The Importance of Using a Board Portal in the Real Estate Industry
Anybody who’s part of a real estate board of directors knows their role pulls them in approximately a million different places at once.
First and foremost, they must worry about having the know-how and expertise to invest in valuable properties. Meaning, they require a firm grasp on real estate trends as they form.
Furthermore, they must be focused on the vast networking duties that always fall on the lap of real estate professionals.
Beyond that, they also deal with the wealth of board responsibilities faced by executives in all industries. Namely, there’s the issue of managing the needs and desires of shareholders and stakeholders.
Therefore, when it comes to board meetings, commercial real estate boards and homeowner’s associations require tools always to be prepared. Especially considering just how busy they are.
A board portal gives inundated directors a leg up for meetings to ensure everybody is on the same page.
Let’s investigate this idea a bit further:
A Board Portal Keeps Everybody on the Same Level
With board portals, all information is available in the same place at the click of the button.
This way, there’s no concern of individual board members being privy to more information than others. As such, all executives are encouraged to provide input.
So, for instance, when it’s time to make decisions on purchasing the land for a new shopping center or a restaurant, everybody will know the finer details. There won’t be any excuse for executives not to know about the surrounding demographics, culture, infrastructure, and geography, etc.
Meaning, all board members are held accountable to offer the most thoughtful, insightful, and thorough input on these decisions. With the benefits of board portal technology, hiding during meetings isn’t an option.
Saving What’s Most Valuable: Time and Money
Planning a board meeting is quite labor-intensive. There’s a lot of high priority issues being discussed with many important people making significant decisions.
Real estate boards don’t tend to spend tons of time together, so these meetings must run smoothly and efficiently.
With board portals, everything is automated—which drastically speeds up the process. Distributing board papers, sharing files, developing agendas, approving minutes, reviewing minutes, or using polling features can all be done at the press of a few buttons.
Through the help of a portal, boards aren’t stuck with preparing, printing, binding, and delivering board papers weeks in advance. Materials remain relevant at the time of the meeting.
Beyond that, portals saves a tremendous amount of money on printing and shipping board documents.
Also, real estate boards rely on staff to prep meetings. With a board portal, automation results in organizations spending fewer hours on meeting planning.
Real Estate Boards Need the Best Available Technology
In 2020, most successful real estate organizations utilize state-of-the-art software to move at a lightning pace. This technology keeps them ahead of the pack. Those failing to do the same by neglecting to leverage board portal technology are missing out on an opportunity to make waves in the industry.