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Many companies across the United States are hiring right now. The U.S. Bureau of Labor Statistics reported that job openings were at a high of 11.5 million on the last business day of March 2022. This is the highest level in history since they began tracking it back in 2000. Clearly, you're not alone if you're trying to hire skilled team members.
To compete, you have two choices; you can either pay above the industry standard or accept someone less than ideal for your team. Neither option is ideal for scaling your operations.
But what if you didn't need to hire a new team member? Luckily, there's a third option.
Do You Truly Need to Hire?
Imagine bringing in more revenue without increasing your payroll. While that would be great, your team may feel that your team is already maxed out.
And these feelings won't change if you're sticking to dated processes and tools. Firms willing to adapt and implement modern tools can increase productivity without hiring and training new talent. Here are the issues holding real estate teams back from bypassing a challenging hiring climate.
Problem #1: You still use old-fashioned workflows
Far too many companies within the commercial real estate industry cling to old development workflows, like over-relying on spreadsheets to track project progress. This will never be the best way to manage millions in complex real estate projects. It's no wonder you need a large team to manage it.
Commercial real estate hiring is already tough. Project managers want to work at top firms that take a modern approach to project delivery. By removing barriers to quality project management from your project workflows, you'll end up with top-quality candidates for project leads while reducing your reliance on assistant project managers for data upkeep.
If your team is still using spreadsheets, training new hires to understand your process takes more time than it should. And new employees may feel overwhelmed by an overly complicated spreadsheet management system leading to frustration and, ultimately, resignation—all preventable.
Problem #2: You spend too much time on manual tasks
Perhaps you need to hire a new team member to help you manage the admin work required for your projects, like manual data entry and report building. This is simple to fix. Real estate development software automates many everyday manual tasks, like data entry.
Having a software handle admin work is enough to reduce the need to hire team members. Today's top real estate project management software can automatically extract data from email-based workflows, eliminating manually entering project costs into spreadsheets. You aren't just migrating spreadsheets to the cloud but automating the administrative work that can bog project teams down.
With fewer hours wasted on manual tasks and searching through spreadsheets, your team is just as efficient without adding new team members.
Commercial Real Estate Software Reduces the Need for Hiring
Rather than put a job listing up, it's time you look into commercial real estate software and what implementing it can do to aid a rough period for hiring.
Incorporating new technology and a better-planned process into your team's workday will serve to:
- Reduce time updating stakeholders on project progress with real-time dashboards.
- Reduce the time spent compiling reports with automated report generation.
- Eliminate the time-sink associated and human error with manual data entry and spreadsheet upkeep.
- Help core team members better focus on the project tasks that result in good decision making.
Commercial real estate software can automate 80% of manual administrative work, 70% of data processing, and 64% of data collection tasks. There's no need for you to hire someone to handle these admin tasks. With a modern approach, you can focus on high-value tasks while the software takes care of the rest.
That's not where its benefits end, however. Those high-value tasks you need to get to will also be more efficient, accurate, and quickly completed. The same technology mentioned above can also leverage your data to help make predictive decisions throughout the development process, ensuring the best possible outcomes on all of your projects.
All of this is done with speed. Commercial real estate software can index all project information so that your team can easily find the data they're looking for to make informed decisions. A commercial real estate team that adopts this kind of technology can reduce the time it takes to run a real estate project by 30-40%, ensuring every project is on time and comes within budget.
The solution to busy days and admin work piling up isn't always to hire a new team member. By leveraging this type of software, commercial real estate teams can make more informed project decisions that lead to the most desirable outcomes. Rather than spending hours you don't have trying to grow your team, why not improve your processes?
Tag(s): Real Estate Technology
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