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In response to the pandemic we have seen the real estate industry wholeheartedly embracing technology for the first time. Typically in the past, property management and homebuilding systems lagged behind other industries, including hospitality, manufacturing, and transportation. The prevalent practice for Property Managers remained to have rent collected by a manager and then driven to the bank for deposit. Homebuilders felt their systems were useful only in the back office, such as the Accounting Department.
Now homebuilding field operations and property managers are seeking to automate routine processes to reduce physical contact with the outside world. Property managers and leasing agents are posting virtual property tours online and conducting Facetime tours by walking applicants through available apartments while they watch from their smartphone or computer.
As for the builders, their prospects are shopping for options online, selecting styles and colors, tasks that used to be performed during onsite meetings in the builder’s design center. One builder shared with us recently that five homes were sold last month without anyone meeting the prospects in person. All options and upgrades were selected online during a Zoom appointment, and all documents were signed via DocuSign with no face-to-face interaction.
Most of the leading property management software systems offer an app for residents to pay rent and managers to submit repair work orders. These applications are moving forward at a fast and furious pace to provide additional functionality. We are also experiencing similar demands in the homebuilding arena. One key factor driving the market is Millennials and their dependence on their handheld devices. Prospects and buyers want to completely transact their business using their smartphones – with the expectation of instantaneous response to their questions. Homebuilding software vendors are moving quickly to maintain their stronghold in this ever-changing world of real estate technology lest they suffer the consequence of being left behind with no one to blame but themselves.
As a consulting firm, Cornerstone was recently engaged to review a builder’s operations and make recommendations for improving productivity. We noted a great number of processes that could be easily automated with their current technology at no additional investment. For example, buyers were complaining that builder-buyer communication after the ratification of the sale contract was minimal and sporadic.
We suggested that the owner set up standard system notifications at construction milestones. These notifications would be automatically sent from the system when superintendents checked off boxes when the work had been completed. No human intervention was required; the system was 100% responsible for sending emails to the buyers. For this particular client, the superintendents were also required to attach photos of specific milestones for the back office to monitor the building progress. These photos were also easily attached to the notifications. Of course this resulted in increased communications throughout and well after the completed sale.
All of this functionality was bought and paid for many years ago, but no one had turned it on…and this is only one example. We strongly encourage builders and property managers to set aside some time to invest a little effort to understand the functionality of the applications they already own. Determining how to fully utilize and configure the applications you own will improve productivity, your bottom line, and your overall customer experience.
Ever wish you could know more about the future, especially regarding exceptional events that disrupt the supply chain? While we may not have a crystal ball, we do have the ability to leverage the 20/20 vision that hindsight holds. One of the ways to do this is to transport your historic information out of the shadows and back to your fingertips. How? By bringing the components of your Legacy Data into a consolidated analytical environment.
The image below shows the flow of a recent project we completed for a client. While the homebuilder already had a data warehouse with a series of data marts, they had never been able to load the information from the two systems they sunsetted a few years prior, namely QuickBooks and TrueLine.
The client knew our work from the consolidation of their current back office systems and asked us to do the same with their retired solutions. The results were very effective in providing them with additional insights and a more powerful analysis of all their data. So, ready to get started but don’t know how? No worries, we’ve got both the steps you need and the guidance!
Knowing what you have
First, list the old systems that you still have with data on them. Include the type of each system, the location of the raw data, who has access, and any connections or interfaces from the past and/or present.
Next, list the kinds of data in the system. Chances are you don’t want to use all the data. Compare your list with your key reports to identify the types of data you would like to extract and use.
Finally, peek at your report sources to identify if you suffer from “spreadmart” architecture – a flawed concept from the early 2000s that we’ve seen a lot of due to lack of options and/or lack of understanding. A spreadmart (spreadsheet data mart) is running your business data analysis/reporting system on spreadsheets or other desktop tools, such as Access databases. A spreadmart is typically created by many individuals within a company developing and maintaining their own reports in the way they are most comfortable with, creating a decentralized, fractured view of the enterprise. Take this opportunity to clean up the mess that comes from a spreadmart.
How to bring your data to life (again)
Hire a reputable developer or consultant
You want your data to be powerful to help you make better business decisions. It’s not enough to dump all your data together in one place, you need to:
Whether you just want to talk through your project, you want someone to build your data loads and train your team, or you need some great starter reports – Cornerstone has you covered.
