How Rexford Leverages Streamlined Workflows to Capture Opportunities

SPOTLIGHT ON 

Rexford Industrial 

Rexford Industrial, a real estate investment trust (REIT) focused on high-barrier markets, creates value by investing in and operating industrial properties throughout infill Southern California. As one of the most sought-after industrial markets in the U.S., Southern California leads the nation in occupancy levels and rental rates, according to a recent CommercialEdge industrial report. 

Rexford’s portfolio and tenant base have been growing at a consistent pace, prompting the REIT to ensure efficient scalability across its operations. With Yardi Elevate Revenue, Rexford can scale expansion plans with confidence, rolling out innovative solutions to showcase availability on the company website.  

THE QUESTION 

How Do You Enhance Deal Efficiency Amid Dynamic Market Expansion? 

At the end of 2021, Rexford’s portfolio spanned almost 37 million square feet across approximately 300 properties encompassing some 1,500 units. Operating in a burgeoning industrial market where tight competition continues to drive the demand-supply imbalance, Rexford’s deal pipeline is poised for further growth. 

Ensuring a centralized platform where leasing teams can manage listings with ease, as well as a connected solution that provides complete deal pipeline visibility, is key to Rexford’s business strategy. At the same time, it is important for the REIT to bolster its operations without increasing personnel at the same rate, making automation one of the company’s main priorities. 

THE ANSWER 

Consolidate Operations Into One System Across All Disciplines 

Rexford was intent on streamlining its workflows in a system that provides them with a 360-degree view of their assets, facilitates portfolio health assessment, eliminates disconnected processes, reduces deal cycles and allows team members to make informed, data-driven decisions. 

The company successfully implemented the Yardi Elevate Revenue solution stack, which fuels Rexford’s day-to-day operations with powerful automation, unparalleled visibility and comprehensive insights.  

“The Yardi Elevate Revenue offerings streamline our workflows, providing us with complete deal pipeline oversight throughout our region. The end-to-end solution helps us centralize marketing, syndicate availability, manage the deal pipeline and take qualified deals to lease execution.”

Matt Ehrlich, Senior Vice President, Rexford 

THE STRATEGY 

Leverage the Power of Automation in One End-to-End Solution  

Elevate Revenue products allow Rexford to maximize returns across its growing portfolio by integrating intuitive elements such as Edge Marketing and Deal Manager into their workflows. 

Edge Marketing: Effortless Marketing and Management 

As Rexford continues to diversify its portfolio, the company’s well-established business strategy involves finding opportunities, pinpointing the unique features of an asset and leveraging the lack of supply and emerging demand in a specific region.  

Edge Marketing, the one-stop shop for commercial real estate (CRE) marketing, allows Rexford to streamline its entire leasing process and marketing efforts. The leasing team simply updates listing information and marketing data on the company website. This functionality eliminates the need for a separate marketing-dedicated group. 

This marketing module is fully integrated with Yardi Voyager to ensure maximum portfolio oversight. This seamless integration allows Rexford to synchronize properties, spaces and availability across its portfolio. Notably, listings are automated to publish or unpublish based on availability in Voyager. 

Furthermore, the easy-to-use tool amplifies listing exposure and boosts qualified leads through automated listing distribution across the CommercialEdge Listing Network. The network generates more than 300K verified leads per year.  

And thanks to the integrated API feature, listings already posted on the ILS network can easily be syndicated to company websites, such as Rexford’s, as well as top third-party marketplaces. Listings can then be managed effortlessly from one centralized platform. 

Deal Manager: Accelerated Deal Creation and Tracking 

Deal Manager empowers Rexford to effortlessly track deals through the entire lease lifecycle, all while closely monitoring detailed deal metrics and comparisons. The deal pipeline management solution tracks the full customer journey from lead to lease. Deal Manager enhances communication by centralizing comments, tasks and documents at the deal level. Additionally, Deal Manager automatically calculates net effective rent (NER), allowing for quick comparison across proposals. 

Developed to sync seamlessly with Voyager, the user-friendly tool increases productivity with comprehensive site plans. Deal Manager provides Rexford with real-time tenant and lease data. These include rent schedules, clauses, options and expenses, as well as a 360-degree view of its client base. 

What’s more, Deal Manager functionalities tie in smoothly with the Deal Manager Legal module. This step further accelerates the leasing process by auto-generating standard lease agreements based on finalized proposals. Customizable approval workflows, dynamic redlining and revisions can be tracked easily through final signed documents.  

At the same time, Deal Manager Legal improves collaboration with dedicated activity feeds and centralized document storage. The legal module’s built-in electronic signature tool ensures an easy signing process. This significantly reduces cycle times and enables Rexford to move forward quickly. This information flows back into the underlying Voyager property management platform, eliminating rekeying and the risk of duplicate entries.  

As vacancies continue to compress and rental rates remain on an upward trend, the industrial sector is slated for another banner year. And industrial operators such as Rexford — focused on delivering highly functional and quality space in a competitive market — are well-positioned for further growth. Therefore, companies that aim to capitalize on current market dynamics are poised to maximize returns across their portfolios by bolstering their business strategy with fine-tuned CRE solutions.