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7 Ways To Kick-Start 2022 on Dealpath

Matt Carrigan

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While much remains to be seen, early signs show that 2022 holds tremendous opportunity for commercial real estate investors, especially as society continues adapting to a changing world. Competitive asset classes like life sciences, multifamily and industrial continue to hold the spotlight, while other investors explore how others can be repurposed. As the market evolves, investors are finding new ways to leverage their data.

At Dealpath, our priority is to ensure your firm can source, review, analyze and execute on deals with the highest level of efficiency and precision. In this post, we’ll review 7 ways you can position your firm for a successful year on Dealpath, with the help of your Customer Success Manager.

1. Audit All Pipeline Deals and Clean Up Deal Stages

Accurately tracking deal stages is critical for prioritizing deals that are furthest along in the pipeline, while maintaining real-time visibility. If deal information in Dealpath doesn’t reflect real-time changes, then it could be blocking progress. 

One simple way to kick off the new year is auditing all deals to ensure that deal stages are up-to-date based on internal decisions and any external deliverables. This exercise prepares your team to take the next step on every deal. Encourage your team to leverage mentions, follow-ups, tasks and reminders in Dealpath for optimal collaboration and centralized communication.

As you polish current deals, take a step back to reconsider deal stage options. Could adding one or several deal stages provide more specific details about the latest deal progress? Remember to use actionable terminology that your team will understand.

2. Re-Evaluate Info Fields

The data and information that you track for every deal in Dealpath empowers your team to work efficiently, collaboratively and strategically. Is there additional deal information that might prove helpful during future analyses? 

To position your team for success in 2022, consider adding, refining or repurposing info fields. For example, adding priority levels based on potential IRR to every deal can help your team pinpoint the best opportunities. As a result, they can allocate their time and resources accordingly.

Alternatively, consider what data or information could help your team learn from historical deals in the future. One other way that firms frequently learn from dead deals is by evaluating deal sources. Adding an info field to track the brokerage, or even the specific broker, who provided the deal can illuminate where the highest number of deals, or the best deals, are sourced from.

3. Audit Dead Deals to Identify Process Bottlenecks & Refine Investment Strategy

Historical and dead deals contain endless insights about your pipeline, portfolio, processes, and the markets you invest in. Dealpath makes it simple to tap into and learn from this data. As you pause to re-evaluate your strategy, conduct a thorough audit of these dead deals to identify bottlenecks, market trends, and refine your investment strategy.

At one point or another, deals present bottlenecks that slow progress. Some bottlenecks are inevitable, but others can be solved through a simple process change. Explore dead deals to see if certain tasks or deal stages consumed more time than others. Are there commonalities between similar deals that dragged on? Can you proactively bypass them? Or, could adding another member of the firm to Dealpath reduce deal friction? While some bottlenecks are inevitable, take the action you can to streamline deals to the extent possible.

Additionally, knowing which deals advance furthest in your pipeline often dictates how your pipeline strategy should evolve. If multifamily deals often die earlier than industrial deals, that might mean you should pursue a larger volume of industrial deals. If multifamily deals in San Francisco perform better than those in NYC, consider prioritizing west coast deals. Finally, take a look at bottom-line metrics like IRR and NOI to see if deals in a certain market, sub-market or other niche stand out. Periodically auditing your pipeline ensures your firm is investing according to the latest market trends.

4. Schedule a Team Training

Dealpath is intuitive and easy-to-use, but even the best teams might benefit from a refresher, or broader team training. Re-training your team on Dealpath ensures that:

  • Your team is following the right investment processes and protocols
  • Deals are being added, reviewed, and reported on properly 
  • The team is leveraging all relevant functionality and following best practices

Reach out to your Customer Success Manager to schedule a team training session.

5. Leverage Integrations

Dealpath sits at the center of the modern real estate investment management ecosystem, helping investors access data where and when they need it. Investment deal data is critical for real estate investment managers, but it represents only a small slice of the broader tech ecosystem pie. To lay the groundwork for streamlined and centralized workflows, consider leveraging integrations with other software, like CompStak, box, and others.

6. Make Dealpath the Single Source of Truth By Adding Team Members

Dealpath’s goal is to centralize critical deal information so that your team can build efficiencies and collaborate effectively. It only fulfills this goal, though, when everyone on your team can access, update and view the deals and data they need. As the new year begins, consider how adding new team members might help establish additional efficiencies and transparency across your organization.

7. Schedule a Working Session With Your Customer Success Manager

At Dealpath, our Customer Success team has worked with leading real estate investment managers spanning every deal type, market, and niche. Based on this experience, we’ve learned best practices that drive success for teams of all sizes.

To learn how your firm could better leverage Dealpath, schedule a working session with your Customer Success Manager. They can help you work through integrations, identify and solve bottlenecks, and offer other platform guidance to ensure your team is gaining maximum value.

Feel free to reach out to your assigned Customer Success Manager to schedule a working session.

If you’re not currently a Dealpath customer, schedule a demo by clicking the link below.

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Matt Carrigan

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