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EDMS for real estate business expansion

Customer
SRS Real Estate Partners
Project manager on the customer side
Adryenne Cooper
Managing Director, Lease Administration
IT Provider
CMW Lab
Year of project completion
2023
Project timeline
January, 2023 - March, 2023
Project scope
25 man-hours
Goals

1. Track and speed up the document approval process

2. Deliver legal notifications to the tenants linked to their leases dates and terms timely

3. Optimize the lease parsing process to reduce managers’ workload

4. Having 285+ employees across US and globe, to track their performance and help them to succeed


Project Results

  • The time for lease parsing was taken down from 60 to 20 days

  • X3 efficiency improvement

  • Transparent KPI and motivation system for the employees


Now the Client's real estate brokers are sure to service their customers in a quicker and accurate manner. All the documents are tracked and approved online via CMW Lab process automation solution; the paperwork is kept to a minimum.

The company gained more flexibility and now feels more adaptive to legislation changes: any legal updates in the real estate industry can be introduced to the system right away with drag and drop simplicity. Granting access to the system or its parts for new team members and clients can be done without deep technical department involvement.

The uniqueness of the project

The project was built for #1 largest real estate services firm in North America exclusively dedicated to retail.
The volume of document workflow that they had include 830+ clients with 1700+ property units, each with different lease dates and notifications.
The additional complexity of the project was preconditioned by the distributed team with 285+ real estate specialists in 25 offices around the globe.


Used software
CMW Lab Document Tracking Solution, CMW Lab BPM Suite (CMW Platfrom, ex - CMW Tracker)
Difficulty of implementation
The project connected thousands of manual operations in a large real estate company into a single automated environment within a business process management suite. The volume of document workflows that had to be automated included 830+ clients with 1700+ property units, each with different lease dates and notifications. The additional complexity of the project was preconditioned by the distributed team with 285+ real estate specialists in 25 offices around the globe.


Project Description

SRS Real Estate takes full responsibility for the key notification dates of the real estate leases 20 to 50 years long for all of their partners, who are now counting more than 830 commercial buildings owners. Each retailer attracts tens of tenants to be further notified about any changes happening to their agreement. The Client's real estate brokers have to keep a track on a vast amount of legal documents and notify partners timely about any changes occurring within their lease agreements.
Previously, notification procedures were performed with an Excel-based approach that wasn’t scalable. As the company started to expand, the growth point of switching from manual lease parsing to an automated one became vital. Handling such a volume of services in leases and representing so many properties had to be guaranteed by a sufficient level of sustainability.

Solution:

Without changing their business model, SRS built a system within CMW Lab business process management suite to get the highest performance over multiple leases, key dates and notifications, as well as to get even better partners’ experience than they had.
For these purposes CMW Lab (IT supplier) designed a fully automated tracking and approval process that served a rapid and easy transition from manual work and workload decrease.
Based on the CMW Lab reporting tool the company also built a metrics system to measure their success: turnaround time, burn rate, employees KPIs.

The project was built within 60 days.
Project geography
Worldwide with an accent to North American region

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