We continue the conversation from the Renovation Challenge: Reducing the unknowns and unexpected session that took place at NAA Apartmentalize on June 8 in Atlanta, GA. In our last post, the topic was To Renovate or Not to Renovate: That is the question.
This time we focus on technology tools used in the renovation process. Brad Chandler, SVP of Sales and Operations at FacilGo moderated a panel of industry experts including Daniel Kughen, SVP Construction and Facilities at The Barvin Group; Kyle Smith, SVP and Managing Partner at Guardian Construction; and Mike Gorman, Division President – Indianapolis Division at Edward Rose & Sons. Here’s what he learned about their technology use during a renovation.
Technology tools and the renovation process
Chandler delved into the topic of technology tools and wanted to know what the panelists are using to help manage their renovation projects. Each panelist indicated that they are either using a spreadsheet application, property management software, or dedicated renovation software to help manage their renovation projects. Some indicated they are using a combination of these tools. Usage varies across the size and complexity of the job being done.
Edward Rose & Sons’ Mike Gorman stated they are still widely using Excel for the job process itself. He said they manage costing in their property management system but the majority of their construction team is utilizing Excel.
Chandler conducted a poll during the session asking attendees the same question and learned that an overwhelming 79% are still using Excel / Smartsheet. 11% indicated using renovation software. 10% said they are using other tools.
Pros and cons across tools
There are pros and cons to using spreadsheet tools as mentioned in the Top 5 Tools for Managing Renovations blog posted on Multifamily Insiders. Familiarity with the tool, financial tracking and modeling, and task tracking ranked high in the pros category. Limited flexibility with permission rights, overwhelming data entry, and inefficiency in managing large projects ranked top among the cons.
Renovation software has advanced over the last five years helping clients move away from manual, one dimensional renovation planning, tracking, project management, and financial assessment. This helps increase visibility, improves collaboration with suppliers, enables scalability across staff, assures product compliance, captures unit attribute documentation, and improves overall executability and efficiency The capture of real time data equates to better financial insights, improved decision making, and higher ROIs.
When you use an all-in-one renovation software platform like FacilGo Capital & Renovations, you get:
- Robust planning and financial modeling for predictable ROI
- Real time actuals vs pro-forma to assess ROI
- Enhanced staff and vendor collaboration achieving higher efficiency
- Assurance of product compliance and spend controls
If you are interested in learning more about FacilGo’s solutions, contact us to set up a time for a discussion and a demo.
Stay tuned for Part 3 of this 3-part series, where we discuss predictability with renovations.
