Linkedin Jedi
CONTACT

Category: real estate

Categories
Data Analytics real estate Startup Story

Build vs. Buy in Proptech Reporting

Reporting got you feeling overwhelmed? I’ve been there. Should you buy a software package and try to make your reporting fit in that box? Or go with a vendor that can customize for you? Or should you choose the most flexible (albeit expensive and time-consuming) solution and build it yourself?! Let’s weigh the build vs. buy proptech for enhancing your reporting game.

First... Do You *Really* Need Something Else?

On second thought, is your current system working for your size firm? If you’re a small team of 10 or less employees, stick with the out-of-the-box property management software reports. These bad boys are powerful enough to get the job done for daily operations and accounting. Plus, you’ll have the latest data at your fingertips without any extra effort.

When to Build

Next, when should you build? Simple answer is when your reporting needs aren’t met by your existing software package’s pre-made reports. If you have a team who can code in SQL, then you’ll be off to the races. For example, you can leverage Yardi’s custom SQL function for those specific requests like owner reports or a weekly executive dashboard. Keep in mind, you or your team will not only need strong SQL skills, you’ll also need to know the software application’s data structure. 

Or, if you have someone on your team who knows Power BI, DOMO, or similar, you can pull in your data into one of those tools. Again, you’ll need to know the software application’s data structure. 

When to Buy

Lastly, when should you buy? Easy answer is when it’s more cost effective to do so. For reporting specifically, you may decide that you need a ton of custom reports and that having a consultant build all of them is more expensive than someone in-house using Power BI. Or you decided that you want better visuals and trend tracking. 

Don’t break the bank if you don’t need to! Use an existing SaaS product either for your data integration, visualization, or both. These platforms offer easy integration with various property types and can meet most analytics needs in just a few weeks. Plus, they’re way cheaper than building reports in-house. 

Conclusion

In the end, knowing whether to build vs. buy for your proptech reporting is all about your needs and budget. Got more questions? Reach out to me for guidance.

Want more? Subscribe below.

MY COMMITMENT | Never sell or share your data | Provide useful and impactful stories

Categories
Data Analytics real estate Startup Story

How to Create a Proptech Strategy

Congrats on your new gig leading tech for a real estate firm! Ready to make some magic happen? Here are 6 steps to help you create a killer proptech strategy.

Step 1: Get Your Execs on Board

Leaders set the tone, so it’s crucial to have at least one C-level exec championing your proptech plans. The pandemic showed that businesses need to adapt and embrace new ways of doing things, so this should be an easy sell. Plus, you can highlight that tech-savvy employees are more productive (and presumably happier since they automated boring tasks!).

Step 2: Create a Proptech Strategy Team

Assemble a small, enthusiastic team to drive your proptech initiatives. Ideally, team members’ roles should benefit the most from technology and automation. Don’t let the group get too big – if it takes more than two pizzas to feed everyone, you’re doing it wrong!

Step 3: Identify Your Needs

Figure out what you want to accomplish with technology. Start with small groups to identify areas for improvement, rank the pain points in order of priority, and estimate timelines. Keep in mind that not all problems require tech solutions.

Step 4: Determine Your Budget

Once you know what you need, you should create a budget. It helps to identify opportunities and cost savings and to make your case for executive buy-in.

Step 5: Find Potential Solutions

There are tons of proptech vendors out there, so do your research. Start by working with proptech venture capital groups, but also reach out to peer firms to learn about their experiences. Collaboration benefits everyone.

Step 6: Track Your Progress

Measure your success to see if you achieved your goals. Identify the ideal outcomes for each proptech solution, track progress, and hold your team accountable. Don’t forget to assign team members to key projects to boost engagement.

Conclusion

And that’s it! Follow these 6 steps and you’ll be on your way to create an awesome proptech strategy. Don’t forget to check out our other blog posts for more tips!

Want more? Subscribe below.

MY COMMITMENT | Never sell or share your data | Provide useful and impactful stories