TheGuarantors is excited to announce the launch of our Interview Series. This interactive series will provide helpful tips, insights into the real estate industry, and thought-provoking solutions from some of our key partners and landlords in New York City and beyond.
Our first interview is with Robert Beacham, the leasing manager for 20 Exchange Place, who has more than 12 years of real estate sales and leasing management experience. Our Partner Success Manager, Julianne Fiori, sat down with Beacham to discuss his time in the industry, what it’s like to work with TheGuarantors, and how he’s evaluating the course ahead in light of the sweeping changes in rent regulations.
Beacham has been working with TheGuarantors since our launch in 2015. He fondly remembers the company’s beginnings, before our offices were filled with more than 60 employees on the 46th floor of 7 World Trade Center. “I’ve been with you guys since day one - when you had three people working in that small office. I had no idea who you were and what you did, but that was a long time ago,” he says. Now his narrative is entirely different.
Previously, landlords relied on extra security deposits and prepaid rent to hedge their risk against renter default. However, prepayment and extra deposits (over and above one month’s rent) are no longer legal under the new regulations. To complicate things further, extended eviction timelines have increased the risk and worsened the downside of a lease default. With more risk and fewer options to manage potential threats, owners, operators, and leasing managers have quickly shifted their thinking on leasing operations.
Fiori asked Beacham about his experience managing leasing for an apartment building in a major city and how recent changes have affected this process. Beacham explains, “A lot of times, people don’t have the knowledge or finances to start in New York City.” He continues, “Somebody has a great opportunity, has an offer letter, is going to be making pretty close to what we require as far as qualifications, but we need a little more security. It used to be easier to get that security than it is now - given the new legislation - but, in situations like that we consistently go to TheGuarantors.”
Beacham goes on to say, “We’ve talked to TheGuarantors about the recent reforms, and we’re not seeing anyone else responding creatively to changes in rent laws. It’s something we’re not getting anywhere else.” For Beacham, TheGuarantors have been a trusted partner and resource in a time of change, a role which we proudly hold for all of our landlord customers. We work individually with each landlord to tailor a program that solves for their risk needs and renter profiles, which in turn increases leasing staff productivity.
Though he emphasizes TheGuarantors’ focus on finance and risk, Beacham also praises the company’s attention to user experience and transparency. “When we go to TheGuarantors, we can keep up on what’s happening with a specific transaction from start to finish. They have a dashboard that allows us to sign in anytime and see the status of any deal.” Beacham adds, “The Guarantors’ information enables us to make sense of the deal. Rather than blindly following a recommendation, we can see the background material that supports a leasing decision. This highly transparent process gives us a greater confidence that we are making well-informed decisions.” Any landlord can sign up for a portal on our website and enroll their residences.
We’re grateful to have partners like Robert Beacham who continue to see the impact our products have on renters and the real estate industry. Check out availabilities at Robert Beacham’s 20 Exchange Place.
Keep your eyes peeled for additional interviews and unique insights from successful owners, operators, and leasing managers.