Introducing Version Control
Lease Negotiation Just Got a Whole Lot Easier
While teamwork and collaboration are commonplace among most professional organizations, inevitably, projects that require input from multiple stakeholders can present a complicated situation. The arduous task of keeping track of changes and incorporating everyone’s feedback and ideas usually falls to one poor individual.
The commercial real estate leasing process is no different, with many stakeholders all working together on one document (the lease). After the legal team drafts the hundred-page long document, the marathon process of negotiation begins. In most cases, the attorneys are the ones responsible for juggling and incorporating all of the feedback, negotiations, and change requests through a complicated and convoluted process consisting of countless rounds of back-and-forth redline edits and hard-to-follow track changes. Careful review is necessary to ensure all of the details are accurate, slowing down the time between LOI and final lease execution.
True to our mission to transform the antiquated commercial real estate leasing process and ensure easier collaboration, greater transparency and increased efficiency, we put our best and brightest on the case to fix the broken commercial real estate lease negotiation process. Starting in November, our existing clients will be able to integrate our newest solution — Version Control, a better way for property owners and tenants to work together on leases.
What is Version Control, you ask? Simply put, it’s a set of features that brings property owners and tenants together on the same cloud-based lease-drafting platform to streamline edits, eliminate the confusing redline process, and take conversations out of email and into an environment that makes collaboration easy. Ultimately, this all boils down to getting leases closed faster.
What’s wrong with the leasing process? How does Version Control fix it?
The current lease-negotiation process involves seemingly endless email chains, long conference calls, word-of-mouth suggestions, memos, and multiple versions of the document with redline changes. Legal teams must tediously and manually incorporate this feedback. Edits are often inadvertently accepted or rejected, slowing down deals and forcing additional rounds of legal review to negate human error and ensure accuracy.
Version Control is here to help. The new LeasePilot product cuts down the number of channels in which edits are communicated. Proposed changes are clearly outlined in the sidebar of the LeasePilot platform, making before-and-after comparisons easy. The legal team can rest assured that agreed-upon edits are clearly outlined and can be easily imported or sent back for additional counsel review. LeasePilot’s context-aware automation ensures that when a change is made in one part of the document, it is accurately reflected throughout the entire lease, saving commercial real estate attorneys even more time.
The slow-down in the leasing process due to outdated tools often causes tension between property owners and their soon-to-be tenants. Version Control alleviates lease negotiation pain points by providing a simple and collaborative cloud-based platform accessible to both owners and tenants. Unlike traditional word processing software that isn’t interactive, Version Control invites all parties to participate seamlessly in the editing process, providing a central location for negotiations to take place.
At LeasePilot, our vision is to eliminate the need for antiquated paper documents in commercial real estate and we are always thinking about the next way that we can save real estate companies time, money and headaches. Version Control is the latest solution that will help cut down the time between signed letter of intent and executed lease and get tenants into vacant space sooner.
If you’re an existing LeasePilot customer who would like to learn more about how Version Control can help your organization, let’s chat. And if you aren’t a LeasePilot customer yet, what are you waiting for?