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As a real estate project manager, you have a lot of responsibilities on your plate. You're tasked with delivering projects most efficiently, ensuring initial budgets hold firm and deadlines are met. Yet, your time is spent manually inputting cost information into tracking documents, reconciling differing numbers, and building timely reports for your financial partners.
Here are the common challenges you may be facing as a real estate project manager and how real estate development software helps you bring added efficiency to your project workflows.
4 Challenges Project Managers Face
Many project management challenges can be traced back to the fact that most development teams haven't innovated their process in 10-20 years. That's not to say they haven't tried to innovate. Quality solutions have been scarce, unlike other industries that have changed drastically due to real-time data access, automation, and cloud-based technology.
But as we march ahead into the 2020s, proptech companies have finally made strides in solving familiar pain points development teams face daily.
If you feel you have too much to do and not enough resources or time in the day to do it all, you're not alone. Many project managers suffer late nights in the office and still don't have the proper amount of time to make high-quality strategic decisions to ensure projects meet goals.
Real estate development software allows you to focus your time on your strategic value to the company, keeping a pulse on your project and making strategic adjustments as needed. With automation, you can have all invoices and contracts uploaded and cost information indexed without lifting your finger. You can pull draw requests or other financial reports in seconds, freeing up yourself and your team to make quicker, smarter decisions that lead to lower project costs and the ability to bring your development to market quicker.
Many development teams' workflows are still bogged down by manual processes and data siloed away on various spreadsheets. This leads to far too many project errors. Whether that's decisions made off inaccurate project numbers or gut-driven decisions made because you couldn't track down project data, those minor wrong decisions always add up to a problem.
This is why savvy teams switch to real estate development software. If your team follows suit, you'll be able to eliminate the price and stress of human data entry errors and decisions made without the backing of relevant data.
CFO Daily News recently published an alarming study that revealed the number one cause of financial mistakes is human error, representing 41% of all mistakes. The results of a simple error, like a single wrong key-stroke, can spread throughout your project long before it's discovered.
Real estate development software automates cost data entry and indexing by syncing with your existing email-based workflow. This means less time spent inputting data and fewer decisions made based on misentered numbers, which can delay your project and hurt individual and project performance. With easy-to-use automation, you'll enjoy the peace of mind you wouldn't otherwise have.
Faster decision-making means you can make the right choice right on time. This isn't possible if you're using force-fitted tools. You need a way to get reports and data in one centralized system, but you're not the only one who benefits from making the switch.
The entire organization benefits from eliminating silos between departments and enhancing communication of critical project data. Connected teams are more efficient when they work with access to the same data.
Real estate development software allows you to manage projects in your own system while integrating with your accounting team's platform to ensure numbers are the same across departments. This eliminates the need for project managers to run their projects from a system meant for accounting and eliminates the time spent reconciling differing numbers across two systems.
If your project data lives in various locations, spread out amongst emails, docs, spreadsheets, and a coworker's memory, you're setting yourself up for mistakes and missteps. Project managers need to be able to make decisions quickly, and data should back up every decision. When project information is hard to find, decisions are made on instinct which leads to unpredictable outcomes.
The right software allows you and your team to monitor projects and budget progress in real-time easily. Hence, you always know your project's status and can spot and solve issues before they become significant problems.
Better Insights Throughout Your Entire Project
Real estate development software is built to aid you and your team throughout the entire development life cycle. Pre-development technology lets you centralize your project planning and helps add transparency to the tasks needed to start projects on the right footing.
Project management in the construction phase of our industry is complex. Yet, it's essential to have your finger on the pulse of costs at any given time. Real estate development software fosters the visibility and communication your team needs. Throughout the construction process, you can track project performance in real-time, adjust budget lines that are trending high, utilize historical data to make informed project decisions, significantly reduce low-value administrative work, and ultimately bring projects in on time and under budget.
And when you're driving positive outcomes, you may just earn yourself a promotion.
Northspyre for Project Managers
Northspyre equips project managers with actionable insights. With automation on your side, you can transcend menial project management tasks. This means you are empowered to make informed, data-driven decisions while reducing the number of low-value tasks on your to-do list. Our data shows you can eliminate 80% of your administrative functions without hiring an assistant, spend 80% less time on low-value tasks within two months, and deliver projects as much as 8% under budget when using the right software.
If you're ready to learn what our real estate development software can do specifically for you, click the button below to book a demo with our team.
Tag(s): Real Estate Technology
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