Real Estate Development Team Efficiency Tip #5 – Streamline Communication with Internal and External Parties
How efficiently you communicate with colleagues, lenders, equity partners and service providers impacts productivity significantly. Three key areas to examine include approvals, report generation and draw preparation.
Approvals: Odds are you’ve experienced the pain of waiting for approvals many times. If you’ve already implemented software to help automate reconciliation and track project finances, integrate your approval process in the same system. The best systems allow development managers to see which items need to be approved in a centralized platform, 24 hours a day, 7 days a week (don’t forget to use alerts to avoid redundant emails and keep projects moving).
Draws: As you’re probably painfully aware, draw packages can contain hundreds of documents including invoices, lien waivers, pay apps and more. Your lender has specific requirements for what needs to be included and any errors result in delays, friction, and redundant work.To ensure maximum efficiency, use development management software that intelligently organizes and exports professional draw packages in minutes with just a few simple clicks.
Reports: With data centralized and digitized it becomes much easier to automate reports, save unique report views and eliminate redundant tasks. Rather than entering the same information into endless spreadsheet templates, you can empower your team with a system that automatically connects relevant data and surfaces key metrics without any manual calculations.
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