Staying Ahead of the Industry and Managing Deal Data More Effectively with VTS

Long deal cycles

Before VTS, Shelborn could wait upwards of a month in between letting meetings to get deal updates from each of their third-party agents. It was nearly impossible for Shelborn to keep track of what was going on across the portfolio, and meetings were spent giving status updates rather than discussing strategies for closing deals.

Transparency with third-party agents

Before VTS, Shelborn tracked deals with third-party agents using a new paper document before each letting meeting to communicate current inquiries, letting status, and next steps. However, this process made it difficult to track deal progress over time as, all of a sudden, there would be a new deal or a very late-stage deal would be dead. And as deals developed, multiple threads of information were shared in a variety of ways — causing miscommunication and potentially lost details. This lack of transparency made it difficult to stay on top of action items and hold agents accountable.

Delay in deal updates

Without VTS, 95% of deal updates only became available to Shelborn during their regular letting meetings. During the time in between, the team had little to no information or insight into outstanding inquiries. This process was inefficient, which left Shelborn unable to ask questions or assist agents with needed actions — potentially delaying negotiations or missing opportunities.

Faster deals

Using VTS, Shelborn are now executing deals 35% faster. In a single platform, their team and agents can instantly view the entire deal lifecycle. In real-time, they can see when a potential prospect is added as an inquiry, to when a viewing happens and feedback on the space, and finally, if it becomes a dead deal (with reason as to why) or goes on to negotiations. With this level of transparency, Shelborn are pushing the leasing process forward faster and getting tenants into spaces sooner.

Strong adoption by key agents

Using VTS, Shelborn have centralised all communications with their different agents into a single platform. With strong adoption by 20+ key agents, deal updates come through in real-time instead of waiting for a spreadsheet or letting meeting. Their group of leasing agents have really embraced the platform, saying it’s cut down their own workflows as well.

Real-time portfolio insights

Using VTS, the average age of information across the platform is just 1 day old. Shelborn have now streamlined the letting process, from lead to lease. And VTS is automatically notifying the team at every step as new updates are added to the platform. With all deal updates now being communicated as they happen, letting meetings have been transformed from status updates to strategy conversations around closing deals.