Tracking investments is one of the core competencies of a real estate professional.
But most professionals under estimate the importance of good tracking tools. Many use Excel, email, or other general-use tools. These tools make it difficult to gather and analyze valuable data.
The answer is to build a deal repository. A sophisticated deal repository lets you quickly filter for the data you need, when and where you need it.
An acquisition pipeline doesn't always result in a sale. Yet vital data will be uncovered with every due diligence process. This is up-to-date information on the markets and assets relevant to your business.
Collecting this data is crucial to effective closing on future deals.
A deal repository keeps that data organized and easy to find. You'll be able to access your data on your laptop or on your phone for immediate actionable results.
Here are three reasons to invest in an online deal database today.
Not all data is equal.There are thousands of data companies offering real estate data. Vetting every single one for accuracy and currency would be impossible.
When data drives our decisions, the data needs to be trustworthy.
The most trust worthy data is that gathered by the company itself during the course of acquisition.
Data is simple to collect with the help of a deal repository. Every due diligence process, every new acquired asset will grow the database, helping to drive upcoming decisions with proven methodology.
Every real estate team needs a comparables database.
A comparables database leverages data to aid the property valuation process with confidence and efficiency.
Filter functions allow quick analysis of past acquisitions, pulling out needed information automatically according to set metrics.
The individual property can be viewed within the context of the larger market. This saves time and improves the accuracy of the value.
The quarterly report is vital to investors and to the continuing success of the real estate company.
Assembling this report by hand can take many hours. If company data is stored in Excel files and email messages, valuable hours will be spent searching and reading.
It's an inflexible process, and there's a high chance that some data will be missed or copied in accurately.
Since this is a task that must be performed four times a year, improving the report generating process can save a lot of time.
The key is automation. With all data collected and organized in an online deal repository, quarterly reporting can be automated, enabling quick turnaround and more accurate data presentation.
This saves both time and money and demonstrates value to investors.
TermSheet offers a variety of plans that give real estate companies access to core process tools.
Our Toolkit makes managing deal pipelines easy. Collate deals by city, asking price, status and more. Save filters for quick perusal whenever you like.
Keep track of what's next with our Task Management tools. Create and organize the tasks vital to your business. Update completed tasks from your computer or from your phone.
Ensure that your team is on the same page with our Document Management tools. Assemble your documents in a central repository so everyone can have easy access right when they need it.
Want to see for yourself how TermSheet can change your company? Sign up for our free plan.We'll give you a sneak peek into the best features of our online deal repository service.