MRP Realty Boosts Efficiency and Streamlines Client Experience with Verdocs Embedded Document Workflows
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About MPR Realty
Based in Washington, D.C., with offices in Philadelphia and New York City, MRP Realty is a leading owner, developer, and operator of office, industrial, residential, and mixed-use real estate. Since 2005, MRP Realty has deployed nearly $3 billion in total capitalization, with another $2+ billion of active residential, office, mixed-use, and industrial projects underway. MRP’s combined development assets total more than 16 million square feet, with an additional 8 million square feet under management. The company has been actively involved in over 20 million square feet of development and investment, with a total capitalization over $4.5 billion in the Mid-Atlantic region.
The Challenge: Existing Property Management Practices were Outdated and Inefficient
As a property owner and manager of commercial office buildings, MRP Realty faced two distinct challenges: managing new tenants and existing tenants.
Managing new tenants required executing lease documents and typical onboarding consents of their tenant’s employees. The existing tenants had various needs: visitor management, facilities reservations, and access to various facilities within the buildings, all of which require a form of document execution.
The daily challenge of managing tenants across the 20 commercial office buildings in its portfolio was staggering. Each office building had between 200-600 people, and processing all the paperwork for new and existing tenants was daunting and time-consuming. Maggie Johnson, Product and Operations at MRP Realty, says:
“Our existing document process was very manual. Everything was emailed to our clients, signed, and sent back. When not signed, we would have to send reminders. We would have to download and put the executed files into the relevant folders. We spent countless hours performing monthly audits of all consents. The status quo was very painful.”
The Solution: Custom Application with Embedded Document Workflows
MRP Realty decided to build a simple, fully branded application called Passport to manage all tenants’ needs across its portfolio. Passport leveraged Verdocs’ unique capabilities to own the entire document lifecycle within the application and provide a fully branded experience for its users.
Templates for leases, fitness center waivers, amenity space waivers, rules and regulations, and Passport waivers were created once. These templates would seamlessly populate the user’s information when a document must be executed. In-app alerts are sent to the user when documents, leases, and renewals are ready to be eSigned.
The Results: Faster Turnaround, Time Savings, Reduced Risk and Higher Client Satisfaction
With Verdocs, MRP experienced immediate benefits:
- On average, the turnaround time to execute documents decreased from days to hours.
- On an annual basis, the property management team has saved hundreds of hours in their monthly tenant audit.
- The property management team has saved 10 minutes per tenant on average during the onboarding process; when multiplied by thousands of tenants, the efficiencies have been enormous.
- Tenant and client satisfaction increased, given the simplicity and ease of executing various forms within Passport.
- Standardizing document execution has reduced risk within their operations as consents and waivers must be signed via Passport.
Maggie Johnson says, “Verdocs has allowed us to keep our clients in our environment instead of a disconnected and manual experience through email. By fully integrating document workflows in our application, we have dramatically improved operational efficiency while delivering a modern, branded experience across our commercial real estate portfolio.”
