Rexford Industrial, a real estate investment trust, owns and operates industrial warehouses throughout Southern California. The firm currently owns about 20 million square feet, but has ambitious plans to use technology and market knowledge to better penetrate the 1.6 billion square foot market without significantly growing headcount.
Archaic, Manual Leasing Process
Following an IPO in 2013, the Rexford team knew they needed to change their leasing process in order to achieve their ambitious targets. Their archaic, paper-based approach couldn’t support their high daily leasing volumes and would not be able to absorb growth as the company scaled.
More Efficient Deal Approvals
With VTS Deal Approvals, Rexford moved its entire approval process online, giving people the critical information needed to approve a deal and enabling them to approve from anywhere via mobile or desktop. This has expedited the approval process from 8.67 days to 2.6 days.
Accelerated Leasing Velocity. Increased Deal Cycle Time by 42%
By managing all of its deals and leases in VTS, Rexford now has complete visibility into deal volume and progression, enabling the team to be far more efficient. This has resulted in accelerated overall deal cycles.