There are times when your landlords’ signatures can make or break a business deal. And while sending packets of information out and collecting signed agreements may seem like a simple task, it takes more time and causes more headaches than ever imagined.
The next time you’re involved with a transfer of assets, merger, acquisition or whole-business securitization, ask yourself the following questions before deciding how you’ll obtain those coveted landlord signatures.
- How many staffers can you spare just to get the project rolling? Whether you need signatures from 40 or 1,000 landlords, start clearing staff schedules now. It can take several people a week or more to gather the right contact information, handle mail merges, draft materials, sort, collate, address and stuff packets…not to mention all the follow-up that results from inaccurate deliveries.
- Can you dedicate at least two people to field initial questions? The moment packets start hitting landlords’ desks, the phone begins ringing. Trained responders must be ready to address issues ranging from why signatures are needed to non-related complaints that must be addressed before landlords will sign.
- Do you have people with specialized expertise to follow up with landlords individually? Very few landlords will sign anything without a conversation…or 12! Each landlord must be contacted on a regular basis to keep the project moving forward. Sometimes that requires a weekly call. Sometimes it requires multiple calls, research, and conversations with many of their financial and real estate representatives. It can easily take 12 personal contacts for each signed document. That number can be reduced when people fielding questions have landlord experience and can understand their concerns.
- Who will be your central point of contact and what tool will be used to track the project? A project of this scope must be meticulously tracked and monitored. And when the work is spread out among multiple people across the company, organization becomes even more important. There must be a single person in charge of project management, with everyone following a consistent process for logging updates in a software tool that’s accessible by management 24/7.
- Can you really afford to put your regular business aside to focus on gathering signatures? Most companies run lean and mean, and very few can afford to put business-critical work aside to chase signatures. And chase is what you will do for quite some time. But there is a more cost-effective, less painful way.
For more than 20 years, Property Works has handled landlord consent projects for major brands around the country. Learn how we can do the same for you. Download our FAQ and schedule a time to talk today.