VP Retail Edition™ Overview
Real Estate Management Software for Retail and Restaurants.
"Location!, Location!, Location!” is the tried and true mantra of retail; however few appreciate the iterative processes involved in site selection, deal negotiation, store construction, and ongoing administration of a large portfolio of stores. It is a complex cycle all too often impeded by isolated departmental information.
Vision: Real Estate, Store Planning, Construction, Asset Management, Facilities, Lease Administration and Lease Accounting all access and update relevant information in real time anywhere. Timely task completion and clear handoff's tighten store opening, closing, relocating and renewing cycle times. Online document management and teams encourage collaboration across departments and with outside partners. Integrated rent and expense processing deliver efficient and accurate payments. Critical date notifications insure effective implementation of portfolio strategy. Frequent operating expense audits keep occupancy costs in check, lower SG&A, and elevate profit. Market expectations for store growth are met with the right real estate at the right time.
Make this vision your company's reality with the VP Retail Edition™.
The VP Retail Edition™ of the Virtual Premise Global Real Estate Management System ™ delivers integrated Project Management, Transaction Management, Portfolio Management, Lease Administration, online Document Management and Reporting. Virtual Premise deploys your system through a proven low-risk, timely implementation: the approachable application yeilds a rapid learning curve and high adoption rate resulting in a fast time to benefit.
In short, The VP Retail Edition™ empowers retail and restaurant real estate managers.
General Capabilities include:
Strategic Real Estate Management
Spend more time executing and monitoring real estate strategy and less time pulling together reports, spreadsheets, and documentation. Spend more time hunting and negotiating deals, and less time preparing documentation for Real Estate Committee. The VP Retail Edition™ of the Virtual Premise Global Real Estate Management System™ streamlines reporting and frees you from time consuming administrative tasks so that you and your team can focus on executing strategy.
Follow Through
Track and collect tenant improvement (TI) allowances. VP Retail Edition™ includes standard workflow to drive collection of Landlord construction allowances and incentives. Account for these funds appropriately, whether offset against rent, percent rent or funds received.
Open Options
Dates drive dollars in real estate. Ever missed an option or kick-out that really mattered? Will the store be profitable at Market Rent? Mitigate the risk inherent in a large and valuable real estate portfolio. Having option dates accurate and readily available will let you sleep at night, and provide sufficient lead time for ample negotiation and wise decision making. Critical Date reminders are essential in managing your portfolio. Never miss a critical date again.
Percent Rent
The VP Retail Edition™ of the Global Real Estate Management System accurately calculates and fulfills your percentage rent obligations and accounting for all negotiated exclusions, breakpoints, and sales categories. Built in accrual processing will ensure there are no surprises at year end. However you accrue and pay percent rent - monthly, quarterly, annually, calendar year or lease year – it’s simplified with VP.
Landlord Sales Reporting
The VP Retail Edition™ of the Global Real Estate Management System includes document generation capabilities for the creation and delivery of sales reports required by landlords for the verification of overage rents due.
Benchmark and Trend
The VP Retail Edition™ of the Global Real Estate Management System is configured to capture Shopping Center and deal package information on co-tenants and competitors like sales per square foot, enabling center trending and benchmarking of portfolio performance over time.
Collaborate
Virtual Premise allows for unlimited users through both permanent and/or temporary access rights enabling cost-effective collaboration through the internet with brokers, contractors, architects, attorneys and other relevant real estate players. You can upload any kind of document, collaborate online, assign and manage tasks, and monitor the progress of every project.
Automate Real Estate Acounting and Approval Audits
The VP Retail Edition™ of the Global Real Estate Management System automates and streamlines communications between Real Estate and Corporate Accounting. Through Advanced Lease Financials, VP Retail Edition™ delivers built-in charge approval processing for one-time and recurring real estate charges Rent, CAM, Taxes, and other Operating Expenses.
Measure and Improve Real Estate Processes
Most project management software is dead-end in terms of data within the system. With the VP Retail Edition™ of the Global Real Estate Management System managers can compare project metrics over time for store acquisitions and construction projects, and can test forecasts and pro-formas to actual store performance.
Efficient CAM Reconciliation and Desktop Audits
Annual reconciliations are difficult, frustrating and time-consuming; it’ up to you validate that the bills are accurate, and recover fund in appropriately charged. Advanced Desktop Audit Manager (ADAM) automates the review and reconciliation of pro-rata charges including CAM, Taxes, Insurance and other pro rata charge types. Audit-ready abstract forms enable easy recalculation and validation of landlord pro rata share calculations including numerators, denominators, exclusions and CAP calculations. Document Generation eases the administrative burden of communicating with landlords. Audit status tracks progress and logs cumulative errors identified and recaptured. With Virtual Premise, you maximize recoveries and reduce time spent on low-payback efforts. The Advanced Desktop Audit Manager is available as a stand-alone solution or integrated with The Virtual Premise Global Real Estate Management System.
Access and Control
Leases contain numerous provisions that can come back to bite you at any time. The trouble is these provisions are buried deep in the lease. Isolate and abstract any critical date; automate notifications through email or on screen "Quick Links". Retrieve information whenever and wherever you need it using search queries, existing reports, or Ad-Hoc reports using the powerful, simple-to-use, report writer.
Executive Management Reports
Accounting, operations, finance, internal audit, and the board of directors all require real estate information and reports. Researching and preparing these reports significantly impacts your time and strains your resources. The Virtual Premise Global Real Estate Management System™ simplifies reporting with a standard set of management reports to meet all of your GAAP 10K, 10Q, FAS-13 Straight-line Rent and Annual Reporting requirements. Your internal customers will soon trust and rely on the robust business intelligence that you can provide.
Sarbanes Oxley and Financial Accounting Standards Board (FASB)
Sarbanes Oxley legislation demands documented processes and controls in place to insure the accurate and timely management of your assets. Virtual Premise offers the most comprehensive workflow and audit features on the market to help you stay on top of your real estate portfolio and provide "verifiable" evidence of your work processes and control. With field level changes tracking, your auditors will have a clear trail of every change made by everyone who touches your system. No longer will you fear an audit, because now you will know. The system also notifies managers of changes in designated “verifiable” data fields (i.e. Rent, Vendor, Lease Expiration) insuring data integrity supporting SOX compliance. Virtual Premise also undergoes an annual independent SAS-70 Type II Audit.
integrate
The key word is “integration.” The Virtual Premise Global Real Estate Management System™ is capable of integration with leading enterprise systems. You can also integrate with Point of Sale systems, Facilities and Work Order Management systems, Human Resources, and Accounting. Use Virtual Premise as your real estate data warehouse by pulling in “four-wall” data for a true store level EBITDA.
New Store Construction, Build Out, Renew, Relocate, Expand, Close
By providing access to key information contained in your Virtual Premise system deal makers and project managers will make better decisions, improve performance, and reduce project cycle time. Using the integrated Project Management Module, you can easily manage construction, transaction, relocation, store closure and update projects. Relevant shopping center and lease data contained in the Portfolio Management Module is seamlessly accessed and presented in the project record. Whether it’s finding strategic insights about your portfolio; comparing transaction metrics side-by-side, managing complex projects, or collaborating with a large number of outsourced vendors—it's all possible with The Virtual Premise Global Real Estate Management System™
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