Resource Individual

Case Study

Executing Deals 59% Faster with the Power of Digital Marketing and Leasing

VTS Market has enabled us to scale gracefully in multiple markets with a centralized and cohesive process for listing and marketing our spaces online. This helps us capture tenant demand sooner. That’s key, especially now that we’re in three markets.

Jackson Prentice, SVP, Portfolio Management

Carr Properties

BY ASSET TYPE

Office

PORTFOLIO SIZE

5.7M SF

REGIONS

D.C., TX, MA

PRODUCT

VTS Lease, VTS Market

Founded in 1994, Carr Properties is a privately held real estate investment trust specializing in acquisitions, development, leasing, and property management. The company is based in Washington, DC, and has since expanded into Boston, Massachusetts, and Austin, Texas. The company is growing quickly and so is the number of leasing properties. Between these markets, the company owns 17 commercial office properties with approximately 5.7 million square feet in its portfolio and one million square feet currently in development.

To help support this growth, Carr Properties turned to VTS Market to bring their marketing efforts online to centralize space listings and collateral, strengthen communication, understand how different marketing channels are performing — and ultimately attract higher-quality tenants. With the assistance of the VTS Market platform, Carr Properties is capturing tenant demand sooner and is now executing deals 59% faster.

CHALLENGES & ROADBLOCKS

Why Carr Properties wanted to transform their marketing & leasing process

Multiple sources and vendors for marketing content

Before VTS Market, Carr Properties didn’t have a single source of truth for their marketing content. With space collateral stored in multiple locations, like individual team members’ desktops, the team struggled to quickly locate the collateral they needed. This created delays when getting new availabilities to the market, increasing downtime on those spaces.

Inefficient deal flow

Without a single place to house all marketing collateral, Carr Properties found it difficult to maintain continuity across teams and deliver a seamless experience from beginning to end. Delays in information made it difficult to maintain clear oversight over leasing flows. Furthermore, Carr Properties needed a way to communicate with the broker market and end-user market — beyond tenant reps — in order to gain a wider reach and facilitate higher-quality interactions.

Visibility into marketing performance

Carr Properties didn’t have real-time insight into how their marketing efforts were performing, and also struggled to differentiate performance across specific channels. Without these insights, the team couldn’t optimize those marketing strategies or double-down on the tactics that work. And as they generated interest that transformed into deal inquiries and in-person tours, Carr Properties needed those activities to tie into their existing system of record so they could be tracked and reviewed.

SOLUTION & RESULTS

Levelling up the marketing & leasing process at Carr Properties

A single source of truth

With VTS Market, Carr Properties has digitized and centralized most of their space marketing and digital collateral into a single platform, and one source of truth. Teams now have everything they need in one place to bring new spaces to market faster while showcasing the information tenant reps and tenants want. This includes virtual tours, photos, 3D space renderings, digital floor plans, and landlord-verified information for each space — all produced by the VTS team.

Faster deals

By using VTS, Carr Properties now has the platform and workflows they need to capture tenant demand sooner and move leasing conversations forward faster. Real-time updates and automation mean the team can instantly access all the deal, tenant, and space information they need — and trust that it’s accurate. The team now has the insight they need to properly track activity, prepare financial analyses to present to leadership, and better interpret their data into actionable, strategic solutions.

Real-time insight into marketing and leasing performance

The VTS Market platform helps Carr Properties capture, track, and quantify their tenant interest to see how they’re driving demand, converting these inquiries into in-person tours, and ultimately closing deals. In fact, they’ve received over 400 inquiries and other high-quality listing interactions in the past month alone. They also have real-time insight into marketing performance by channel to ensure they’re optimizing activities and course-correcting strategies as needed. From one analytics dashboard, team members can see how many times a space listing has been shared, a video has been played, or a photo has been viewed — and from which marketing channel that engagement came from.

Results

+98%
more listings with premium content
35%
faster deal cycle times
+47%
increase in high-quality inquiries and listing interactions
Jackson Prentice Carr Properties headshot

"VTS Market is flexible to our needs with an impressive turnaround on collateral. And when working with the VTS team, there is always a willingness to go above and beyond. We appreciate the teamwork and partnership."

Jackson Prentice, SVP, Portfolio Management

Carr Properties

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