingarten also works to develop and maintain professional relationships with city officials in the markets where our centers are located, which is extremely beneficial when working with new tenants through the permit and building inspection process. Finally, our team maintains constant communication with the tenant to monitor progress and assist when any issues arise to minimize delay.
Overall, getting rent faster has proven to be a very productive endeavor in 2013 with tenants opening over 4,700 days quicker than originally planned and their rents commencing sooner than expected.