Over a Decade of Client Solutions
From the beginning, Property Works' growth has been driven by a commitment to acknowledge and accommodate the needs of its clients. There are several great tools and service providers available today to help manage your real estate portfolio, but only Property Works has this kind of history serving the industry. We’ve been at this for a while and we’ve learned a lot along the way.
- Property Works increases its Roster of Anchors (10+ year clients) by six.
- The Property Works team is growing, and growing strong. Employee retention exceeds 93% for the second consecutive year.
- The number of lease renegotiations and the immediate rent relief generated soars to an all time high.
- Infrastructure completed for exciting new features including client dashboard, enhanced mobile access, and new lease accounting compliance.
- Property Works helps its clients weather the economic downturn by saving over $1 million in erroneous landlord charges and renegotiating dozens of leases resulting in over $3 million in immediate rent savings.
- To offer further relief, Property Works initiates a 24 month freeze on ALL client fee increases.
- The company purchases an office building in downtown Decatur, GA for its corporate headquarters and adds a New England regional office.
- Property Works introduces a new solution, Service Request Management module, a real-time work flow tracking tool to resolve the constant pressure of trying to stay on top of store-level issues and projects, combined with the confusion of trying to accurately ascertain their progress, which has plagued property management, legal, and auditing professionals for years. Now there's a quick, convenient solution for this nagging communication problem.
- Property Works answers another call for a simple solution to a not so simple challenge – Work Order Management. The property/facility management tracking functionality in REport ms is enhanced to allow users to submit a work order ticket and track its status from creation through resolution.
- Clients identify a need for expanded tax management capabilities. Property Works significantly enhances its Tax Management functionality to easily identify and manage both pass thru tax obligations and obligations directly to the taxing authority for multiple parcels per property. REport ms not only alerts users to tax bills due, but also, to tax bills and assessments that have not yet been received.
- Clients are looking for an easy way to track pre-open lease dates. Property Works responds with a Development module that allows them to track any pre-open or development related requirement of tenant, landlord, contractor, or permitting authority.
- Continued reinvestment in its technology and services pays off. Thanks to supportive clients and a superb team of service providers, Property Works' sales increased by 50% in 2006
- Property Works is called upon by clients many times to help identify landlord consent requirements for portfolio remodels, corporate restructuring, assignment to or from a franchisee, or refinancing and to assist in obtaining such approvals. Exploring this demonstrated client need, Property Works develops the Consent and Approval Management piece of REport ms. This functionality allows users to simply and accurately identify consent requirements and to easily manage and report the process of obtaining the consent.
- Percentage Rent Management is added to REport ms – making it the first web based system to offer automatic sales statement generation and percentage rent payments for multiple methods of calculations. Users can now have a portfolio of sales statements sent to landlords and accurate payments processed within hours instead of days.
- Property Works signs on ten new clients in its first year of actively marketing its new product and refined service program.
- REport ms is released in January 2003 – the first web based lease management application for retail tenants.
- All existing clients are migrated from PW2000 to REport ms during the first half of 2003.
- License and Permitting Management functionality is added to REport ms. allowing users to easily track all types of permits, certificates, licenses, etc. for all properties. Renewal requirements are automatically emailed to the appropriate users so that no dates are missed.
- Comprehensive reconciliation management is added to REport ms during the last half of 2003. Data from each reconciliation – CAM, taxes, insurance, etc. – is captured and compared year-to-year. Additionally, caps, exclusions, and other cost saving opportunities are highlighted. These auto-generated alerts allow auditors to spend more time on analysis instead of data comparison and calculations. The opportunity for significant cost recovery success is magnified.
- In June 2002, the Property Works management team purchased the group from its parent company. A primary goal is to realign services in order to more accurately meet the needs of clients; and develop an enhanced, web based version of its existing lease management database. Property Works would take the next 18 months to focus on developing, testing, and enhancing a comprehensive web based lease management application specifically designed for tenants. The result: - REport ms (Real Estate Portfolio Management System).
- PW 2000 is released in February. New features include comprehensive full color web based reporting, basic data integrity features, historical occupancy cost data management, and an advanced lease negotiation "deal sheet."
- Responding to clients' needs, Property Works adds property A/P processing to its service offering. All base rent, percentage rent, CAM and other occupancy expenses are reported to a client in a pre-formatted file for simple upload to the client's accounting package. This effectively bridges the gap between the real estate and accounting functions.
- Using the knowledge and experience gained during the first years of providing real estate portfolio management services to retail/restaurant clients, Property Works' technology team sets out to design a greatly improved real estate management database: PW2000. The new unit-based design allows for multiple leases per property, and can accommodate subleases and other complex lease arrangements; and data and file management at the store/property level and at the lease level.
- Client needs dictate an increased emphasis for on-going real estate portfolio management. The Property Works offering is expanded to include lease administration, occupancy cost management, and comprehensive reporting.
- The company's database is enhanced to accommodate its expanded service capabilities and web accessible reporting.
- Property Works signs its first "full service" clients providing an on-going lease and property administration and portfolio management outsource program to two multi-unit franchisees.
- Property Works' initial offering includes real estate portfolio analysis, portfolio restructuring, and lease negotiations services for national restaurant companies.
- A real estate database is developed to capture and report critical lease dates, property attributes, portfolio strategies, and project status.