Owners, managers using Metropole to accelerate leasing
Real Estate Weekly
(December 18, 2002) In this uncertain market, the real estate community faces the challenge of reaching more qualified prospects in a cost effective matter. Potential revenue is forever lost as experienced executives are distracted from closing deals in order to implement property-marketing campaigns and show available spaces. As a result, ownership, property managers, and brokers must enhance their productivity by improving and simplifying the way they market and manage their listings to create more deals and greater profits.
In the past few years, the real estate industry began turning to the Internet for solutions. Many invested millions of dollars in corporate websites, sophisticated databases, and transaction management tools. However, these applications caused roadblocks in the leasing process, as technologists rather than real estate professionals designed them.
Several years ago, a number of leading real estate executives came together to found Metropole Worldwide. Metropole's primary mission is to bring easy-to-use web-based real estate products to market. Already, its suite of applications is streamlining the way the industry is leasing properties.
Last month, the New Boston Fund, a private real estate investment trust with an excess of $1.2 billion in assets, became the latest company to embrace the Metropole solution - Metropole360 Brochure Builder. As part of New Boston's effort to centralize its national listings within one interface, it implemented the Metropole360 Brochure Builder platform company-wide.
Using Brochure Builder, New Boston's asset managers create and publish customized interactive property brochures. These brochures are automatically integrated into New Boston's website (http://www.newbostonfund.com), Intranet, e-mail flyers and even printed materials. As prospective tenants and brokers view the online listings, New Boston's executives use Metropole360's reporting tools to track which properties are "hot" and which potential tenants are most interested in the available spaces. Moreover, executive management can follow the leasing progress of their entire property management group via Brochure Builder's robust account management tools.
In addition to enabling online listings, Metropole is also enhancing building websites with its BuildingSite product. BuildingSite is a comprehensive property management solution that encompasses a customized building website, Metropole360 Brochure Builder, and an innovative 360º camera system. Earlier this year, the prestigious Morris Corporate Center 1&2, managed by CB Richard Ellis in Parsippany New Jersey, made BuildingSite an integral part of their new leasing strategy.
With BuildingSite, management at Morris Corporate Center now has the tools to market, in real-time, available listings to a global audience. When a property becomes available, the onsite manager uses a digital camera with a 360º lens attachment (provided by Metropole) to capture panoramic views of the property with one click. Next, he effortlessly uploads the images along with listing information to Metropole's Brochure Builder platform. The entire process from camera click to published brochure takes about 10 minutes. Metropole's user interface is very straightforward and easy to use, and requires very little computer knowledge.
Prospective clients can then search and take a virtual walk-through of the listing at their own convenience on Morris Corporate Center's website (http://www.morriscorp.com). Similar to New Boston Fund, each listing comes complete with 360º or still photos, floor plans, CAD drawings, PDF flyers, maps and more, enabling national and multinational clients to make informed and decisive decisions remotely. By drastically reducing the due diligence costs and time commitments of leasing properties, Metropole is shortening the leasing cycle.
By empowering executives with easy-to-use tools, Metropole is delivering on the long-promised value proposition of the Internet. Metropole's clients can take control of their listings, without the need for technology-savvy personnel. More important, executives are spending less time programming and implementing property marketing campaigns and more time closing deals. This cost-effective solution is sure to become an invaluable marketing tool in accelerating the leasing process and driving greater profitability.