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MRP Realty Staying at the Cutting Edge of Real Estate with VTS

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

PROPERTY TYPE
Office, Industrial, Retail
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. 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.

THE CHALLENGE:

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.

THE SOLUTION:

TRANSFORMING THE LEASING AND ASSET MANAGEMENT PROCESS AT MRP REALTY

Using VTS, MRP Realty has accelerated deal transaction speeds, standardized reporting across the firm and captured significant time savings. 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 off on deals faster. It now takes them just 93 days to convert a proposal to executed lease, down from to 170.

THE RESULTS:

ACCELERATED LEASING VELOCITY

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.

 

“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 and has allowed us as a company to say yes, this is a transaction we want to move forward with, this is a good financial decision for our asset.”
John Dalton, Vice President of Acquisitions and Investments, MRP Realty

 

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