VTS Company Updates

Automate your Approval Workflows Based on Deal Type


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Deals are approved everyday across multiple regions, assets and transaction types and it’s cumbersome to understand or remember who has to review what. You might find yourself asking: who is required to approve this sublease in the Northeast? Or who at my organization approves expansion deals in LA?

VTS is introducing a new way to automate your deal approvals. Starting today, your approval workflows can be programmed based on Deal Type. If your organization has a specific sequence of approvers - for subleases, expansions, renewals, or basically any deal type - you can automate who approves those deals on the site. The VTS platform will automatically notify those who are required to approve based on the type of deal at hand.

How does it work?

This is a two-part answer and largely depends on how you use VTS.

 

If you’re a Super Admin…

You’ll find the Deal Type option in our existing Approval Settings section of Internal Administration. Adding or editing an Approval Setting will expose the deal type options you can select to route your approvals.

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In the screenshot above, we are creating the approval workflow for our Industrial spaces in Hamilton. I also further specified the deal types I want this workflow to run through - Extensions and Expansions. The end result looks like this:

Maryna approves deals in buildings within the Hamilton Portfolio

where the space type is Industrial
and where the deal type is Extension or Expansion
and where the size of the deal is at least 0 SF

Charles approves deals in buildings within the Hamilton Portfolio

where the space type is Industrial
and where the deal type is Extension or Expansion
and where the size of the deal is at least 50,000 SF



If you’re a Leasing Manager…

The work is done for you! With the conditional approval rules being built into VTS, you don’t have to think about who needs to approve what deals. Spend more time on what’s important to you - closing the deal. When you’re ready to submit the proposal for approval, the proper people will already be in place.

Based on a sample Industrial deal below:

Screen Shot 2017-05-24 at 3.01.05 PM.png

Our approvers populate automatically based on the logic instituted by our Super Admin:Screen Shot 2017-05-24 at 3.02.48 PM2.png

Have questions or suggestions? Contact our Support Team at support@vts.com.

Helping you lease and manage your assets smarter.