IN THE WORKS

Post #2 in our series, In Development - Realistic Roadmap to Leased Location Sustainability

Most professionals are diligent about posting meetings and conferences on their calendars. Beyond options and expirations, however, few people have a systematic method for tracking and managing timely lease-related action items.

For restaurant and retail chains juggling leased locations, the specter of ASC-842 looms large. This complex accounting standard, demanding comprehensive lease recordkeeping, often triggers groans and late-night spreadsheet sprints. But what if the real culprit behind your ASC-842 woes isn't the standard itself, but the disconnect between your lease administration and accounting departments?

After the deal is done and the acquisition team hands off a newly acquired portfolio of leases to the operations team, there can be confusion over what happens next. If your operations team is already working at capacity on the day-to-day tasks of running the business, finding time for someone to comb through each lease to set reminders for important dates, make notes of unusual terms, and reach out to every landlord can feel impossible. For many business owners, it's unclear who on their team these tasks should even fall to. This lack of clarity leads to a catch-up situation of just trying to not let too many items drop. Sound stressful? That's why Property Works has developed a proven Acquisitions to Operations Transition Process Support service to help you start strong.

Savvy business owners are increasingly relying on lease administration software to help keep track of their properties. But in the sea of real estate–management platforms, how does a business operator know which is the right fit?

The ICSC Law Conference's panel, "Accelerating Technology in Lease Reviews: Demystifying the Miraculous," delivered valuable insights, highlighting four pivotal takeaways with concrete examples:

A look ahead to This Year’s Restaurant Finance and Development Conference: Introducing Property Works' New Transaction Support Services As you gear up for the Restaurant Finance & Development Conference, there's something special cooking at Property Works. We're thrilled to introduce our brand-new Transaction Support Service, tailored for operators acquiring new locations and private equity groups acquiring new portfolios. This innovative service is designed to streamline post-closing integration, making the process smoother and more efficient than ever before.

8 Essential Lease Components to Uncover Before Acquisitions When it comes to real estate acquisitions, the adage "knowledge is power" couldn't be truer. The success of an acquisition hinges on a comprehensive understanding of the existing leases. Imagine closing on a new property only to discover that a crucial lease expires just one year after the closing date—with no available renewal options. The ramifications of not uncovering these lease intricacies before closing can be substantial, ranging from missed negotiation opportunities to unforeseen financial burdens. In this blog, we'll explore why uncovering eight essential lease components before closing on an acquisition is paramount to ensuring a well-informed, strategic approach to property management.

5 Best Practices to Build a Real Estate-Driven Multi-Unit Company In the landscape of multi-unit businesses, real estate should be more than just a supporting player – it should be woven into the very fabric of your organization's decision-making process. Real estate acts as the vital thread connecting all activities beneath the real estate umbrella to your management's overarching goals. In essence, it becomes the primary tool for achieving your company's mission.

Renewing business licenses and permits can be a complex and time-consuming process for any business owner. With multiple jurisdictions and varying renewal requirements, it's crucial to have a well-organized and efficient process in place. These 7 steps will provide you with essential information and practical steps on how to create a seamless process for renewing business licenses and permits.

Centralizing project management is a crucial aspect of successful development projects, especially in the retail construction industry. With a well-organized system, it is easier for teams to collaborate, track progress, and ensure timely completion of projects. This article discusses the importance of centralizing project management during the development stage of retail construction projects, such as new builds, remodels, and scrape and rebuilds. We will cover the significance of the Letter of Intent (LOI), the use of Project Management Software like Property Works, and the various permits involved in the construction process.

As a business owner, finding the perfect commercial space is crucial to the success of your business. However, navigating the lifecycle of a commercial lease can be cumbersome and confusing, especially if you're managing multiple leases. From acquisition to operations, there are many departments and processes to consider when managing commercial lease agreements. That's why we've put together a comprehensive guide to help you navigate every step of the commercial lease lifecycle. In this guide, we'll cover everything from occupancy cost auditing to tenant improvement allowances. Whether you're a new business owner or a seasoned entrepreneur, this guide will help you make informed decisions and ensure that your commercial lease is a valuable asset to your business. So, let's dive in and explore the ins and outs of navigating the lifecycle of a commercial lease.

Countdown to Vegas: RFDC 2022 Booth #539

Join Us in Vegas: RFDC 2022 Booth #539

Lease Portfolio Diligence Done Right with Property Works

This Global Franchise Magazine Article Says Lease Diligence in Franchise M&A is Essential and it's not wrong!

Multi-unit operators understand the complexity of keeping licenses and permits current. Each location has multiple licenses across different jurisdictions. It takes an...

Property Works streamlines refinancing requirements for business operators The process of obtaining landlord consents across entire lease portfolios is notoriously...

Better Serve Brokerage Clients With Real-Estate Management Technology. The twenty-first-century Commercial Real Estate (CRE) firm has evolved beyond the traditional...

As a multi-unit retail operator, it can be challenging to keep up with every aspect of your properties’ data. Hence the importance of a streamlined lease-management...

Property Works explores the differences between business operators’ perceived needs and their actual must-haves in lease-management software When it comes to being a...

Covid-19 impacted each facet of everyday life, including rent management. As the pandemic raged, business operators across the country struggled with managing the sheer...

A new lease accounting standard—namely, Accounting Standards Codification (ASC) 842—has made significant changes to accounting practices for operating leases, causing...

Property Works Releases New Rent-Deferral Tool COVID Related Tool Helps Multi-Unit Tenants Keep Payments Organized During Pandemic Atlanta, GA: Property Works, an...

Across the nation, businesses both large and small have struggled to keep their doors open during the uncertainty of the COVID-19 pandemic. Unfortunately, such hardships...

Prior to refinancing, your landlord’s lender may require that you sign an SNDA, which stands for Subordination, Non-Disturbance and Attornment agreement. Once signed, you will be bound to the terms within it should the landlord’s lender become your landlord, so it’s important to know the facts. A few of our most commonly asked questions about SNDAs are listed below.

Action items is a tool built to facilitate workflow controls. Clients now have the ability to set up a workflows from start to finish and build in custom control triggers to move from one step to the next.

Property Works Will provide comprehensive lease management to Ruby Tuesday

For the second straight year, Property Works is taking part in the Best Buddies Georgia Champion of the year fundraiser. The goal of the fundraiser is to raise enough money to open a Best Buddies Georgia office and hire full-time staff.

As multi-unit operators around the world are scrambling to make business-critical decisions about their lease portfolio, it seems relevant to share how our clients are getting the most out of their outsourced lease management solution during the Pandemic. When our team of lease and OC experts shared the positive feedback received from our clients, 5 benefits repeatedly came up.

Imagine you’re about to open a new retail location. You’re excited because you landed the perfect spot, and the landlord is thrilled because the first rent check just cleared the bank. But in the moment, no one is thinking about memorializing the first dates and milestones. And why would you because everyone is aware of the dates…they’re in the email! But years from now when the email can’t be found and your lease options hinge upon key commencement dates, the mad scramble beings to identify those long-lost details.

Bojangles’ Famous Chicken ‘n Biscuits, an American regional chain of 750 restaurants in 11 states, closed on its first whole-business securitization in October 2020. Bojangles, legal counsel Paul Wiess, and Barclays engaged Property Works to obtain all necessary consents from Bojangles’ landlords. Despite the disruption of the Pandemic, Property Works was able to obtain all required consents for the refinancing to move forward.