We started ProNet with a simple mission – to drastically reduce the time it takes to get lease transactions done from start to finish – faster and more efficient lease transaction benefit everyone involved. Brokers spend less time on “paperwork” and get paid faster, owners collect rent sooner, and tenants are able to move in and continue to conduct business with the least amount of disruption.
In a recent study of actual transactions, we found that on average an office tenant rep transaction takes over 12 months from start to finish, and 50% of that is spent in the proposal process (30%) and lease process (20%) – so in a nutshell it takes six months on average to negotiate the terms of a deal and get the lease agreement executed. By comparison it takes less time to build a jumbo jet today (3 months)!
The CRE industry can and has to do better. We have to get out of our “old ways” and realize that the world around us has changed, and if we don’t change someone is going to come along and do it for us.
The answer to speeding up the process is to move the entire process from paper, MS Word, Excel and Email to a fully electronic process where information is exchanged between brokers (95% of lease transactions involve a landlord and tenant broker today) electronically on the web. Electronic (digital) information has several distinct advantages over text information. First, the data can be instantly analyzed…Second, it can be instantly modified and compared against other data sets and fields…Third, it can be instantly shared with all parties in the transactions in real time…Fourth, it can be archived for future reference…Fifth, it can be used to create current and historical market and other data metrics.
Many other industries have been using various forms of this for over 30 years. They refer to them as Electronic Data Exchanges or EDI’s. EDI’s are typically electronic data platforms within certain industry groups that allow for instant transfer of data and information, drastically speeding up the transaction time involved for all parties. The “trading” of products in the chemical industry is one example.
ProNet has built the CRE industry’s first and only Electronic Data Exchange (EDI) built exclusively for owners, brokers and tenants to instantly create, share, compare and analyze lease deal information, as well as automatically populate lease agreements, and to build robust internal market information data and internal/external management metrics.
This is a game changer and we are excited to be on the forefront of this new world in CRE leasing.
Contact us for more information!