Time kills deals

"When it comes to getting a lease signed, it’s not the rates or the deliverables that stand in the way. It’s the time. And every day that passes can mean losing out on another opportunity" says Jessica Wildeman, Director of Marketing for Regency Properties.

“If you can’t give people what they want quickly, they’ll go find it somewhere else.”

For Regency Properties, time posed a unique challenge. With the majority of their 64 shopping centers located hours away from major airports, it was difficult for national retailers to find time in their schedules to visit. Without being able to tour the spaces in person, they’d have to rely on basic architectural drawings to decide whether to move forward with the lease – and in many cases, that simply wasn’t enough.

“From the marketing side, we felt we weren’t able to provide our future tenants with enough information about the space.”

A practical solution

That lack of information, coupled with the time it would take to gather it, meant the end of many promising deals. Wildeman knew that speeding up the process would go a long way toward setting her leasing team up for success so when she heard about Space Profile by ID Plans, she was excited about the possibilities.

The payoff

She ordered profiles on 35 spaces already in Regency’s portfolio that they didn’t have any information on, and has since ordered more than 30 for new properties they’ve acquired. Having customized, detailed, and up-to-date profiles ready to share when a potential tenant calls has been a game changer in speeding up the leasing process, and it’s paid off in other ways, too:

Wildeman can easily share a Space Profile with a construction company to get quotes on any necessary repairs, and then use that information to negotiate with the tenant on who will absorb the costs. Plus, the construction company won’t need to make multiple trips to the site to gather data - they’ll have it all up front so they can get started on the job more quickly.

Because Regency Properties is being proactive with their marketing plans to attract new tenants and reduce vacancies, they’ve gotten great feedback from local Chambers of Commerce and Economic Development Authorities, praising them on their investment in the community.

Now, instead of relying on the square footage provided by the seller, Wildeman can refer to the data collected by the ID Plans team. For example, she once had a space that was off by 2,000 square feet and her leasing team was able to go back and renegotiate the deal based on the additional square footage discovered by ID Plans. “That’s a good chunk of money we could have missed out on,” she said.

Once a new tenant moves in, it’s easy for Wildeman to provide them with accurate meter numbers so they can get their utilities turned on quickly, along with other information they need to run their business efficiently.
Everyone at Regency Properties, from the leasing team to the accounting office, can access Space Profile at any time, from any device, from anywhere, ensuring they’re all working from the same data.

“You can invest in a lot of things and feel like you’re shooting in the dark, but ID Plans is something I feel passionate about.”