Pass Fast: Streamline Your Deal Screening | Altrio

When was the last time you re-evaluated your deal screening process to make sure you’re focusing your resources on the right deals? If your team is spending too much time on the wrong deals it’s not just time consuming, it can prevent them from finding and closing the right ones. To make sure you’re not missing out on valuable opportunities, take a closer look at your process and take steps to improve it—now, and on an ongoing basis. Here are some steps you can take to hone your screening process and improve your outcomes. 

Build in consistency

Start by creating a structured and consistent deal screening process. This will help you systematize the factors that typically kill a deal. It also takes the guesswork out of deciding where to spend your time and which deals you should pass on. Identify the steps your team must go through and create a standard process for completion, focused on automating monotonous tasks and optimizing for time spent doing critical analysis. 

Adopting deal management software is a good way to ensure your team members follow the same process for every deal. It allows you to set up guidelines for where new opportunities are tracked, what data is collected, and how this is used in the initial analysis conducted by your team. Creating a clear process helps your team avoid spending too much time on the wrong opportunities—and keeps them focused on the right ones.‍

Use your proprietary data to drive screening

Once a deal has been completed, it’s common practice to store files and related data in shared folders or Excel files. While this may seem practical, if you need that data again, retrieving it can be very time-consuming. And seamlessly integrating historic data into your current deal screening process isn’t easy. An ideal process would enable your team to quickly aggregate historic data and identify relevant comps that can provide valuable insight when screening new deals.

Look for a real estate deal management tool designed to provide easy access to the right data at the right time during your screening process. Origin is purpose-built to do the work for you. Using relevant data from previously screened or underwritten deals, your owned portfolio, or market comps, Origin assists with screening new deals through its powerful deal “comparison” feature. This allows you to easily compare deals with similar features such as key tenants, geographic location, or asset type.

Identify and remove bottlenecks

When it comes to improving your deal screening process, it’s important to figure out where and why things are slowing down. Common examples include not having enough deals at the top of your funnel or having too many tied up at a particular stage. You can try to identify bottlenecks manually, but it’s challenging.  

A deal management system can provide you with information about each step of the process. See who’s sourcing deals, how long deals stay in the screening stage, and how many deals are passed at each stage. Having easy access to this information allows you to identify and fix problems quickly, build continuous improvement into your deal team’s culture, and as result, boost your real estate acquisitions management processes.

The power of simplicity

Being more strategic in your deal screening process will drive success. A more streamlined approach will enable you to re-prioritize your team’s focus early in the process so they spend time on the deals that meet your investment criteria. A technology platform like Origin by Altrio can significantly improve your deal pipeline process by helping you systematize and create structure, use market and proprietary data to drive accuracy at every step, and quickly identify and address bottlenecks. To see for yourself what Origin can do for your team, contact us today.