Conclusion
Whether your history is sitting on an old AS/400 system begging to be released back into your hands, scattered amongst files on your network like little lost kittens, or hiding behind an API that you need to leverage, loading this information into an easily accessible environment provides you the opportunity to view where you’ve been in summarized or detailed format.
While retired solutions have reached their end of life, the information they captured is timeless. Grab it, bundle it with your current data, and catch a glimpse of your future in the rearview mirror.
Need help creating or extending your centralized data environment?
Reach out to us and continue your journey of success.
Our Q2 newsletter has some great articles, including:
and more!
Download the PDF here:
In the not too distant past it was exciting to learn about disruptive technology. Disruptive technology that changes our lives, both business and personal, can be interesting and often exciting. But in the last couple of months we have all learned a new level for the meaning of disruptive.
In the first part of 2020 we have been reminded that disruptions can come from other things besides technology. Disruptions this year have sent many of us scrambling to employ technology to maintain our business continuity into the near future. That technology has already been available to us, but it wasn’t deemed mission critical to implement because we had the ability to put our “boots on the ground” to address all work hurtles and day-to-day processes. Now that has all changed. Now we are looking for technology to help us maintain business during this office shut down period.
One of the easiest but underutilized tools provides the ability to electronically handle vendor payments and is called Electronic Funds Transfer, or EFT. This process allows us to pay vendors without having to be in an office to print checks; collate and file checks with backup; fold and put the checks in envelopes; run the envelopes through the postage machine; and then mail them out or have them picked up at the front desk. In addition, EFT eliminates the added expense for check stock, printers, envelopes, stamps, filing cabinets…the list goes on. That’s a lot of man hours and supplies every week!
Using EFT, the accounting team still processes the invoices for payment in your system, but when it is time to pay, they simply run the EFT process instead of printing checks. The EFT process can be run by accessing the appropriate program in your ERP/Accounting system, whether it is cloud based or accessed remotely. The resulting electronic file is then transferred to your bank. This means employees working from their home office, with the proper authority, could be paying your vendors from their own electronic devices.
According to a US Government Appropriations report from as old as 1998, EFT is virtually crime free when compared to $60 million in forged checks, $1.8 million in counterfeit checks and $3.3 million in altered checks experienced by the Federal Government annually before their adoption of EFT. Yes, that was our old gray-mustached government adopting EFT in 1998! As an industry, real estate and construction have always been slow to adopt new technology. So if you’re not using EFT today, perhaps this worldwide disruption and the embarrassment of being 22 years behind the federal government in adoption will be enough to get us to move forward!
Leverage the lessons of this disruption to adopt this easy-to-use and simple-to-setup technology today. If you have questions or need help in implementing EFT, positive pay or other electronic processes, give us a call. You’ll be surprised at how easy it is to implement. And Cornerstone has decades of experience helping folks just like you…really, just like you.
Forbes.com
RECBC.ca
KahaneLaw.com
Bloomberg.com
Are you using Digital Signatures yet? Even the IRS has said that as of March 30th it would “begin temporarily accepting digital signatures on documents related to the determination or collection of tax liability.”
Digital Signatures are perfect for maintaining social distancing – customers can sign from their homes, backyards, and even their cars. They are an extremely effective way to keep your business moving throughout any economic disruption.
Digital Signatures are fast and cost effective. They cut out the expense of printing, scanning, and mailing documents, automating your whole signature process. Who doesn’t need automation? Digital Signatures can be implemented through email and on mobile devices, making them available to all your customers. And all of your digital documents can be stored in one centralized repository, making edits and resends quick and easy.
If you have questions about Digital Signatures and how they work, Cornerstone has extensive experience integrating Homebuilder systems with Digital Signature technology. We can walk you through each solution, detailing the pros and cons and tailoring a solution that will work best for your company and your customers.
It’s time to jump onboard and make the Digital Signature change today – it is one change we can guarantee you are most certainly ready for!
Successfully working from home is more than just setting aside a place, creating “office hours” or putting on regular clothes to get you in the mood. The Cornerstone team is happy to share some methods and mindsets to keep you on track and maximize your work day.
1. How to change from one task to another task mid-stream on a daily basis – this is difficult even when you are in a office setting! Here are a few tips:
– Mark down where you left off before moving onto the next task.
– Jot down any ideas you have for where you were headed when you left off.
– Communicate with anybody who needs to know about any delay in completing the task.
