Excel has stood the test of time, but it’s not without its flaws when it comes to logging commercial real estate deals or more specifically, tracking introductions.
A computer without Excel cannot be classed as a work computer (yes, even in 2020), but that doesn’t stop one of the world’s most successful software applications from looking positively archaic at times; broken formulas, #REF! and #VALUE! errors – due to the nameless colleague who accidentally saved over the master version.
Let’s not get started on the skills required to scroll through, let alone edit a spreadsheet on mobile.
Yet it remains the default choice for small acquisition teams when trying to create a database of new deal introductions.
Half the Picture
It’s not unusual to be introduced to a number of deals at any one time and over just a short period of time, these intros soon stack up.
So, it makes sense to record only those deals which are relevant to your current business plan or portfolio objectives, and logging the high-level details like the introducing broker or introduction date is easy to do in an Excel spreadsheet. This document will often then be saved to a network drive; accessible from the office or via a VPN, or it may be updated and a new version emailed to colleagues on a periodic basis.
That’s fine if you’re the only one who updates the deal log, but what happens as your needs inevitably start to grow? Like when the team grows, or you need to start tracking additional information?
What about historic info on the deals that didn’t present any value at the time they were introduced, but suddenly become interesting when the market changes?
While that inherited spreadsheet does contain information on deals that had immediate value at the time they were presented, much of the valuable data has already slipped through the gaps.
The deals which seemed irrelevant at the time could’ve given you the competitive intelligence to help you win that last instruction.
But it wasn’t logged, so all of the potential value is lost.
Built for purpose
Coyote was developed specifically with the needs of acquisition teams in mind, resulting in a dedicated platform on which to run the entire commercial real estate lifecycle; from introduction all the way through to disposal.
Tracking introductions with Coyote takes seconds – you simply log a new asset with the details you have, and a deal record is created. Go further and enrich any deal record by uploading a brochure, photos, a siteplan, or financial model to create a more comprehensive entry.
What’s more, Coyote is just as easy to use on mobile as it is on desktop and many users log new deal intros while they’re on the road, to save doing it back at the office.
By using Coyote to track deal introductions, you’re able to build up your own invaluable database of market information. As you continue to build your deal history, you’ll know if and exactly when you received a familiar-looking opportunity in the past. A quick search in Coyote will reveal the full deal history and provide you with the speed of confidence to act decisively.
Compare previous introductions of the same asset, check who sent you the introduction first, see which party is sending you the most introductions over a certain time period, or analyse market trends based on the information you hold.
By logging every opportunity into Coyote at the point you receive it, you can rely on the data to inform your future investments.
Coyote allows you to create a centralised database, structured in an intelligent and actionable format, providing you and your team with the ability to make quicker, more informed decisions on investment opportunities.
Never let valuable market data slip through the gaps again – identify risks and market trends using the data that’s available to you today, and reduce reliance on those cumbersome Excel spreadsheets.