Case Study
"[VTS] is great for me because I’m out in the field taking prospects to different spaces every day. I can go back to that and find everything I need. I use VTS to track what the broker said, what the tenant wants to do with the space, and what requirements they have. "
Shaelyn Mullaney, Leasing and Business Development
Merritt Properties
BY ASSET TYPE
Industrial, Office, Retail
PORTFOLIO SIZE
16.7M SF
REGIONS
Baltimore & Washington D.C.
Established in 1967, Merritt Properties is a full-service commercial real estate firm with more than 16 million square feet of office space in more than 70 locations. The firm owns and manages more commercial space than any privately-held developer in the Baltimore/Washington area and is well known for having strong relationships with its tenants. The company initially turned to VTS when they were looking for a more scalable and efficient way to manage information on leasing activity, occupancy, and tenant relationships. Since becoming a VTS customer, they have transformed their leasing and asset management processes.
CHALLENGES & ROADBLOCKS
Inefficient pipeline management
Before VTS, Merritt’s leasing team didn’t have one place to manage their pipeline of prospective tenants and record updates for each opportunity. With 12 leasing agents across two offices, this information was spread across multiple sources – spreadsheets, phone calls, post-its, Google docs, and more. This made it difficult for members of the leasing team to stay organized.
SOLUTION
Better deal management
With VTS, Merritt’s leasing team is able to manage the potential tenants in their pipeline more effectively. By recording all tours, broker conversations, and tenant requirements in one platform, they can easily stay organized and follow up on opportunities more efficiently. And if a tenant isn’t interested in a space right away, Merritt has all the information and context they need to re-engage intelligently with the tenant at a later date.
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