Commercial real estate asset management platform VTS has unveiled plans for its own lettings marketplace, designed for landlords, brokers, and tenants searching for commercial real estate.
The VTS marketplace, which will be available in 2019, has been designed to utilise data from the wider VTS platform, meaning agency brokers and landlords will be able to run the entire leasing process online using real-time market data to price their available space and lease negotiations. Meanwhile, tenant reps will be able to search for space both on the market, as well as off-market via VTS’s “future supply” data.
As well as utilising VTS data for their listings, landlords and agency brokers using the marketplace feature will be able to immediately provide marketing collateral including floor plans, images, videos, and space details to interested tenants or tenant reps. They can then approve, sign, transact, and store leases directly in VTS.
In addition to its core customer base, which includes Blackstone, Brookfield, Hines, CBRE and JLL, flexible workspace providers will also be leveraging VTS’s marketplace and technology infrastructure to capture tenant demand and help manage their transactions online.
Nick Romito, CEO and co-founder of VTS, said: “The VTS marketplace is the culmination of the VTS vision to transform commercial real estate, making every player in the ecosystem – landlords, agency brokers, tenant reps, and tenants – more efficient. VTS is already the system of record for inventory and deal management for landlords globally — there are currently more than 500,000 active deals in VTS, and over 500m sq ft of leases were executed in the VTS platform over the last year alone.
“Now, the VTS marketplace allows us to provide every player with the infrastructure to complete the full deal cycle for deals of all sizes, streamlining a process that has, for decades been highly inefficient and expensive for everyone involved. By modernising such an old process everyone in the ecosystem wins.”
Ryan Masiello, co-founder and chief strategy officer of VTS, added: “VTS’s marketplace will be the first of its kind bringing tenants and tenant rep brokers into an ecosystem that is directly powered by landlords and their agency teams. The tenant rep broker is a stakeholder that is key to the market’s evolution — bringing them specifically into the fold has always been core to our vision. Our goal is to provide them with an unprecedented view into future market conditions and a new way to communicate and transact with the supply side of the market.”