COVID Related Tool Helps Multi-Unit Tenants Keep Payments Organized During Pandemic
Property Works, an industry leader in real-estate and lease-portfolio management, recently launched the Rent-Deferral Tool, their latest software module which allows multi-unit tenants to easily manage their rent deferrals, abatement agreements, and new payment plans all in one place.
Due to the ongoing COVID-19 pandemic, business operators across the nation last year found themselves struggling to pay rent and keep their doors open. The solution for many small-business owners who have no choice but to keep their physical locations open has become to renegotiate their leases in terms of rent deferment.
The new challenge, as many operators have found, is how to keep track of the sheer volume of new lease agreements across numerous properties. In March of 2020, just mere days after the United States entered lockdown, the Property Works IT department took immediate action to deliver a customized solution for multi-use tenant clients, capable of handling large-scale deferral tracking for multiple operations at a time.
“As the pandemic was declared, we knew our clients were going to need a way to manage all of the unique rental-term changes across their portfolios,” said Karla Finnegan, Vice President of Sales at Property Works. “Our IT department created the Rent Disruption Tool to help clients stay organized through the pandemic and to keep track of custom repayment terms.”
The Rent-Deferral Tool was available to clients immediately, with stellar reports across the board. The Rent-Deferral Tool is simple to use. Once approved between tenant and landlord, users enter the new lease-agreement terms into the software, which then saves the record, along with any supporting documentation, to automatically adjust future rental payments based on the new lease terms.
“Every time I generated an accounts payable file for our clients, the Rent-Deferral Tool would automatically make the adjustments based on the new rent terms . . . and keep track of what was still owed,” said one client, an account manager for a 140-unit fast-food operator. “Thanks to the Rent-Deferral Tool, my client now has all rent-deferral terms organized and accounted for.”
Users can set up the Rent-Deferral Tool to clearly track expenses paid, remaining balances, responsible parties, and due dates. More functions of the new tool include setting up one-off payments, batch payments, expense summaries, rental forecasts, vendors, and more. The new Rent-Deferral Tool is available to Property Works clients and is easily accessible through the Property Works website via the Client Log-In Portal.
Interested In Learning More?
Creating the Rent Deferral Tool was just the beginning of the evolution of lease management during the pandemic. Join us Thursday, February 25 at 11:30 a.m. EST for an in-depth look at our rent deferral tool and hear what we learned managing our clients lease portfolio’s during the pandemic. Click here to register today.
About Property Works
Property Works is an industry leader in real estate and lease portfolio management, providing support to companies with multi-unit retail locations. Property Works provides solutions for lease administration and accounting, occupancy cost management, compliance, portfolio restructuring and account management. With dynamic, industry-leading software and exemplary customer service, our team provides expertise through evaluation, management and reporting, producing a monetary savings in occupancy costs and administrative expenses for clients. Visit www.propertyworks.com for more information.
