Following the Dealpath implementation, weekly acquisitions meetings haven’t fundamentally changed, but they now live in Dealpath.
“Dealpath has reimagined our weekly acquisitions meetings,” said Latimer. “If anyone forgets to input a last-minute update prior to the meeting, they can make the update during the meeting–and the change will be reflected by the time we scroll down to the deal.”
Dealpath hasn’t only affected how deals flow throughout the acquisitions process, but also how team members leverage data for market insights on future deals. If the multifamily team is evaluating a pipeline deal in the same market as a historic deal, they can easily reference the dynamically generated deal comp for benchmark cap rates. With newfound confidence in their data and related metrics, BIG can eliminate properties that don’t fit their criteria at a faster pace, spending their valuable time and resources carefully analyzing the deals that matter most.
“When we relied on third-party data, the insights were unclear and belated–we ultimately made most of our investment decisions based on intuition,” said Apple. “Using Dealpath, we can make apples-to-apples cap rate comparisons, and also project exit cap rates that help us develop a more vivid financial roadmap down the line.”
Instead of disparate email chains, teams communicate about the inner workings of deals directly within Dealpath, ensuring that no deal updates slip through the cracks.
Dealpath has also pushed BIG into a new age of reporting. Rather than the painstaking process of ensuring data is accurate before hours of aggregation and manipulation to create one report, BIG can generate new reports in just a few clicks. Making full use of Dealpath’s robust reporting capabilities, BIG has built out numerous filtered reporting templates, allowing them to see how their pipeline is performing through countless lenses and track their progress against their target goals.
As BIG continues aggressively pursuing new acquisitions, Dealpath’s centralized database and repeatable task infrastructure have paved the way for efficiency at scale and limitless growth.
The Dealpath implementation team knew that BIG wanted a tool that would mimic their internal processes, corral data and present clean, informative insights, and offer reports that illustrate analysts’ day-to-day.
Each deal, whether dead or owned, became a sales comp in the dashboard. When it comes time to compare pipeline deals against historical data, the team can easily pull up the appropriate comp, or view previous deals through an integrated map view that adds a much-needed visual representation, especially for opportunity-filled urban areas.
To give executives the high-level visibility they need to effectively manage teams, Dealpath created unique dashboards that provide insight into where each deal stands, helping them to understand how analysts are spending their time. Other reports list deals by stage, including those immediately before the offer stage, and other dates that are essential to the closing process. Based on BIG’s unique standards and processes, Dealpath also created unique functionality that automatically generates underwriting memos for the investment committee to review.
Because BIG analysts oversee properties throughout the asset lifecycle, the Dealpath implementation team configured the platform to function as a resource for tasks throughout this process. Once a property moves from the pipeline to the asset management stage, Dealpath displays different information that’s pertinent to this stage. Analysts can review service contracts, including administrative companies, advertising, cleaning, and other property services, as well as contacts.
Now that the office team is working within the same Dealpath instance as the multifamily team, they’re relying on the same existing platform to streamline their own deals