The Company
Equity Industrial Partners (EIP), based in Needham, Mass., develops and operates industrial real estate across the U.S. Since its formation in 1994, EIP has acquired, developed and sold over 60 million square feet of real estate. As a fully-integrated industrial real estate company, EIP also manages more than 19 million square feet of industrial property, offering a complete set of property and facilities management services.
The Challenge
Improving Communication & Processes, Centralizing Information
EIP’s high volume of new and renewed lease transactions made tracking information and making it available to all team members a major challenge. “Our team was juggling chainsaws trying to manage documents, follow up on various communications and keep track of the weekly leasing report. With everybody so busy, it was a challenge to find time to discuss the pipeline,” said Marc Wexler, Chief Operating Officer for EIP.
The Solution
Yardi Deal Manager
Seeking a disciplined approach to deal evaluation and execution, EIP adopted Yardi Deal Manager, part of the Yardi Elevate suite, to centralize deal entry, tracking and approval. The mobile-friendly solution gives the company’s leasing team and executives complete deal pipeline visibility and provides improved communication with a built-in messaging app.
The Story
Deals Closed—No Waiting
EIP’s initiative on restructuring its deal management process placed heavy emphasis on housing CRM, letters of intent, lease negotiation documents, occupancy and vacancy rates, upcoming lease expirations and other information in one place. Yardi Deal Manager gives the company reliable, well-organized information and eliminates mistakes with single entry of data. In addition, integrating leasing with lease administration through Yardi Deal Manager facilitates EIP’s onboarding of executed leases.
“When we have to decide whether to go with a deal, all the information is right at hand. Deal Manager provides the rigorous analysis needed for us to confirm the lease economics for the deal,” Wexler said.
By meeting the challenges of storing, updating and making granular information easily accessible from one central platform, Yardi Deal Manager also solved EIP’s communication issues by enabling all deal participants to get up to speed on the status of a transaction quickly. “Deal Manager is transformative and is bringing about a cultural shift at EIP,” Wexler said. “Also, the onboarding process for the platform was quick and painless, and we continue to receive outstanding support from the Yardi team.”
