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Beacon_White (1)

Investing in Cutting Edge Technology to Streamline the Leasing Process

Beacon_Capital

Asset type

Office

Portfolio size

35 Properties

Regions

Boston, Chicago, Denver, Los Angeles, New York, San Francisco, Seattle, Portland and Washington DC

Driven by over a 70-year legacy of successful real estate development, ownership, and management, Beacon Capital Partners is committed to excellence in both the spaces it creates and the service it provides. The company is constantly looking at new, innovative ways to serve tenants and enhance business operations, with investment in technology being a key part of its approach.

The Beacon team had been considering building a proprietary system to manage leasing and tenant updates across its portfolio. However, after learning about VTS and the service it provides, Beacon realized the platform was uniquely positioned to help the firm manage deal activity and use that information to make better decisions across its portfolio, while creating efficiencies and saving substantial time on manual reporting.

We chose VTS because of its cloud-based nature and the ability it gave us to record information in a platform that anyone on our team can access at any time. It is so dramatically different from using spreadsheets that live on somebody's computer and are usually only updated on an as-needed basis. It has created efficiencies that help make our business better.”

Beacon_Capital

Sara Shank

Managing Director, Head of Portfolio Management

Challenges & Roadblocks

The business case for transforming Beacon Capital Partners' approach to leasing & asset management

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Need for improved team communication

Prior to VTS, asset managers and brokers shared deal updates via Excel spreadsheets, which were often updated the night before the biweekly leasing meeting. The static nature of these documents made it difficult for asset managers and senior executives to gain real-time visibility into the status of portfolio-wide activity, potentially causing a risk of delaying deals.

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Need for creating reporting efficiency

Before VTS, even the most senior asset managers were required to spend hours per week creating reports and fielding ad-hoc calls from senior leadership and other team members who wanted leasing updates. This left less time to focus on higher-level activities and execute leases faster.

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Disconnected data

Without a centralized system for recording deal and tenant information, the Beacon team tracked the majority of their data in various disconnected spreadsheets, with information often recorded inaccurately. This hindered the team’s ability to compare deals easily, connect the dots between deals underway in different locations, and use information more strategically to close deals.

Solution

Transforming the leasing and asset management process at Beacon Capital Partners

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Streamlined company communication and transparency

Third-party brokers now enter deal updates directly into VTS, so Beacon’s asset managers and senior executives don’t have to wait for the biweekly meeting to receive status updates – they can see them in realtime. And instead of spending those meetings reviewing spreadsheets, time can be spent finding ways to close deals, which the team is now doing faster.

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Time saved with automated reporting

Because deal updates and information are being entered and managed in one platform, asset managers no longer need to manually create reports – they can now generate them instantly. As a result, each asset manager is saving an estimated two hours per week on report creation alone – time that can now be spent on higher-value work.

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Reliable, powerful deal data

With timely deal and portfolio information centralized in VTS, the Beacon team has streamlined the leasing process. For example, they can now easily compare lease terms when two tenants are competing for the same space, and connect asset managers that are talking to the same tenant in different locations to help facilitate the deal.

Results

-37.3%

in average days from proposal to executed lease

5,200+

instant reports created in the last year alone

2,100+

deals created in VTS in the last year

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