2. What to do if you can’t catch someone else on the phone
– Be patient – this is the best advice we can give. Don’t make any assumptions about why they have not responded. Everyone is busy.
– Follow up with an email. If you don’t want to put everything in the email that’s OK, just say that you want to meet with them to discuss more.
– If you really need to meet and haven’t heard, you can try to schedule a meeting and send them an invitation with a short explanation. Sometimes that will bring a quick response.
3. How to deal with projects that are suddenly abandoned
– Find out if there are outstanding items that need to be wrapped up.
– Let it go – unless you are a stakeholder, it is far better use of your time to try to assist with the next project.
– If you are a stakeholder, try to schedule or be part of a post-mortem discussion.
– If you think there is still value in a piece of the project, make your pitch to continue on with just that part or pitch a different project.
4. How to be strategic about scheduling your day
– Schedule an hour each morning just to catch up on email and communicate with people who are waiting to hear from you.
– Move tasks to a different folder or add new tasks to a list you are keeping so that you have one place that captures all your “To-Do’s.”
– Make a list of the things you want to work on today. Don’t include number of hours or say that you will finish any task, as your plans could get disrupted at any point.
– If you have any tasks that you did not complete that are high priority, make a note of this so that you can start on those tasks first tomorrow (after your catch up hour where you communicate that to your stakeholders).
5. How to be strategic about adding value and getting additional work
– Each morning, review your To-Do list and think about where your stakeholders are going or want to be with each project.
– If you see something that you think will add value to your task that will take negligible time to complete, or takes a little bit of time but will delight your stakeholders, add it to your To-Do list.
– If your value add will also add significant hours, pitch the idea to the stakeholders first. Say, “I think this could bring you tremendous value and this is why” and wait for an answer before you proceed.
– Don’t invest emotionally in projects or tasks. If you feel strongly about the benefits, list them out for stakeholders and quantify them wherever possible. Cold facts are going to beat passionate feelings any day.
6. Communication
– Don’t shy away from communicating news that someone else does not want to hear. Start by drafting an email in Word or Notepad. Take your time to massage your draft until it conveys the tone and message that you want to send without being offensive to anyone.
– Decide whether the message is better conveyed on a call or face to face (if you have that option). If it is, you have your script ready from your draft email. If you cannot reach the person(s) in your chosen method, send the email explaining that and ask to meet for further discussion.
– Communicate daily if you have not set up a date to give your next status update. If you don’t need to give daily updates, set up a date to give your next status update…and stick to it.
– If you encounter an issue, include that in your status update. It may have a bigger impact than you realize.
7. When to meet facetime to facetime (or similar)
– When you haven’t touched base with your stakeholders for a while, especially if things aren’t going well. You can convey emotions and show concern much better than with email.
– When you are trying to salvage a project or need to convey more bad news.
– Anytime you have been conversing via email and relationships have not been improving.
– Kickoff meetings and/or when you are getting to know a team for a project.
– You would like more work with the stakeholder in the near future, or you are pitching an idea for another project. A personal touch is a good idea in this situation.
Have more questions? Ask Joe!
If someone bilked you out of $500, would the police pursue the case? Would you pursue the case? (If you said ‘yes’ to that last question, you are probably making the assumption that the money would be recovered quickly. The longer and more effort it takes, the less likely you’ll continue to pursue the case…or collect anything.)
The latest Real Estate scam counts on it not being “worth the time” to track down the culprit. Here’s how it works:
1. The scammer rents an Airbnb with a stolen credit card and a burner phone.
2. The scammer uses the photos online and information to advertise a room for rent on Craig’s List.
3. On the date of the Airbnb rental the scammer shows up, obtains the key, and makes copies.
4. During the rental period the scammer shows the room, provides a bogus ‘contract’ to sign, collects a deposit and provides the ‘renter’ with a key.
Some scammers have several “showings” a day, collecting several thousand dollars from unwitting victims. Most victims don’t bat an eye at the fact that the funds are requested in cashier’s checks as that is a normal request of legitimate landlords.
This scam is particularly successful because the scammer checks all the boxes: receipt of funds, contract, key…all appearances point to a legitimate transaction. It is also successful for the scammer because the amount that s/he scams individual victims out of is small enough that the likelihood of the victim to try to or be able to recover it is low.
Perhaps it should be dubbed the BIM Bean? Read more about how many layers of design BuroHappold put into this structure and how BIM was the game changer that (almost literally) brought it all together: