Custom Software Solutions for Real Estate Professionals with Dan Moore - CREPN #242
Commercial Real Estate Pro Network
Release Date: 04/02/2020
Commercial Real Estate Owners Operations Challenges with Rob Finlay - CRE PN #456
Commercial Real Estate Pro Network
Today, my guest is Rob Finlay. Rob Finlay is a certified property manager and is a commercial real estate expert with a broad portfolio of success stories developed through hands on work and multigenerational industry experience with decades of experience in every facet of care from analytics to acquisitions, operations, to finance and more. Rob's insights are derived from real world wins and cutting edge industry innovation. And in just a minute, we're gonna speak with Rob Finlay about strategy changes needed for commercial real estate owners and asset managers in the shifting markets.
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BIGGEST RISK with Rob Finlay
Commercial Real Estate Pro Network
J Darrin Gross: I'd like to ask you, Rob Finlay, what is the BIGGEST RISK? Rob Finlay: So not sure if there's one specific one and just so you know, hopefully, I I can give you one right now, that is top of mind for me, right? Because insurances. Property Insurance is property insurance that has been spoken about and and fortunately, we have people like you that help us, real estate owners get through that through that mess. The one thing that that property insurance people aren't going to help us with is what I see as this great risk is compliance and corporate risk. There is this...
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Multifamily Marketplace Data Prices and Distress with Neal Bawa - CRE PN #455
Commercial Real Estate Pro Network
Today my guest is Neal Bawa. Neal is the founder of Grow Capitis an online multifamily investor education platform, experienced syndicator, developer and his attention to the data has earned him the moniker "The Mad Scientist of Multifamily". And in just a minute, we're going to speak with Neal Bawa about the Upcoming Multifamily Distress in the Marketplace.
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BIGGEST RISK with Neal Bawa
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you, Neal Bawa, what is the BIGGST RISK? Neal Bawa So I'll give you two risks that affect insurance prices, and all other forms of prices in the United States. So one is a bigger, sort of more, you know, overarching risk. The second one is, is well known to us this. So the first one is climate change, we are continuing to see devastating impacts of climate change in many markets. It is a political, you know, issue where, you know, half of America doesn't want to acknowledge what is happening in markets like Florida and Texas and many other markets, like...
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Innovative Flood Insurance Solutions with DJ McClure - CRE PN #454
Commercial Real Estate Pro Network
Today, my guest is DJ McClure. DJ McClure is the VP of sales and business development at National Flood Experts driving strategic growth through partnerships and tailored cost saving solutions. And in just a minute, we're going to speak with DJ McClure about innovative flood insurance solutions.
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BIGGEST RISK with DJ McClure
Commercial Real Estate Pro Network
J Darrin Gross: I'd like to ask you, DJ McClure. What is the BIGGEST RISK? DJ McClure: I think right now, one of the BIGGEST RISK that I see among many is the number of properties that are, you know, approaching a debt restructure, you know, there's a lot of short term bridge that for a lot of properties that's coming due. And so one or two things are going to happen, obviously, they're going to be able to, if they're able to put together the funds to structure a refinance, you know, it's likely going to be into a different loan structure or excuse me a loan program, predominantly, your...
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Commercial Office Space Post Covid with Joey Kline - CRE PN #453
Commercial Real Estate Pro Network
Today, my guest is Joey Klein. Joey is the host of Tech Talk podcast or the Tech Talk podcast. Joey is a seasoned commercial real estate broker focusing on representation of corporate tenants across a range of industries. based in Atlanta, he is deeply involved in urban focused developments, and transit expansion advocacy, particularly in Georgia and the Southeast.
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BIGGEST RISK with Joey Kline
Commercial Real Estate Pro Network
J Darrin Gross: I'd like to ask you, Joey Klein, what is the biggest risk? Joe Kline: Sure. I don't have an insurance related answer. So that's, that's good. I have to say, I do think that your industry is a very fascinating one. And I think if we had more time, I'd love to throw some of these back at you. Because insurance is a very rapidly changing industry over the past couple of years as well. I look, I think that any Anyone, anyone who makes their money solely via Commission has to constantly be thinking about risk. And if you're not, you probably won't be doing it for...
