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Patrinely Group is a national real estate firm with a proven 38-year track record specializing in investment, development and management of large-scale, Class A commercial office, multifamily, industrial/logistics, data center and mixed-use properties in major markets. In efforts to bring a higher level of efficiency within their operating model, Patrinely Group is innovation-focused and solution-driven.
Lauren Crenshaw, Sr. Property Manager, and Susie Coe, Property Assistant, with Patrinely Group, provided insight on how Prophia is now an indispensable part of their daily workflow.
PROPHIA RESULTS SUMMARY: REAL-TIME DATA AT YOUR FINGERTIPS
Smart Search makes for quick and easy searching for lease terms across documents
The stacking plan’s future looking capabilities make strategizing for vacancies and other tenancy changes easy
Tenant timeline allows for quick understanding of tenants who have been in the building for years
CHALLENGE: INACCESSIBLE LEASE DATA MADE FOR LONGER TURNAROUNDS IN DECISION MAKING
The property management team at Patrinely Group needs to be in sync with everything happening in and around the property. Everything, from weather conditions, leasing activity, to marketing events, can change things overnight. Balancing all these factors is essential while being in sync with the asset management team on encumbrances and other lease obligation details. “You have to be as familiar with the tenant as possible to have quick answers to questions. The quicker the response the quicker and more accurate your decisions will be” mentioned Crenshaw.
Prior to Prophia, lease information was stored in a traditional setting which made for a more time-intensive extraction process. Since introducing Prophia to the portfolio, communication and is more streamlined, and Prophia’s organization has allowed each team member to focus more on value add opportunities rather than tedious document review and data extraction.
SOLUTION: PROPHIA’S EASY TO USE, ACCURATE SOFTWARE REVOLUTIONIZES DAY-TO-DAY ACTIVITIES
Patrinely Group was able to immediately recognize the value in Prophia. Immediately after onboarding, the team was motivated to understand the product and implement it into their daily routine. “When a management company onboards a building, one of the most tedious tasks is getting through all of the leases and understanding who the tenants are and their lease obligations. Prophia’s quick, reliable, organized solutions is critical in understanding the building’s lease obligations; paramount to the success of the operation and effective management” said Crenshaw.
Utilizing the Smart Search tool makes it easy to drill down on lease language in great detail and compare it across documents. Leveraging this feature, along with the lease profile, allows the team to simply click and find answers to questions rather than dig through lease information. The stacking plan no longer lives in Excel files but is in one central place accessible by the entire team. When getting to know a new property, the management team no longer has to reach out to lease administration to ask for details about encumbrances and details about the property, since it is all located on the dynamic and real-time stacking plan.
The tenant timeline has proved useful particularly in the pandemic with lease amendments coming in at a rapid pace. The timeline has allowed the team to easily see how the lease obligations and rent structure has changed over time and cross-reference with accounting to ensure accuracy in systems outside of Prophia.
Collectively with all the features for Patrinely Group, Prophia also proved to be extremely user-friendly, which aided in the quick expansion from an initial test run to their entire portfolio. “It was so easy to click and see all the information. You stop and say ‘Wow, it’s all here.’” mentioned Coe. With all the data at their fingertips it was hard to think about managing a building without Prophia.
Commercial Real Estate (CRE) professionals who use Prophia Cloud access critical lease information from anywhere in the world in a centralized, cloud-based platform. Prophia extracts meaningful lease data and dynamically tethers it to source documents, making custom reporting, modeling, exporting, and data reconciliation more advantageous for all CRE executives and acquisitions teams.