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The monthly cost report - or draw request - is one of the most important documents for a commercial real estate developer. It is the trusty report that documents all project activity from the past 30 days, secures necessary financing, and ensures that all key stakeholders are kept in the loop regarding project status. It is not - and should not be - the go-to report for accurately forecasting what may occur days, weeks or months down the road on a project or portfolio.
For that, CRE project delivery teams will want to maintain an Anticipated Cost Report, or project roadmap, which ties together all key financial metrics across the lifetime of a project, analyzing what has, is and could happen in the future. Read on to better understand the difference between these two very critical tools and why they should be used in tandem to keep even the most complex project running on-time and on-budget...
Curious to see what other tricks Northspyre has up its sleeve? Learn more about how automation, data analytics and proactive intelligence can help you achieve easier, more predictable outcomes across your project or entire portfolio.