National Real Estate Advisors, which specializes in a build-to-core strategy, is now operating nearly 60 assets across the country. The firm adopted VTS in an effort to alleviate the challenges associated with manual reporting, make decisions faster, and respond to tenants quicker.
With a presence across all property types in most major markets across the country, National Real Estate Advisors is a well-respected name in the commercial real estate industry. The firm, which specializes in a build-to-core strategy, is now operating nearly 60 assets across the country.
Despite the company’s success, there were some growing pains -- especially when it came to reporting and communication. “There was always a lag in the delivery of information between our leasing meetings,” said Patrick Reilley, an asset manager with the firm. “We would have bi-weekly leasing meetings, but there was little insight into the progress that was being made between updates.” Also, since meetings were conducted based on “standard Excel reports, the information became stale very quickly.” It’s hard to make quick decisions based on out-of-date information.
Patrick believed this inefficient communication of important data and information was hindering National’s ability to make timely, value-enhancing decisions. He said, “there was always a delay in the communication of a deal between the broker discussions and the time it was actually relayed to ownership and throughout the organization.”
Then, they discovered VTS.
Patrick believed VTS could have a meaningful impact on National’s efficiency in how it did business and interacted with prospective tenants. “We were seeking an efficient way to communicate our leasing pipeline information through the organization quickly,” he said.
The team adopted VTS Landlord Standard and began to monitor the changes in their business operations.
“VTS has alleviated much of the manual processing and reporting we did previously,” said Patrick. As a result, the team is able to make better decisions faster because they are operating on real-time information.
He added, “Our CEO is seeing all activity in real-time, and that's incredibly valuable. It saves the asset manager time by not having to provide the same update multiple times to different stakeholders, which can be very time-consuming. With VTS, everyone is getting information simultaneously.”
While the time savings and internal alignment has been key, Patrick explained, “I think the most beneficial aspect of the VTS implementation has been the acceleration of the decision making process. The deal approval process for most of our projects is with joint venture partners. Being able to make timely decisions on deals and move them forward has been a huge benefit.”
He added, “When we are able to respond quickly to a proposal that has been provided to us by a tenant, it shows our vested interest in advancing deals forward. We are the type of landlord who wants to pay special attention to current and prospective tenants, giving them the level of service they expect from an owner of a premier Class A building where they lease space. VTS helps us do just that.”
The increased responsiveness and shorter deal cycle time has already paid tremendous dividends for National.