FOR IMMEDIATE RELEASE:
Business Transition Specialists LLC launches Tenant Assistance Program (TAP)
Landlords & Property Managers Taking Action to Prevent Tenant Default and Unplanned Vacancies
Overland Park, KS, July 12, 2009 - Business Transition Specialists (BTS) is now helping tenant businesses avoid failure with better awareness of their financial situation and options, improved financial management and for some, stronger financially capable partners. Until recently, landlords and property managers were helpless to watch as tenant businesses declined and failed resulting in unplanned vacancies and decreased lease rates.
According to the FED's June 10, 2009 Beige Book report: "Commercial real estate markets continued to weaken across all Districts. Vacancy rates for commercial properties were rising in many regions of the Boston, New York, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and San Francisco Districts putting downward pressure on rents". Tenant failures are predicted to continue for the foreseeable future.
Landlords and property managers can now help tenants improve business results and financial health while also enhancing tenant relationships and extending average lease terms. With problem tenants landlords and property managers may decrease the potential financial downside.
Contributing to the urgency of the current tenant crisis:
- Tenant financials and financing options have worsened due to the economy and new banking guidelines.
- Landlords are often last to know of tenant problems; rent is the first thing paid and usually the last expense cut as tenant business performance spirals downward.
- 3. As vacancies increase, lease rates and total lease revenue decrease landlords themselves risk bankruptcy.
In coordination with Landlords, through TAP BTS will:
- meet 1-1 with tenants to help paint an accurate picture of business performance, financial health and corrective options
- sponsor workshops helping tenants understand new alternatives to business financing and growth