From Offline to Online:
The New Virtual Touring
& Leasing Landscape
Pre VTS Market
&
Post VTS Market
On his way to work, Henry, the Head of Leasing at Revere Realty, emails Leah, the Leasing Manager, for an update on upcoming vacancies across the portfolio. He waits for her reply.
On his way to work, Henry, the Head of Leasing at Revere Realty, opens the VTS mobile app and immediately gets a notification that a premier space will be available soon. He clicks into the space and tags Leah, the Leasing Manager, in a comment to get her started on a digital marketing strategy now.
Leah receives the email but needs an analyst to put together a full report in the coming week. She's unaware that a premier space will be coming on the market in under 90 days.
Leah receives an email notification from VTS about Henry's comment. She uses the real-time data in VTS to ensure this space is positioned to meet tenant demand. In VTS, she sees several tech tenants are in the market for pre-built, 20-30K SF spaces.
At the next leasing meeting, Henry and Leah review the long-awaited analyst's report and discover a premier space will be available soon. They scramble to pull together a marketing strategy, and Leah sends Melissa, the Marketing Associate, an urgent email to get updated marketing materials ASAP.
In the next leasing meeting, Leah gives Henry an update on her digital marketing strategy with VTS Market. Approved! They spend the rest of the meeting discussing how to best target tech tenants on the listing page. Leah emails Melissa, the Marketing Associate, outlining updates to the listing page and asking to publish it ASAP.
Melissa receives the email and immediately has to track down the most recent photos, description, and floor plan for this space, which takes weeks. Once she's finally able to compile all the content, she has to manually create a new listing on each listing site and individually upload the content. The process is so time-consuming that Melissa isn't able to put the space on the market for over a month.
Melissa receives the email and immediately opens VTS to update the listing page. Because VTS Market proactively digitized every space in the portfolio, she has virtual tour content at her fingertips, including photos, videos, and an accurate floor plan ready to go. She one-click publishes the new listing to the VTS Marketplace and easily updates the company website using the VTS Marketing API. The space is now live and already getting promoted to tenant reps.
Months later, Tim, the Tenant Rep Broker, is searching various listing sites for a new tenant requirement, ACME Tech. He notices Revere Realty's space listing on a few sites, but the information is sparse and he doesn't see it immediately. Tim is unsure if the square footage, amenities, and asking rent will meet ACME's requirements, so he doesn't include it as an option. Revere Realty misses out on the tour.
During lunch, Tim, the Tenant Rep Broker, receives an email notification that a new space has just been listed on the VTS Marketplace. He easily sees it meets all the needs of a new tenant requirement, ACME Tech. Tim submits an inquiry directly from the listing. When he does, Leah sees Tim's inquiry appear in her VTS Deal Pipeline and books him for an in-person tour with ACME Tech.
Tim spends hours putting together a tour book for other spaces, but ACME Tech gets frustrated because the information included for each space is incomplete. Many only include a low-quality photo and the building address. They're not sure if they'll like any of these spaces when they tour.
Tim shares the listing page from the VTS Marketplace with ACME Tech. They immediately experience the space virtually and understand its amenities, the building and location, and even an accurate asking rent. ACME Tech is confident the space is a good fit and looks forward to touring it in person.
Sure enough, as Tim and ACME Tech tour numerous spaces in person, many are instantly eliminated because they clearly weren't a good fit for their requirements. Tim and ACME are both disappointed in the time invested. And ACME gets even more frustrated as they tour space after space that isn't a good fit. Tim knows he's missing out on better spaces, including Leah's upcoming vacancy, but he isn't being empowered with good information from landlords.
After experiencing many spaces virtually, ACME Tech is already confident that the spaces they saw in the VTS Marketplace will be a great match for their needs, making the tour process much more efficient. When Tim and ACME Tech meet with Leah, she's able to quickly answer questions about the space and building using the VTS mobile app.
ACME Tech ends up submitting an offer for space with Revere Realty's biggest competitor instead. Much later, Beta Brands meets Leah for a tour and submits an LOI at a much cheaper price. But it's the only offer Leah's received on the space so she accepts their offer.
Several more tenant reps submit inquiries, and Leah sees them populate in her VTS Deal Pipeline. She tracks her ongoing outreach efforts with VTS Market's analytics and continues to tweak her strategy and positioning over time. Leah notices an increase in views of the listing page and tour video from ACME Tech, which is an early indicator of interest.
Beta Brands and Leah move into tedious deal negotiations. Version control becomes hard with multiple people editing the documents and sharing their updates in different email chains. Henry goes on vacation and isn't able to approve the final lease until he returns. Beta Brands considers looking at additional spaces, but are exhausted by the process and reluctantly agree.
Soon after, ACME Tech submits an LOI. Leah kicks off the leasing process and moves through deal negotations in VTS. Leah and Tim easily collaborate on the deal using VTS. With everyone sharing updates and documents in a single online platform, the process is much smoother for ACME Tech. They're thrilled to be moving into their space so quickly!
Over a year after the space going on the market, Leah finally executes a lease with Beta Brands. But based on their experience, Beta Brands is already dreading their lease renewal and will look at other spaces next. And Leah is left wondering if there's a better way to market and lease her spaces. Ugh.
Leah executes a final lease with ACME Tech in record time at the price she wanted. Everyone involved is pleased with the seamless and efficient leasing process. ACME loves their new space. Yay!
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