Granite Properties is a leading commercial real estate investment, development, and management company that takes a unique approach to tenant management. The firm has made the deliberate decision to treat tenants as customers, not adversaries, by proactively investing in these relationships with the goal of achieving higher retention and engagement. It does this by partnering with tenants to gain an in-depth understanding of their business needs.
Disorganized Approach to Managing Tenant Relationships
Granite Properties realized their need for a tenant relationship management technology in 2015 when two senior leasing people left the company, taking with them 20 years worth of institutional knowledge about the company’s relationships. Tenant conversations were communicated to the team via ad-hoc emails. This lack of real-time insight prevented the team from acting quickly on time-sensitive deals and slowed down the leasing process overall.
Granite relied on individuals to remember deal history, and everyone had a different approach to managing information. Without an organized way to manage leasing activity and relationships, information quickly became out of date, and executives had zero visibility into the state of portfolio performance.
Increased Level of Portfolio Visibility
With real-time deal updates from brokers as they happen, Granite has full visibility into deal history. This real-time information flow allows the team to respond to opportunities faster, accelerating overall deal transaction speeds.
Accelerated Transaction Speed
After just six months on VTS, the team has already reduced the average days taken to convert a lead to an executed lease by 14%, and they’re just getting started.
“At one of our buildings, one of our customers mentioned to our engineer that they needed to give back some parking spaces. Because our engineer recorded that instance in TRM which alerted our leasing team and me, we were able to proactively approach that customer to see if we could work with them to reduce their space… Yes, we might be giving up some income, but we were able to have zero downtime and extend that tenant out for another five-year term with minimal rent and TI.”