One of the most critical parts of closing deals is getting the specialty leasing approved. This process is usually complicated, dilatory, and manual. If we consider the multiple approvers involved, you will probably miss several opportunities due to this bureaucracy.
Digitizing this process is a critical step that should be considered if you intend to reduce cycle times for deals, and increase opportunities of getting deals. BAC reduced the complete specialty leasing process with the implementation of technology and digitization, thus removing steps, automating different aspects, and centralizing all things related to the deal in one single place.
This is how a deal approval usually unfolds when there is no digitization involved
If you are going to modernize your company and introduce new technologies, then this is a great opportunity to understand the structure of your current transaction approval process and how to improve its efficiency. Many companies are still following a very complex, lengthy, and manual process that has neither been reviewed nor updated in the past decade. Therefore, this issue should be amended before proceeding. Let’s see some problems that you could be having at the moment:
- Almost half of the Landlords do not track deals in a standardized way.
- Many people are required to approve and complete deals. If so many people are involved, it is difficult to communicate deal updates and keep everyone on the same page, wasting time and effort.
- Usually, landlords do not have the transaction financial status of the entire organization displayed in a standardized way.
Now that you have really considered all aspects of the deal approval process, do you think you have missed opportunities because you could not get back to the tenant as quickly as possible? This is the number one reason why we recommend that you take this opportunity to review and update your own deal approval process.
How to simplify your deal approval process
Fortunately, you can easily solve many of the bottlenecks that may appear in the current deal approval process. Regular specialty leasing and asset managers go through a long process to get the transaction approved. Everyone needs to send e-mails or make phone calls and sign, scan, and send a document to the next person until everyone signs it. All these steps imply waiting for several weeks to approve the transaction, and the company may even lose it because it did not contact tenants quickly enough.
Use technology to automate your transaction approval process
All things considered, in order to offer a simplified transaction approval process, please ignore the paper process that requires different people to attend in person. On the contrary, using technology can further speed up the process. With the right leasing and asset management technology, you can automate most of the transaction approval process and shorten the schedule by more than 21%, having a unique advantage over other companies in the market and ensuring you never miss an opportunity.
Are you interested in simplifying the deal approval process? Request a free demo at bookacorner.com!
