Landlords & Institutional Investors of commercial properties around the globe have faced a wide variety of challenges given the current climate as a result of COVID19.
DALLAS, TX, December 03, 2020 /24-7PressRelease/ — Trying to manage the rapidly changing payment structures, challenging cash management and modified lease terms has proven to be a hurdle for many, who did not have the benefit of a solution that was readily available pre-pandemic period.
Specifically, companies such as ours, a global leader in delivering technology and business process management services to the commercial real estate industry, are well-positioned to meet these unique challenges that clients faced. First and foremost, the immediate challenge for many Landlords was enabling teams to be functional in a remote environment very quickly. The very nature of the services delivered by Retransform is essentially “virtual” which allowed them to adapt very quickly to ensure that clients didn’t experience any interruption in their operations.
The second challenge for many Landlords was identifying and addressing opportunities and risks in their tenant’s leases, in conjunction with required shut-downs of the tenant’s physical spaces. The obvious question became “How will my tenants pay rent when they are not open for business?” – this would directly affect how Landlords would be able to effectively manage their own cash flow and continue to meet their mortgage obligations.
In partnership with Retransform (https://retransform.com/), Landlords have been able to very quickly identify relevant lease clauses that could impact their approach to providing aid to their tenants while maintaining their own obligations. It was time for Landlords to get creative in how they addressed these immediate challenges.
Some of these solutions include:
• Application of security deposits to rent
• Abatement of rent and extending lease terms
• Application of prior reconciliation credits sitting on the books
• Loan covenant compliance
In summary, Landlords able to quickly pivot were better positioned to not only assist their tenants but maintain their own critical functions, thereby ultimately moving through the crisis period more effectively and efficiently to reach a faster resolution. In unchartered territory, having an agile partner such as Retransform, provided Real Estate companies security and confidence during critical decision-making times.
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