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Real estate project managers take on many responsibilities throughout a complex development project. From managing capital deployment and budgeting to meeting timelines and ensuring zoning or building code compliance, a project’s success is often in the project manager's hands. Luckily, development software is making commercial real estate project management easier, allowing you to guarantee more predictable outcomes across a portfolio of projects.
Northspyre, a purpose-built, single software solution, uses automation to reduce manual data entry, increase productivity, and maximize your returns from pre-development to stabilization. You can use the platform to end time-consuming data entries, drive growth, simplify collaboration with cloud-based workflows, and quickly view progress or historical data across your portfolio. In short, Northspyre simplifies commercial real estate project management at every stage of the development lifecycle.
Here’s how you can overcome the unique obstacles of managing complex development projects and make project management easier overall with Northspyre:
The Need for Efficiency in Commercial Real Estate Project Management
Project managers are responsible for navigating the complexities of the development process, ensuring regulatory compliance, keeping costs low and budgets on track, creating viable timelines for project completion, and coordinating between stakeholders. Every stage of a project’s lifecycle comes with its administrative challenges, and the ability to operate efficiently is vital for your success. Leveraging a platform like Northspyre will help you reduce the time and burden of administrative tasks, allowing you to focus on high-level decision-making and ensuring your role is easier overall.
Modern real estate development software like Northspyre boosts efficiency for commercial real estate project managers from pre-development to stabilization. Northspyre has a variety of features you can use to increase efficiency, curbing manual entries by automating information into the platform, creating cloud-based workflows that simplify project management, and allowing you to quickly view progress and historical data across your portfolio. Northspyre can also help reduce administrative tasks and cut costs, streamline document management, simplify communication or coordination with stakeholders, and offer high-level budget oversight.
Northspyre’s Benefits for Project Managers
Northspyre acts as your command center over a project’s lifecycle empowering you to keep your projects on time, on budget, organized, and funded. Here are some of the main benefits project managers can expect when using Northspyre to assist with the development project:
Efficient Document Management
Hundreds, or even thousands, of documents are required over the lifecycle of a complex development project. Project managers are required to manage these documents, including contracts, change orders, compliance paperwork, lien waivers, and more. Automation can be a powerful tool for organizing project documentation and minimizing errors in the organizing process. Documents can also be assigned to individual line items, and approval workflows can be created on the same platform.
From the start of your project, Northspyre automatically captures and organizes every project document, extracts data, and categorizes across budget lines in minutes. Northspyre ensures every item is accurate and organized into easily digestible dashboards. Your team can also save time compiling draw requests or other reports, reducing the amount of time you need to spend on reporting as funds are dispersed.
Improved Communication and Collaboration
In addition to document management and data management, your role as a project manager also requires communication and collaboration with internal and external stakeholders. Engaging stakeholders such as investors and owners is a critical component of the development process, ensuring project progress is communicated, expectations are met, and your reputation as a project manager remains strong. Collaboration with your development team’s accounting and finance departments is also essential as you oversee a project’s budget.
Northspyre can facilitate better stakeholder collaboration, reducing the amount of back-and-forth communication required and ensuring access to relevant budget and project data at every stage of the development process. By compiling your key project data in easy-to-use dashboards, you can boost stakeholder visibility and offer real-time insights to all relevant parties. When development data is accessible across your development team, you can eliminate gut decisions and mitigate project risk.
You can also use the platform to eliminate friction points and unify your budget outlook with accounting and financial leaders. Northspyre streamlines project management and accounting operations, eliminating the need for accounting or finance teams to use multiple systems or verify budget numbers across multiple tools. This will facilitate more positive communications across the development team and act as a risk mitigation strategy by ensuring all numbers are up-to-date and project timelines aren’t disrupted by miscommunication.
Enhanced Budget Management
Budget coordination and capital deployment are some of the most important components of commercial real estate project management. Teams that leverage development software to assist with budget tracking, management of expenses, and financial reporting are at a competitive advantage in the current market. Northspyre simplifies the financial aspect of real estate project management, empowering you to assemble accurate budgets with benchmarked portfolio data, as well as organize bids, costs, and projections into a single platform. Northspyre can also help you identify opportunities and warnings throughout the development lifecycle. The platform informs you of potential exposures, spending forecasting, and remaining contingencies, ensuring your project comes in on time and on budget.
Data-Driven Decision Making
Northspyre’s ability to compile and equip your team with real-time and historical data can improve decision-making for your firm. Instead of operating off gut decisions, data enables you to make confident and accurate choices every step of the way. Competitive firms are harnessing data to lower project overruns by 66%, reducing any unexpected delays or costs. By accessing historical data from past projects, your team will also have a blueprint for success to follow and can make positive outcomes more repeatable.
Northspyre Success Stories
Competitive development firms across the United States are already using Northspyre to make commercial real estate project management easier and more efficient. For example, Northspyre helps Oxbow’s team with budget management, uniting project and finance teams. Before using the platform, Oxbow’s project managers were using Excel to budget. Northspyre ensures no critical data is lost throughout the firm’s complex project development process, and brings ease to both project and accounting teams. Andrew Sawyer, Oxbow’s Senior Project manager, said Northspyre brought immediate value to the firm’s work. “Northspyre has definitely helped us right from the get-go,” he said, “it’s just so much easier to use Northspyre that we’re able to put time into the important things as opposed to just managing documents.”
Northspyre also helped project managers at Read King eliminate administrative tasks. Leaders at Read King said the firm didn’t have a way to properly track their budget before Northspyre. By using the platform, the team has been able to seamlessly ensure development budgets and company financials are aligned. The firm also said the platform’s accounting integrations made working with other software easier, as project managers can move information from Northspyre into accounting software with the push of a button.
Learn More about Northspyre for Commercial Real Estate Project Management
Northspyre is a purpose-built, single software solution designed using automation to reduce manual data entry, increase productivity, and maximize your returns from pre-development to completion. The cloud-based platform empowers you and your team to ensure every aspect of your project is readily at your fingertips for simple and effective project management. By using Northspyre, you can see projects completed faster and on budget for your client, and get the competitive edge you need to win more deals and grow your portfolio.
Book a Demo and discover all the ways Northspyre can help you deliver positive and predictable outcomes on all your development projects.
Tag(s): Real Estate Development
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