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Before FD Stonewater sought a software solution to lease management, their lease data was scattered. Information lived on stagnant Excel files or PDFs and there were different versions for different teams. Accounting systems were used as the source of truth for information that was then verified by members of the firm when tasks and questions arose. 

The complexity of managing and tracking all of the information and document details was an immense challenge for CBRE. Before Prophia, a lot of time was spent with “CTRL+F” as Calvin Bright, Associate Real Estate Manager put it.  Finding and verifying the intricate details of every tenant was a daunting task.

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.

Before The Schuster Group began using Prophia in 2018, the company juggled multiple technologies and systems in order to manage their information, create new leases and provide oversight on properties.  With spreadsheets for every report, lease, and tenant, asset management became cumbersome and overwhelming. Generic shared file systems and accounting software did not generate the right type of information they needed. As a result, they had to review all lease details, data points, and report specifics multiple times to ensure relevancy and accuracy. 

Before adopting Prophia, Spear Street used various static practices to keep track of encumbrances and relied on property managers to send monthly reports. In addition to data found in accounting systems, asset managers updated large internal spreadsheets for rights and options monthly. There was no way to measure accuracy beyond trusting the humans who inputted the data themselves. As a result, asset managers ended up having to both update and verify the accuracy of the data.

With a very short due diligence window, one of the main challenges the URG investment team faced was how to quickly get their arms around and abstract some 100 tenant leases.