The 10 Major Blind Spots of Current Real Estate Project Management

Many real estate professionals continue to rely on traditional cost tracking and project reporting methods – like complex spreadsheets and legacy desktop applications – without realizing how they detract from the success of a project or portfolio.

Think: your project teams are highly skilled, highly capable and give 150% to their work – shouldn’t their tools + technology match that level of expertise and dedication? By better understanding how spreadsheets and legacy applications may be letting your team down, you’ll notice that a more modern solution could help set you on the path to delivering projects on-time and on-budget with less friction.

Blind SpotSpreadsheetsLegacy ApplicationsNorthspyre
1ResponsivenessStatic data that must be updated manually and becomes outdated quickly.Static data that must be updated manually and becomes outdated quickly. Live, real-time data that is constantly up-to-date.
2AccessibilityBack-up documents are stored + filed separate from financials.Back-up documents are stored + filed separate from financials. All critical documents and data (contracts, invoices, COIs, calculations, etc.) are smartly indexed + searchable. Have difficult questions? Get quick answers.
3Versatility Larger, complex projects become too overwhelming for simple spreadsheets, which can lead to a chaotic – and error-prone – web of cost tracking across multiple tabs and files.Rigid templates and budget categorization schemes are not adaptable project-to-project, based upon size, scope and scale.Highly adaptable technology services a wide breadth of project sizes (budgets from $100K – $1B+) and types including, but not limited to, ground-up development, multifamily, mixed-use, industrial, retail + office fit-outs, corporations, and museums.
4DataHistorical data lives in old documents and is rarely leveraged to inform current and future decision-making. Historical data lives in old files and is rarely leveraged to inform current and future decision-making. Valuable, proprietary data from past projects is leveraged for better, faster + smarter decision-making across an entire portfolio in real-time.
5Ease of UseMust be well-versed in how to create accurate, complicated formulas. Expensive consultants and lengthy training (usually several months) needed to properly set up + gain value from software (meaning only a handful of individuals are true experts, which is an issue if that talent ever leaves).Northspyre’s philosophy: users should be able to experience 90% of the platform’s value within 15 minutes via its intuitive user interface + proactive intelligence guides.
6TransparencyInformation lives within a complicated interface and is often siloed between departments (usually project teams, accounting + management), which limits access to key details.Usually only one or two employees have log-in credentials and manage all project information, making it difficult to share information quickly + freely.Project teams are in the driver’s seat, owning log-in credentials and the ability to quickly share project details in real-time with management teams, JV partners, clients + other key stakeholders.
7Visibility All project data is masked within dozens (or more) of inconsistent spreadsheets built by different team members that do not offer a clear picture of project status.Project data is maintained in glorified spreadsheets that do not provide a holistic view into project or portfolio status.Users have access to real-time data and project status 365 days a year, with the ability to review an entire portfolio from a high-level or drill down into more granular detail with just a few clicks.
8 Flexibility Budget lines and overall formatting must be manually tailored to each individual project, and involves complex formula work that can easily lead to inconsistencies + errors. Very rigid chart of accounts + budget categorizations (that cannot be altered easily once implemented) perpetuate reliance on a single company-wide template for all projects (which isn’t friendly to project nuances). Custom budget categorization schemes at start of project are easily modifiable as things change – for all project sizes + complexities – without worrying about errors or time spent creating new templates or charts of account.
9Human ErrorProne to broken formulas, version control issues + extra time spent on double-checking work. Users rely on data entry and complex, dated software, which opens the door for mistakes + errant input/ output of information.Data entry is eliminated and administrative tasks significantly reduced, taking human error out of the equation.
10Product SupportYour team is your own support. Instead of running projects effectively, hours are wasted resolving formula errors, reconciling values + building or updating spreadsheets to get to better outcomes.Very limited product support that can take days to weeks for a response, let alone action to solve your issue.On average, inquiries are addressed same-day (with no more than a 24 hour delay during M-F business days).

Real estate project management is inherently complex, but it doesn’t have to be a headache. Never feel like you’re blindly running your project again. Leverage the power of automation, data analytics and proactive intelligence to achieve predictable outcomes + deliver projects on-time and on-budget. Upgrade with Northspyre.

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