Effective, efficient, and smart collaboration are critical to the success of any real estate deal. You have to coordinate seamlessly between team members and a host of third parties, including attorneys, brokers, consultants, architects, escrow officers, and more. For successful collaboration in real estate, all parties need to be in constant communication and performing in lock-step.
If your construction crew isn’t on the same page, or you team members are duplicating work, it can threaten to throw your entire project off schedule. Small hang-ups or minor miscommunication can have enormous downstream effects. One mistake leads to another, and one delay leads to larger setbacks down the line. To keep projects on track, collaboration in real estate has to be frictionless.
The key is to distribute work efficiently with pre-identified functional owners, and diligently track all your documents and receivables. Ideally, you should track the work and receivables in a central location that everyone has access to and is always up to date. By knowing who did what and when, you’ll prevent any bottlenecks and ensure your team can do its job.
With traditional methods, however, that’s easier said than done. Excel and Outlook lack the appropriate level of sophistication, whereas tools like Microsoft Project are needlessly confusing and time-consuming to implement. Tasks have to be tracked and assigned manually, and it’s often unclear what task belongs to which person. That’s how communication breakdowns happen and critical dates get missed.
Cloud-based deal management platforms are purpose-built to fix this problem. The Dealpath platform, for instance, uses smart notifications and repeatable workflows to ensure that tasks are assigned appropriately. Receivables are tracked and stored in a centralized database, and communications and collaboration occur directly within the platform, allowing you and your team to easily review past correspondence, whether it be with an internal team member or an external collaborator.
If you’d like to see how Dealpath can streamline your collaboration and workflows, request a demo and we’ll be in touch with you shortly.