From equity investments, to debt deals and new construction projects, real estate deals require extensive input and effort from team members, stakeholders and third parties. With countless tasks and costs to manage across numerous phases, which are often weeks, months or even years down the road, real estate teams must collaborate to complete and accurately track these tasks. Complex, and often confusing spreadsheets once satisfied this role, but real estate project management software has opened new doors.
By leveraging industry-specific software, CRE teams can maintain stronger oversight into deadlines, ensuring that all tasks are accomplished while preventing costly mistakes, like missed critical dates. Read on to learn about four ways real estate teams utilize project management software to maintain visibility, boost productivity and minimize risk.
4 Ways Your Team Should Collaborate On Real Estate Project Management Software
According to the NAR Realtor quarterly report, 25% of construction projects were delayed for up to six months, and 54% for up to three months. Only 21% had no delay, which means nearly 80% fell off track due to a potentially preventable setback.
Leveraging commercial real estate project management software is essential to keeping your team in lockstep as deals progress. To execute on deals in a scalable, timely manner, the right real estate development software should allow your team to collaborate in these four ways.
1. Assign, Manage and Check Tasks
There are countless tasks involved in every deal, but without a dedicated solution, managing them involves error-prone manual emails. Your team shouldn’t spend endless hours assigning tasks, shifting due dates and sending reminder emails throughout the process. Real estate project management software like Dealpath allows you to easily assign, manage and check on tasks with ease.
Prioritize software that auto-populates tasks based on pre-defined team roles, which makes launching new deals as simple as a few clicks. To help assignees remain productive, confirm that the software you select reminds task owners of upcoming and overdue tasks. Task management not only builds crystal-clear credibility among your team, but ensures that you can avoid mistakes that erode your bottom line. For appropriate oversight, leadership should also have the option to view and adjust workloads by filtering reports for a curated overview.
2. Track Critical Dates and Shift Them as Needed
Even the best teams fall victim to real-life circumstances that shift projects off-track. How can you collaborate to achieve goals without real-time visibility into dozens or hundreds of milestones and other tasks? Unlike spreadsheets or general project management software, real estate-specific tools are built to keep teams apprised of deal progress.
For example, a dependency-based software will dynamically adjust timelines based on the completion or delay of tasks and critical dates. With real estate development project management software, you can accurately forecast critical date timelines for senior leadership in seconds.
3. Centralize Data, Documents, Deal Information and Communications in Real Estate Project Management Software
The more tools your team relies on, the more opportunities there are for crucial information to slip through the cracks. That’s why modern teams rely on software to centralize all deal information, including data, documents, files, and more. Unlike siloed systems, centralizing deal information provides your team with one software to quickly and easily locate relevant information as needed. Your team can confidently collaborate by accessing up-to-date information and data, without version control concerns or by sending emails.
Similarly, software can also function as a forum for your team to communicate about deals. Centralizing deal-related discussion in project management software maintains crucial context about certain decisions for simplicity and posterity. When your team must reference this deal information for future decisions, it will be readily available.
4. Provide Third-Party Access for Deliverable Submission & More
How is your team logging information from environmental consultants, legal teams, brokers and other external stakeholders? Most deals require third-party involvement, which is why real estate project management software should also allow for external collaboration. The best project management software for real estate development should provide third parties with the selective access they need to submit deliverables like documents and data independently, without forcing your team to log these details independently. Conversely, it should also provide the access third parties need to obtain deal information without extensive email communication.
How The Michaels Organization Built New Efficiencies With Dealpath’s Real Estate Project Management Software
The Michaels Organization recognized a need to centralize their data for team-wide access. After implementing Dealpath’s deal management software, their teams can now collaborate with ease by accessing data as needed. Read the case study to learn more about how Dealpath revolutionized collaboration at the Michaels Organization.