e.property manages the communication between the broker and the Landlord throughout the deal cycle of letting a property. The following scenario illustrates how e.property can be used to advantage in a fairly typical deal cycle:
When a property becomes vacant, the Landlord notifies the e. Property system by either using a direct automated link between its computer and e.property, or it uses the data-modification screens on e.property.
Immediately the entire broker community that is authorised by the Landlord to see the vacancy can call up the details on the vacancy and begin marketing it to clients. There is no delay waiting for a vacancy schedule to be drawn up, printed and distributed, by which time it is already out-of-date. The immediacy of e. Property removes the confusion and embarrassment caused by properties which are listed on a vacancy schedule, but which have been let in the meantime.
The Landlord may wish to initially expose the vacancy to a restricted group of brokers, such as its own internal brokers, before releasing it to a wider broker community. The Landlord has full control at all times over who can access its property, so it is able to ensure that known reputable brokers are representing its property. A Landlord can also specify that its vacancy be open to all brokers that subscribe to e.property, in order to gain the widest exposure of its property.
When a client approaches a broker or a broker tries to fulfill a potential client's perceived needs, the client's requirements are made known and can be entered into e.property to look for suitable vacancies. The broker can prepare a short-list of properties that he believes the client could be interested in, based on an informed knowledge about each property.
With the property information on the e.property system, the broker is able to view many details and examine diagrams such as street maps and floor plans. This avoids brokers needing to continually telephone the Landlord to discover details about the property which would not typically be included in a vacancy schedule summary.
Information on e.property such as who to contact to obtain keys assists the broker in arranging appointments with the client to view properties. While viewing the property, the client may change his mind regarding his requirements or may give a better focus on what is really important. The broker with a portable computer and a cellular telephone can dial into e. Property and perform a revised search for suitable vacancies, and arrange there-and-then to view other properties with the client. The result is that the client and the broker can interact on a higher level, reducing the number of appointments and the number of unsuitable properties that are viewed. e.property saves time for both the broker and the client.
If the Landlord wishes to allow letters of introduction, these can be filed electronically by the broker, subject to compliance with the rules and conditions defined by the Landlord for submitting introductions. Each introduction is automatically date and time stamped to establish a precedence.
If the deal progresses to the point where the client wishes to submit an offer to lease, the broker can use e.property to file the offer which is immediately seen by the Landlord. As a result of negotiation among all the parties, several revised offers may be submitted. e.property keeps a complete history of this process.
If an offer to lease is accepted by the Landlord, this is notified to e.property which then marks the property as no longer being vacant, in which case brokers looking for space will no longer see that property. This avoids any wasted effort on the part of the broker and means he doesn't need to phone the Landlord
e.property provides a centralised database of properties, meaning that the broker needs to consult a single source for all properties owned by subscribing landlords.
This is preferable to the broker using a paper system or needing to have multiple computers and multiple services to connect to in order to fulfill a client's requirements. A single system promotes consistency of information and also means staff need to be trained for only one system.
With e.property, a broker is not tied to an administrative office because a portable computer and a cellular phone provide a complete mobile office independent of the administrative office, while retaining the ability to access all e.property functions. This ability has the potential to transform the way property broking is performed.