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Achieving Dramatic Deal Approval and Reporting Efficiencies with VTS

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ArtisREIT-Logo-Color

Asset type

Office, Industrial, Retail

Portfolio size

25M SF

Regions

Canada & U.S.

Artis REIT (TSX: AX.UN) is one of the largest diversified real estate investment trusts in Canada. Since 2004, the company has built a 25 million square foot portfolio of 230 office, retail, and industrial assets. Just over a year ago, several of Artis’ leasing team members left the organization and the Head of Asset Management took on the leasing function. But with a smaller team and manual leasing and approval processes, it was difficult for the company to stay on top of all of its leasing and renewal activities and manage its growth. The team needed a way to improve their efficiency and processes and looked to VTS for help.

In just over a year using VTS, Artis REIT has transformed their leasing and asset management processes and dramatically increased productivity across the organization.

“With VTS, I know exactly what's happening in each building. The leasing report could have taken a couple of days, but now it's an afternoon.

Adam Cuthbert, Analyst, Leasing & Asset Management

Challenges & Roadblocks

Why Artis REIT needed to transform their approach to approvals & leasing

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Manual leasing process

Without a single place to store deal updates, the team spent a lot of time compiling information from sources like spreadsheets, whiteboards, and napkins. There was also unnecessary lag time while paper documents were moved from person to person across the company. In fact, Artis was losing deals in a tight market because they couldn’t get back to tenants fast enough.

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Lengthy approval process

The teams at Artis went through a lengthy process to get deals approved. Each person in the approval chain needed to print the spreadsheet containing the deal metrics, sign it, scan it, and send it to the next person until everyone signed off. It could take several weeks to get deals approved, and if an approver didn’t agree to deal terms, the entire process needed to be restarted.

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Delayed reporting

The analysts at Artis went through a time-consuming process to gather all of the information needed for the monthly leasing activity report. Without a central place to find all of the deal updates, they would have to ask someone, look at whiteboards in people’s ofices, or refer back to emails they were copied on. It was extremely manual and could take up to a few days to put together the full picture of leasing activity.

Solution

Transforming the approval and leasing processes at Artis REIT

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Reduced deal cycles

After just one year on VTS, Artis has cut their deal cycles by 38%. By managing all deal activity, including deal and tenant updates in a single platform, Artis REIT can see details about any deal in seconds. Despite losing half of their leasing colleagues, the team can respond to tenants faster, speeding up the entire deal process.

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Faster negotiations & approvals

With VTS Deal Approvals, the team is approving deals 59% faster after just six months. Negotiations are now faster as everyone can see previous deal iterations, proposals, and counter proposals in one place. And when the executed offer is final, every team member that needs to approve it is automatically alerted and sees all supporting documentation in one place. They can sign off on deals from their desks or phones instantly, without having to print and scan spreadsheets.

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Faster reporting

With VTS, the analysts at Artis can instantly generate the reports they need and see exactly what’s happening in each building across the portfolio.Instead of asking other team members for deal updates, they log into VTS and immediately see everything they need to know — and all of the supporting documents. With all of the needed information centralized into one platform, the team has removed days from their reporting process.

Results

-38%

in deal cycles times

-59%

in time it takes to get deals approved

11K+

reports instantly generated

The approvals are definitely my favorite feature because I don’t have to print something five times to get it signed and scribble things out and write over it. It’s a lot cleaner and more efficient.”

ArtisREIT-Logo-Color

Adam Cuthbert

Analyst, Leasing & Asset Management

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