The project management tool is a powerful resource to help you manage your current and future real estate projects. These can be projects started through myRE360 or not. You are free to build projects as you need them. We know one of the biggest pain points in acquiring properties is figuring out the best way to manage everything and this tool is your source for organization.
Before You Start
Here are some things to know before you begin this process:
- You can link a project from your dashboard or create a new project from scratch
- Property size is required to complete certain calculations
- Market rates are the default calculation, but you can always customize your rates by updating the My Rates section
- Rehab estimator rates, automatically populate to the Rehab tool
- All entered amounts will auto save
- Start first with the Rehab Estimator and then work your way to the Rehab Tool
- Tasks are added to your calendar at the click of the calendar button
Create a Project
To access project management, first click the link in your quick view.
Once in the module complete the following steps:
- Click the red Create Project button on the right
- Enter a Project Name and a brief Description
- Click the Save button
The project has now been created. Select the project to view it’s contents.
Rehab Estimator
The project launches to the Rehab Estimator. This tool is designed to help you quickly assess any and all costs associated with the renovation of a property. Complete the property attributes first before proceeding to the list.
The property attributes determine how the Rehab Estimator will calculate.
- Property Size – determines how to calculate any percentage based amounts
- Costs Calculator – determines if you use the predefined market rates or your own custom rates
- Rehab Quality – determines if you default to basic, average, or high end costs for each question
To use the Rehab Estimator, simply select an amount for each question or directly enter in the Expected Costs.
Pre-Purchase Checklist
The next section in project management is the Pre-Purchase Checklist. This tool is designed to eliminate the guess work and simple overlooked tasks that need to be addressed when purchasing a property.
To use the checklist, simply select a Due Date for any applicable tasks, click the calendar icon to add the task to your personal calendar, and update the status as needed.
Rehab Tool
The next section in project management is the Rehab Tool. This tool is designed to guide the beginner to experienced project manager through a renovation from soup to nuts. Each cost entered in the Rehab Estimator is automatically pulled into the appropriate category in the Rehab Tool.
The Rehab Tool is a combination checklist and accounting system. Project rehab is broken up into 6 stages:
- Pre-Construction
- Rough Structure
- Major Systems
- Unfinished Surfaces
- Finished Surfaces
- Final Details
To use the Rehab Tool, simply select a due date for any applicable tasks, click the calendar icon to add the task to your personal calendar, update the status as needed, and change the status of the percent complete as work is performed on the property. As the amount is updated, the Amount Paid will auto-calculate, notifying you of how much should be paid out for the task based on where you are with your project.
If needed, you can also adjust the milestone for a task. For example if you have a smaller project where you only need to track to 2 milestones, you have the flexibility to select only 2 milestones and then view the tool from the Milestone view.
Post-Closing Checklist
The next section in project management is the Post-Closing Checklist. This tool is designed to make the transition out of a project as smooth as possible. No more forgetting to disconnect utilities!
To use the checklist, simply select a Due Date for any applicable tasks, click the calendar icon to add the task to your personal calendar, and update the status as needed.
My Rates
The final section in project management is My Rates. This section enables you to set your own rates for every task. If you know that your paint costs are always a certain amount, change it and use it for future calculations. Otherwise, feel free to continue using the predefined market rates.
To use the tool, simply enter in an amount that you want to use for each calculation of basic, average, or high end costs. The amounts are automatically saved. When you’re ready to use, go to the Rehab Estimator and change the Costs Calculator to My Rates.