Published on 09-Dec-2010
Validated on 28 Oct 2013
"The combined Silanis and IBM services will help Canderel by enabling all parties to come together in a secure and collaborative online environment where we can then electronically participate in the negotiation, pre-closing and closing stages from anywhere in the world." - Jonathan Wener, Chairman and CEO, Canderel
Construction / Architecture / Engineering
Cloud Computing, SmartCloud - Solutions
IBM Business Partner:
Silanis Technology Inc.
In operation for 34 years, Canderel has become one of Canada’s largest real estate development and property management companies with landmark projects across Vancouver, Toronto, Montreal and beyond.
Negotiating and closing a commercial real estate deal is a time-consuming and paper-intensive process. Canderel decided to replace the manual, paper-based process with an electronic solution.
Canderel combined the IBM SmartCloud Engage service with e-SignLive, an integrated online signature service, to enable completion of high-value real estate deals online with its global partners and investors.
With an automated solution that centralized oversight of processes, the company was able to significantly reduce the time and cost associated with closing real estate deals.
Negotiating and closing a commercial real estate deal is a time consuming and paper-intensive process. During the negotiation process, dozens of documents are drafted, reviewed, commented upon, notated and revised, and individuals must meet to systematically review each change. Once all parties come to an agreement, the documents must be signed. If all parties cannot meet in person to sign the documents, then they must be couriered to each individual and later consolidated and verified to ensure that everyone signed and initialed in the right places. In order to increase efficiency and convenience and to reduce costs, Canderel decided to replace the manual, paper-based process with an electronic solution.
The company chose the IBM SmartCloud™ Engage (formerly LotusLive™ Engage) service and e-SignLive, an integrated online signature service from IBM Business Partner Silanis Technology Inc. Canderel uses the combined services to complete high-value real estate deals online with its global partners and investors.
The SmartCloud Engage service delivers integrated web conferencing and social collaboration capabilities, such as file storing and sharing, instant messaging and activity management, to simplify and improve daily business interactions with customers, partners and colleagues—all with the IBM focus on security, reliability and integration.
The e-SignLive services enable multiple users to sign one or more documents and provide online tracking and monitoring of the status of signing activities.
Canderel invites all parties to log into the SmartCloud Engage service to conduct negotiation and closing processes electronically and remotely. During the negotiation, pre-closing and closing phases, stakeholders can access and modify documents, upload new drafts and participate in online meetings anytime, anywhere, using an Internet connection and a web browser. Intuitive “click-to-sign,” “click-to-initial” and “click-to-accept” arrows appear in all the documents, prompting users to sign and initial in all the right places using the computer mouse. An executive dashboard allows Canderel staff members to monitor the status of pending activities and documents so they can follow up with applicants and take corrective actions to accelerate the closing process.
· Significantly reduces the time and cost associated with closing real estate deals because all parties can participate in the negotiation and closing process from anywhere in the world
· Helps keep deals on track with centralized oversight of negotiation and closing processes
· Reduces legal and non-compliance risks by preventing documents from being submitted if they are missing required information, signatures or initials
For more information
To learn more about IBM SmartCloud for Social Business service offerings, contact your IBM sales representative or IBM Business Partner, or visit: ibmcloud.com/social
Products and services used
IBM products and services that were used in this case study.
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