The Situation
Tanglewood and its leasing teams were looking for a solution to better showcase their properties directly to end-users. Tanglewood’s efforts were utilizing channels such as e-blasts, open houses, and listing services. These mediums were struggling to reach the brokerage community routinely and at scale, nevertheless the tenants those brokers represented. Ultimately, Tanglewood hired RealtyAds to find, advance, and close more deals.
Independently, Tanglewood made the decision to centralize its leasing and property data into an all-in-one asset management platform called Dottid. Dottid’s software solution centralizes and utilizes real-time portfolio data to drive asset performance through facilitating more deals while adding transparency to the leasing process, capital projects and property data.
The Solution
Since Tanglewood had adopted both RealtyAds and Dottid, the landlord could use their data to improve their tenant pursuit process, and ultimately drive leasing activity. To help Tanglewood in this regard, Dottid and RealtyAds established a direct API connection between Tanglewood’s Asset Management Software (Dottid) and Tanglewood’s leasing enablement software (RealtyAds).
Through this API integration, data uploaded to Dottid could instantly and automatically be used to prioritize spend to the customers most likely to sign an office lease. For instance, if a broker noted a recent tour in Dottid, RealtyAds essential software would automatically prioritize spend to the decision-makers at that particular firm.
“Marketing dollars are not limitless,” said Trevor Marticke, founder and president of RealtyAds. “Our integration with Dottid allows our mutual customers to prioritize their marketing spends to reach the most important customers at every stage of a deal – simultaneously eliminating wasteful spend and creating a more educated prospective tenant on a property’s offerings.”
For Tanglewood, the improvements to the tenant acquisition process were immediately realized. Only a few months into the active integration, Tanglewood was automatically applying the data stored in Dottid to successfully reach more than 92% of their active pursuits through RealtyAds distribution channels. In addition, Tanglewood saw a 265% increase in exposure to the local brokerage community representing those potential customers. Since the API automated the process of determining who to target and when, no additional training efforts were required of the brokerage or marketing teams. “It’s critical that commercial real estate centralizes its leasing data,” said Kyle Waldrep, CEO of Dottid. “But arguably as important is using your data to streamline operations and drive revenue. Our integrations, in particular the one with RealtyAds, allows our customers to accomplish both.”
While still in its infancy, Tanglewood’s adoption of Dottid and RealtyAds is currently helping participating properties tell their story to prospective tenants worth roughly $52,000,000 in transaction value. What’s more, the integration has already helped facilitate more than $1,500,000 in closed deals.
Takeaway
Many firms in commercial real estate know the importance of data, but the industry at large has yet to fully embrace the revenue potential of leveraging data in meaningful ways. This disconnect creates an opportunity for the most sophisticated ownership groups to gain a strategic advantage over their competition. By adopting Dottid and RealtyAds, ownership groups now have a means to clearly store their data and automatically deploy it to solve the industry’s biggest problem… vacancy.