VTS Best Practices Guide

VTS Best Practices Guide

June 04, 2020

VTS Best Practices Guide

Dear Gemini Rosemont Staff,

VTS has provided a Best Practice Guide to ensure we get the most out of the VTS platform. Please see the guide below as well as available for download on Dropbox (click here).

VTS is the end-to-end leasing platform that helps asset management and leasing teams reach more prospects, convert them into tenants, and manage the long-term relationships with those tenants.  On a daily basis, VTS is to be updated with the most current and accurate leasing information provided by the leasing team.

Here is a link to an introduction webinar

Leasing Team Responsibility

It will be the responsibility of the leasing team to create deals within VTS, enter the current and relevant information, log tours, input comments for themselves and asset management, and continually update the information based on the progress of the deal. This begins at the “inquiry” stage and ends at the “Lease Executed” or “Dead Deal” stage.

Asset Management Responsibility

Asset Management is responsible for ensuring the leasing team’s accuracy, completeness and timeliness of deal data within VTS.  They are to work with the leasing teams to make sure information is presented correctly and can be used by all members with access to the system.

Lease Administration Responsibility

Ensure data is correctly uploaded into Voyager in a timely manner. VTS will pull rent roll data from Voyager on a daily basis so it is imperative that the data in Voyager is current and correct.

VTS Support

For all questions and support related to VTS, please reach out to support@vts.com

DEAL WORKFLOW: Leasing Team

It will be the leasing team’s responsibility to manage all deal information through the entire deal lifecycle. All updates must be made in a timely matter (same business day -NTE 12 hours)

Within VTS, there are several stages of a deal, Gemini Rosemont will be using the following stages: Inquiry, Touring, Proposal, LOI, Legal, Lease Out, Lease Exec, Dead, and Idle.

  1. INQUIRY – Leasing teams are to enter any tenants who are interested in a property but who have not yet toured as Inquiries. (Previously called “prospects” in the legacy GR leasing reports)
    1. Entry Responsibility: leasing team
    2. Fields to Include: Tenant name, type of deal (new, renewal, expansion, etc), tenant rep broker, lease commencement date (projected), seeking SF, and any other available data
  2. TOURING – A deal will move to the Touring stage when an initial tour has been completed. Anytime a tour is completed, it must be logged within VTS.
    1. Entry Responsibility: leasing team
    2. Fields to Include: Suite(s), an updated comment, and any other available information
    3. Attachments – Any floor plans shown to prospect
    4.  VTS Functionalities “Log as Tour”: Anytime a tour is completed it must be logged within VTS via the “log as tour” toggle within the comment section. It is also important to use the @mention function to communicate updates and feedback to Asset Management. Leasing teams can use this function to alert property management teams to prep the space for tours. This allows Asset Management and the leasing team to track the type of prospective tenants, the frequency of tours, and provides information for follow-up.
  3. PROPOSAL – Request for Proposals (RFPs), proposals and counter proposals are tracked at this stage in VTS.  It is imperative that all proposal information be entered into VTS in a timely, accurate and complete manner. The Deal Approval process will also be completed within the Proposal stage.
    1. Entry Responsibility: leasing team
    2. Fields to Include:
      1. Updated Comments
      2. Proposals Details: start date, term, rent, annual rent bumps, TI, free rent, proposal type (NNN/Gross), and any other available and relevant information. Leasing commission will auto populate
      3. ***Important note: Ensure all deal terms are entered with the correct calculation type. For NNN deals, all Expenses and Recoveries should use the ‘Net’ Recovery Method and all Commissions should be logged as ‘Gross.’
      4. Budget: Select the appropriate budget from the drop down to compare your proposal to budget
    3.  Attachments – Soft copy of any proposal / counter / important communication
    4. APPROVALS: All deals must be approved in the proposal stage in VTS.
      The leasing team may begin drafting an approval at anytime, the draft approval will automatically reflect your latest deal details and terms. When the leasing team is ready to submit a deal for Approval:

      1. Ensure the deal and proposal details are accurate in VTS, click Draft Approval
      2. Fill out the recommendation section of the approval
      3. Attach any necessary documents to the approval
      4. Click Start Approval, at which point VTS will automate who at GR needs to approve that specific deal

You will receive notification when the deal has been approved, and you may then continue to update the deal and move it through the pipeline.
If a deal has been rejected, make the necessary adjustments to the deal and resubmit when you’re ready.

