BPM Real Estate Insights: Spring 2018 Volume 01 | Page 12

12 BPM Real Estate Insights KPIs for Real Estate Key Performance Indicators can help you quantify your progress, measure incremental success and reach your goals. By measuring these KPIs, you can pivot strategies and make critical adjustments to ensure success. Speed—Communication and User Interface As technologies continue to evolve at hyper-speed, think about speed as a way to drive collaboration and communication as it directly impacts your day-to-day operations. Accuracy—Data Availability and Version Control With the availability of data at your fingertips at all times, well- informed decisions can be made in a timelier manner. Keep in mind your KPI measurement here should keep track of how many versions, revisions or re-starts were required during a workflow. Adaptability—Cloud Based Platform And Connectivity (APIs) In a volatile business climate, adaption is critical to success. How quickly can your systems adapt to your changing business models, new areas of focus and new products? # Hours / Initial Pursuit Decision # Versions of Presentations Open APIs or # of Connectors # Days / Approval # Data Errors Mobile Features # Days / Close # Internal Rejections User Interface (UI) = Ease of Use Total Value Change From Initial Underwriting to Final Offer New Systems and Platforms Are Produced at an Ever Increasing Rate Static Licensed Platforms Will Miss on This Adaptability augmented or improved. Look for complementary systems that work with core technologies that your firm currently relies upon, but consider if or when those core technologies should be jettisoned too. KPIs for adaptability should encompass a checklist of features that illustrate the goals of your organization, including the number of APIs or open connectors, mobile features, easy-to- use mobile UIs, increasing rate of new platforms and systems produced, and less reliance on static licensed platforms. Your time is your most valuable asset. Properly implemented, today’s commercial real estate technologies can save you valuable time better spent making more deals or executing better underwriting. n Mark Leverette is a partner and the real estate industry group co-leader at BPM. Learn how to get started on BPM’s CRE-Tech systems by contacting Mark at [email protected] or call 415-288-6206.