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Invest in Flex Industrial Commercial Real Estate with Jeremy Friedman - CRE PN #452
Commercial Real Estate Pro Network
Today, my guest is Jeremy Friedman. Jeremy is with Stoic Equity Partners. And they have a portfolio of 10 Self Storage Flex Industrial assets in the southeast, totaling $48.8 million assets under management and 500,000 square feet located in Georgia, Mississippi, Florida, Alabama, and Arkansas. And in just a minute, we're going to speak with Jeremy Friedman about Why Invest in Flex Industrial Real Estate.
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BIGGEST RISK with Jeremy Friedman
Commercial Real Estate Pro Network
J Darrin Gross 0:00 And I'd like to ask you, Jeremy Friedman, what is the BIGGEST RISK? Jeremy Friedman 0:05 But as we discussed before the call, that's actually the one largest risk item that we that does keep us up at night and that we're working diligently on at the moment is our insurance. And I think it's so this is not to be clear to your listeners, you did not prompt me for that at all this is this is our biggest risk at the moment, as we see it. We being located on the coast, the Gulf Coast of Alabama, and we have several coastal...
info_outlineCustom software solutions can make real estate professionals more productive for less cost.
Dan Moore is the founder and CEO at Vaporware Vaporware Custom Software headquartered in Raleigh, NC. After graduation form Georgia Tech Dan first worked for large software companies where he was not close to the problems the software was designed to solve. Wanting to be closer to the users with problems his software designs could help, he started his own consulting firm.
Custom software weighs viability, feasibility and utility. There is a great deal of satisfaction when the software solution to the problem contains all three.
Custom Software for Real Estate
An example of custom software for real estate that Vaporwrare has worked on is
Servusconnect. This is a software solution for multifamily maintenance scheduling, which helps reduce the time necessary to turn a unit. The service order is initiated by the resident, and instantly, maintenance calendar is scheduled.
Upon completion of the repair request, the resident receives a satisfaction survey, which feeds the online reputation platforms. A good custom software solution allows the user to communicate easily, collect measurable data, and generate useful reports that enable the user to be more prepared for future events. When data is used properly, you can run a more profitable operation.
Levels of Software
Custom software ranges from fully custom to just one function that plugs into another software platform through API. Dan believes that the selected custom software operation is a better use of time and money. In this way you are able to customize the part you need to work better and get a robust solution. If you try to build the entire solution from the ground up, you end up with lesser degrees of great all the way around.
There are multiple excellent software solutions already available for things like payment collection. If you use MRI or Yardi for your property management software your custom software can plug into and work with these using API. Therefore you do not have to build a complete system from the ground up and your staff will not have to be retrained to utilize your custom software.
Ideas for Custom Software
For any data you collect and track in a spreadsheet, a custom software solution can be created to make data collection easier and more user friendly. Some reasons to consider a custom solution include;
- You have created multiple spreadsheets, and cannot find them when needed. So, you recreate the information.
- You organize information, but are not able to access it on a mobile device when you are in the field.
- Speed is critical
- Standardization is desired
- You work with large data bases on a regular basis
- Custom communication to many individuals is desired.
When Custom Software Makes Sense
The decision to have custom software created is involved. For organizations that are large enough to adopt the software for your own use. The cost tends to be more justifiable for companies with more than 50 employees and $10-$20 million in annual revenue.
If you can identify a single problem, and then find others with the same problem, you can start to determine if there is a market for your solution. When there are enough people with the problem who are willing to pay, it can make sense to spend for a custom solution that you could then sell to others.
Depending on your needs, custom software can cost as much as you want to spend. Vaporware approach takes into consideration the clients current solution cost and tries to determine what are the minimum output that will be helpful. Small custom software solutions can start as low as $5 - $10 thousand dollars.
User Benefits
User benefits are maximized when the programmer and user are able to communicate to develop specific benefits for the user. More input allows the developer to continue to improve the product so that the end product is easy to use and collects the wanted data. The output allows the company to put the info to future use and improve the output..
BIGGEST RISK
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: I think the BIGGEST RISK for all of us in our personal, professional lives is speed. Time is a very limited resource for us all. Time is how opportunities kind of come and go. If we talked a little bit earlier about being able to know if a property is going to go on the market before it does, being able to operate faster than the competition.
So I would definitely have to say speed. The speed at which we can operate, the speed at which we can save our time and do passive investments and be able to realize value faster and see more opportunities and the right opportunities faster. So anything that we can do to be faster at what we do and relying on computers is a good way to do that.
For more go to:
Website: www.vaporware.net
Email: [email protected]