  1. LOI – When the tenant executes the Letter of Intent, the deal should be moved to the LOI stage.  Information within the deal must be accurate and complete.
    1. Entry Responsibility: leasing team
    2. Fields to Include: Confirm executed LOI is correctly reflected in VTS deal/proposal information, and update deal comments
    3. Attachments – Attach the signed LOI to the deal within VTS, as well as financial analysis or other docs
  2. LEGAL – The deal is currently being reviewed by legal
    1. Entry Responsibility: leasing team
    2. Fields to Include: Update comments
    3. Attachments:  Draft of lease
  3. LEASE OUT – This stage indicates that the completed and finalized Lease is out for signature by the tenant.
    1. Entry Responsibility: leasing team
    2. Fields to Include: Confirm that the deal terms are accurate, update comments
    3. Attachments: Finalized lease that is out for signature
  4. LEASE EXEC.– This stage indicates a lease has been executed.
    1. Entry Responsibility: leasing team
    2. Information to Include: Confirm deal terms are accurate and reflect the executed lease!
    3. Attachments – Ensure a copy of the executed lease, any tenant financials or financial analysis, any other key documents associated with the lease are all attached in VTS
  5. DEAD – When a deal goes dead, it is the leasing team’s responsibility to update the deal within VTS and, when prompted, fill out the information on why the deal went dead
    1. Entry Responsibility: leasing team
    2. Fields to Include: Update comments if necessary
    3. VTS Functionalities “Dead Deal Reason”: When you change the deal stage to dead, check off all the reasons why the deal died within the dead deal reasons. (ex. price, location, space quality, etc.). This information will be surfaced in your leasing activity reports (PDF). Over time, you’ll be able to generate insights on why deals die.
  6. IDLE – When a deal will not have movement for > month, you can move a deal to the “Idle” stage to pull it out of your active deal pipeline. Idle deals can be resurrected and moved to the appropriate stage when you’re ready to start working on them again.
    1. Entry Responsibility: leasing team
    2. Fields to Include: Update comments to why the deal is idle and not yet dead

Note: If at any point you cannot move a deal forward, check the deal tasks to make sure you’ve completed all necessary tasks (tasks will vary by region and asset), and make sure your deal has been approved. If a deal has not yet been fully approved or has been rejected, you cannot continue moving the deal forward.

Marketing Spaces

VTS offers a streamlined workflow on sharing available inventory with a few clicks. Go to the spaces tab, check the box next to the space detail (or multiple if you’d like to select multiple), and click share. From there, you will be taken through the workflow of sharing information on the space. You can select any marketing collateral you’d like to include (marketing flyer, exterior photo, etc.), enter as many recipients as you’d like, and customize the message to the group.

DATA in VTS

Leases

Due to the integration with Voyager, clicking into a lease will surface tenant and lease details, as well as the tenant’s connectivity to the rest of VTS data. For instance, you’ll see any Spaces they occupy, active deals we’re working on with them, options they hold and uploaded attachments. All rent roll and tenant data is coming directly from Voyager every morning.

** For Renewal deals, it is best practice to hover over the current lease, click “Edit Lease” and click the “Add Deal” button in the bottom righthand corner. This will create a renewal deal and pre-populate tenant name and suite. Make sure to change the deal type to “Renewal”

Spaces

Via the stacking plan or spaces tab, users will be able to surface all relevant information on a space, whether it’s options, active Deals, in-place tenants, budgets or marketing attachments. All space data is coming directly from Voyager every morning. You should never create new spaces in VTS.

Change the ‘Availability Status’ to reflect a space being on or off market. Within the spaces tab, simply hover over the space, click Edit, and update the availability status field at the top.

  • Immediate indicates a suite is immediately available
  • Specific Date and Arranged indicates a suite will be ready for a tenant move-in at a specified date
  • Not Available indicates that a spaces is not available for lease.

Options

Similar to the Tenants and Spaces tab, Options track all of our options, the spaces and tenants they affect, the term, notice period and notes. Options additionally surface throughout VTS and proactively show where there may be an encumbering option (ex. on a space, on a deal). All Option data is coming directly from Yardi every morning.

Budgets

The budgets section houses our baseline assumptions, whether on a suite by suite basis, for the entire asset, or the underwriting. This will allows us to compare budgets to ongoing and active terms in real-time, as illustrated earlier in the best practice guide under “Proposals”.

Attachments

The Attachments section houses our asset level attachments. This area will act as the repository for updated exterior photos, flyers and any marketing collateral we may wish to send. Specific materials may also be attached directly to the Space, Deal, or Tenant that they relate to.

USER SETTINGS

Notifications – All users should set up their e-mail/mobile notification settings according based on their persona. Set up your notifications pertaining to what information you’re interested in, here’s an article to help: https://viewthespacehelp.zendesk.com/hc/en-us/articles/219429428-How-Can-I-Edit-My-E-mail-Notifications-

Leasing teams should subscribe to:

  • Deal term, comments/doc, and stage changes for early and late stage deals
  • Deal Updates reports daily
  • Lease Expiration reports weekly
  • Options / Rights reports weekly

Asset Managers should subscribe to:

  • Deal term, comments/doc, and stage changes for early and late stage deals
  • Deal Updates reports daily
  • Lease Expiration reports weekly
  • Options / Rights reports weekly

Property Managers should subscribe to:

  • Deal term, comments/doc, and stage changes for late stage deals
  • Deal Updates reports daily
  • Lease Expiration reports weekly

REPORTING

Users can generate a host of canned reports at both the Portfolio and Asset level in VTS. Below is an overview of each report, those in bold are the most popular reports in VTS.

  1. Leasing Activity Report – Our modern day LAR, which will aggregate data from the Deal tab and several other pieces of information in the form of appendix pages. This report is fully customizable by time period and data sets
  2. Portfolio Export – A full data export into Excel tabular form
  3. Building Profile – A beautifully formatted report showing a profile of a building’s lease roll, leasing activity and other stats. NOTE: You can only generate this report when one building is selected.
  4. Space Activity Report – A full picture of the status and details of all spaces (both vacant and occupied) in the asset/portfolio.
  5. Tour Activity – A report summarizing all the tours that your prospective deals have had.
  6. Tenants in the Market – A report listing out all the TIMs you and your team are currently working on.
  7. Comps – A report listing out all the comps you and your team are currently working on.

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