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Staying at the Cutting-Edge of Real Estate with VTS

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MRP Realty logo

Asset type

Office, Industrial, Residential

Portfolio size

6.3M SF

Regions

Washington D.C., New York, Philadelphia

MRP Realty is a vertically integrated commercial real estate development firm dedicated to providing exemplary service through creative thinking. The team has made it their mission to stay at the cutting-edge of innovation and is an early adopter of technologies they believe will help the business grow. In recent years, they’ve adopted cloud-based building performance tracking and project management tracking software with exciting results.

From a leasing perspective, before finding VTS, MRP Realty had no clear way of tracking deal history, wasted time compiling updates for capital partners and lacked a standard process for reporting across the company. All of these challenges slowed deal velocity and took valuable time and resources away from growth-focused activities. Since becoming a VTS customer, things have changed dramatically.

“Using VTS has helped us increase our deal velocity and our responsiveness. It has allowed senior and junior level staff to sign off on deals in a much quicker and concise fashion.”

John Dalton, Vice President of Acquisitions and Investments

Challenges & Roadblocks

Why MRP Realty needed to transform its approach to leasing and asset management

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Inefficient leasing process

Prior to VTS, MRP Realty had no organized or efficient way to track deal history and updates. Excel spreadsheets were tedious to manage and leasing meetings were spent getting the team up to speed, making it extremely difficult to sign off on deals quickly.

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Lack of standardized reporting

Before VTS, MRP Realty relied on Excel documents updated by leasing brokers to report on leasing activity. But with no clear standards, formats or templates, the team could never tell if the information was accurate or up-to-date, making it hard to make fast decisions.

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Significant time wastage

MRP Realty’s lending and capital partners have always required very detailed, transparent updates. With with no easy way to centralize that information or instantly generate reports, the team spent hours every week manually compiling or chasing the information.

Solution

Transforming the leasing & asset management process at MRP Realty

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Accelerated leasing velocity

With VTS, the entire team at MRP Realty can now understand the status and history of every deal instantly. Leasing meetings are no longer spent getting up to speed, rather brokers enter updates into VTS as they happen, enabling the team to sign of on deals faster. It now takes them just 93 days to convert a proposal to executed lease, down from 170.

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Standardized reporting

VTS has provided MRP Realty with a standardized template for reporting, enabling them to remove Excel all together. Reports, based on real-time, accurate information, can be generated instantly. All senior partners use the VTS mobile app and everyone in the firm gets a daily email update.

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Significant time savings

MRP Realty staff no longer waste hours per week compiling updates on deal status and leasing activity for capital partners. Rather these can be instantly generated in VTS. By eliminating hours of manual work, the executive team now has more time to focus on acquisitions and growing the company.

Results

-46%

in average days from proposal to executed lease

3K+

reports generated by VTS

3-4 hrs

saved a week per team member

"Before VTS it was like Groundhog Day. I felt like I was constantly reporting the same updates over and over causing inefficiencies and a lot of wasted energy. I spent more time reporting the news than creating the news.”

MRP Realty logo

John Dalton

Vice President of Acquisitions and Investments

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