The second law of real estate after “Location, Location, Location” is “Time Kills Deals.” However, we are all juggling multiple hot irons in hopes that some deals are made and it can be difficult to keep track. While understanding where you and your team are in the process across multiple deals can be a challenge, it is also a necessity. For most, trying to organize this work is a disjointed, labor-intensive process of multi-party email requests for status updates, compiling the results into an Excel report which crescendos into a weekly leasing status meeting to review the report as a group. In the meantime, the clock continues to tick and some of those opportunities may be lost due to a lack of timely attention.
If this situation sounds familiar, a collaborative software solution where your team can collaboratively manage and track all of their initiatives is worthy of consideration. Implementing a collaborative operations solution will streamline this process by organizing, tracking in real-time, storing and reporting all of your deals for everyone on your team to access. A solution like this will drastically cut down on the time everyone on the team spends in this process, thereby giving them more time to focus on successfully closing deals.
If you want to take this a step further, adding automated workflows in these systems can also be extremely helpful. With workflows, you can streamline the collection of information, accelerate approvals, set escalations and automate the hand-offs of work in each step of the process. Armed with knowledge that is no longer scattered across the organization in varying formats, better business decisions can be made faster, and more time can be spent where it counts.
If you are interested in learning more about ways to help track and manage your deal flow, lease tracking, and potentially other processes in your organization Common Areas is here to help. At Common Areas, we strive to help organizations increase productivity between people, properties, and processes through our configurable cloud-based software solution. Our collaborative solution empowers you and your team by providing tools tailored to your needs in the lease lifecycle management process. These tools help your organization make better-informed decisions, save time, and be more productive in your business. Click here to schedule an in-depth Discovery Call with our experts to find out how Common Areas can help.
Our next blog in this series will discuss how automation can help organizations to keep track of key dates to avoid missing deadlines and avoid costly errors. Have you missed the first three articles in this Lease Lifecycle Management series? See the Additional Resources listed below to catch up!