Platform Ebook: The New Operating Model for Asset Teams

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The New Operating Model for Asset Teams

The right technology connects internal and external teams so that everyone supporting revenue at the property moves as one

Whether markets are up or down, commercial real estate leaders are constantly confronted with tough decisions regarding their tech stack and the people they employ. There’s always a need to do more with less, and owners are confronted with tricky questions as a result: Is our firm prioritizing the right roles? How much do we outsource leasing and property management? Does our existing technology stack add value to how we operate? Owners agree that cross-team collaboration and efficiency are vital to creating value for their buildings and portfolios. But how can this be achieved with limited internal resources and budgets?

The ground-level operational problem

Given that most buildings are not marketed, leased, and managed by entirely in-house teams, it is hard to create cohesion between limited internal resources and external partners. It’s difficult to track deal activity, bring spaces to market, and manage building operations. As a result, getting a shared picture of what’s driving asset performance can be near-impossible.

Thankfully, two things can be true: CRE firms can work with third-party service providers and adopt technology that connects asset teams without breaking the bank. But to do so, owners must embrace a new operating model fueled by the right technology. We know that to create an operational advantage, firms need to integrate third parties, creating a single working unit with in-house teams.

Adopting a new operating model for asset teams

83% of landlords are actively investing in technology to elevate their business.

Achieving operational excellence in any market

Click through to see how this plays out in your buildings:

With all this information in a central platform, a third-party broker can leverage this powerful data and connect with the tenant meaningfully by tailoring the conversation to retain and even expand the lease.

The new operating model, powered by platform technology, improves information sharing and breaks down silos. The key to making this a reality is finding a robust platform and innovation partner that supports every business function.

While employing the right technology strategy will allow your teams to work better, the adoption can be a roadblock to achieving true operational excellence. With technology and support that scales to your business needs, you can be confident that your investment will continue to be successful no matter how your firm's goals evolve.

A technology partner mitigates the impact of change

When considering technology look out for:

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Flexible applications that can fit into existing processes

A technology provider that acts as a partner will help foster alignment, implement new solutions, create an atmosphere of adoption, and help firms create evergreen processes.

66% of technology rollouts fail when four critical barriers to adoption stand in the way:

Misalignment of goals between stakeholders Rigid workflows that don’t meet business needs Poor change management leading to low adoption No support in achieving success post-launch

Silos are expensive

What does a technology partner look like for your business?

Alignment

Building a partnership: Get to know the team dedicated to your firm’s success Confirming outcomes and scope: Spotlight the necessary results and what change management will look like Preparing for implementation: Identify internal and external liaisons and advocates for technology and change

The game-changer for commercial real estate

In an economic climate where cost-cutting is essential, adopting a new platform-centric operating model allows firms to start fresh. Anchoring every business function with the right technology not only helps close the gaps between third-party partners and internal teams, but also the gaps caused by a reduced workforce.

The VTS Platform is the only solution that combines internal teams and third-party players as if under one business.

Marketing Teams

The VTS Platform unifies third parties and in-house professionals, making a cohesive, efficient asset team a reality. As a partner in their customers’ success, VTS helps asset teams capitalize on opportunities revealed in every square of their properties. Want to transform your business? We’re ready when you are.

The marketing team sees that this tenant has been actively viewing listings in the same building and are looking to expand their current space.

In digging into this renewal opportunity, the property manager for the asset notes that tenant sentiment is likely positive, given high amenity utilization.

Your asset manager notices that a tenant’s lease is about to expire, and they are at risk of not renewing.

Delivering technology: Rely on the partner to deliver technical details and craft a solution tailored to your unique needs Developing workflows: Outline the best practices and how this new solution will impact existing workflows (for the better) Managing training and change: Ensure that every stakeholder and user of the new technology is set up for total success

Implementation

Setting strategic goals: Identify goalposts for the first year with this new solution to understand what success looks like Continuing change management: Monitor user adoption and work to boost engagement with users, supporting them at every step Benchmarking outcomes Identify what great looks like and report on performance against industry peers

Adoption

Setting more strategic goals: In year two, revisit goals and determine the evolution of strategic initiatives based on persistent challenges Deepening platform experience: Continued user education and training take your team’s ability to leverage the tech to another level Refining best practices and governance: Technology evolves with your business and re-engages users who need more support

Optimization

For these reasons, it’s essential to evaluate potential technology on a tactical level and also evaluate what your teams' lives look like once the technology is enabled.

Leasing Teams

Portfolio Management

Property Management

Marketing Teams

Content management, bringing listings to market, listing performance insights

Deal pipeline tracking and CRM, transaction modeling, portfolio risk analytics

Leasing Teams

Tenant experience applications, property operations, utilization metrics

Property Management

Market valuation insights, tenant demand data, portfolio performance measurement

Portfolio Management

The end result is operational excellence. Giving industry leaders advanced insights and accurate data at their fingertips, the VTS Platform transforms how strategic decisions are made and executed for the world’s most influential CRE organizations.

2023 VTS Global Landlord Report

Implementation

Setting strategic goals: Identify goalposts for the first year with this new solution to understand what success looks like Continuing change management: Monitor user adoption and work to boost engagement with users, supporting them at every step Benchmarking outcomes: Identify what great looks like and report on performance against industry peers

Adoption

Optimization

Deal pipeline tracking and CRM, transaction modeling, portfolio risk analytics

Leasing Teams

Tenant experience applications, property operations, utilization metrics

Property Management

Market valuation insights, tenant demand data, portfolio performance measurement

Portfolio Management

Deal pipeline tracking and CRM, transaction modeling, portfolio risk analytics

Leasing Teams

Market valuation insights, tenant demand data, portfolio performance measurement

Portfolio Management

Tenant experience applications, property operations, utilization metrics

Property Management

In digging into this renewal opportunity, the property manager for the asset notes that tenant sentiment is likely positive.

The marketing team sees that this tenant has viewed listings in the same building and are looking to expand their space.

A third-party broker can leverage this data to connect with the tenant meaningfully to retain and even expand the lease

A partner that is an expert in data governance

A provider that emphasizes change management and dedicated support from day one

•

A technology provider that acts as a partner will effectively foster alignment, implement new solutions, create an atmosphere for adoption, and help firms optimize processes.

•

Flexible applications that can fit into existing processes

A provider that emphasizes change management and dedicated support from day one

A partner that is an expert in data governance

When considering technology look out for:

A technology partner mitigates the impact of change

66% of technology rollouts fail when four critical barriers to adoption stand in the way:

Misalignment of goals between stakeholders Rigid workflows that don’t meet business needs Poor change management leading to low adoption No support in achieving success post-launch

2023 VTS Global Landlord Report

Is our firm prioritizing the right roles?

Owners agree that cross-team collaboration and efficiency are vital to creating value for their buildings and portfolios. But how can this be achieved with limited internal resources and budgets?

How much do we outsource leasing and property management?

Does our existing technology stack add value to how we operate?

•

A provider that emphasizes change management and dedicated support from day one

•

A partner that is an expert in data governance

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