As someone substantially involved in the real estate services technology evolution over the past 20 years, I feel pretty qualified to weigh in on what seem like age old questions:

 

  • What’s the best software to manage a portfolio?
  • What are best practices for managing these systems?
  • What reports can be generated that keep tasks moving forward proactively and management informed of measurements/metrics?


The truth about real estate services technology (according to me) is that models seem to have converged somewhat. Using a general multi-disciplinary model (those with GL, AP, LA, PM, FM, etc.) and an integrated report writer tool OR connecting seemingly disparate (but often times better) specific applications that only address one function, and then connecting the data from each with a reporting tool like Tableau, QlikView, Birst, etc., seem to lead to the same results. What to do then?
The answer after all these years still rests on the answers to these age old questions:

 

  • What data do you already capture?
  • What tools do you already own?
  • What expertise and budget do you have to re-work all of this?

 

Answer these select questions and then integrate it into a working system that can generate “information”. All systems (system = software + people + process) can generate data. However, cost savings, efficiency and even good reporting require applied intelligence. With said intelligence, the data can evolve into information and the information can then evolve into smart actions that generate results.

 

The Bottom Line:

  • Don’t start over before trying to leverage what you already have or soliciting some help.
  • It doesn’t take proprietary technology or a lot of money to create reports that illuminate opportunity, create impact and drive savings.
  • Real estate services technology should not become the project itself, but it will drive you crazy if you let it. Keep it simple.