Guarantees are hard to come by in real estate. Even with the most sophisticated technology in place, there’s always a risk of human error. The job of the real estate investor, however, is to minimize risk and create as airtight a process as possible. New, automated deal tracking technology keeps teams performing in lock-step and holds every member accountable to their tasks.
Manual deal tracking is quickly being seen as outdated — a relic of a bygone era — especially since modern, purpose-built alternatives exist. Manual workflows are extremely error-prone, and as anyone in real estate can tell you, the smallest mistakes can lead to enormous delays down the road. Any opportunity to cut back on errors is worth pursuing.
Cloud-based deal management platforms are designed to replace manual deal tracking. Using smart notifications and reminders, they keep you and your colleagues on track and in the loop. When new information becomes available or a relevant change is made, you receive a real-time update. These alerts ensure that critical dates are hit and every member of your team is on the same page.
Traditional deal tracking, by contrast, relies on spreadsheets to manage deals and tasks. That means somebody has to manually make updates every time a deal changes. It should be no surprise, then, that these spreadsheets are frequently out of date and can’t be trusted to accurately reflect the status of any given deal.
When implementing an automated deal tracking system, all you need to do is document your critical dates and pre-determine assignments. The technology will then use intelligent reminders to ensure tasks are accounted for and get completed on time.
Dealpath is the leading pipeline and deal tracking technology for the real estate industry. Acquisitions and development teams around the globe use it to track critical dates and ensure deadlines are hit, boosting productivity by as much as 61%. To see how its deal tracking features could work for your organization, we’d be happy to set you up with a custom demo.