How We Designed Lease Dashboard

Space Database recently launched a new product called Lease Dashboard which provides real estate executives with quick access to key metrics on the performance of commercial buildings.

In designing the application we worked very closely with Slate Properties here in Toronto. Senior VP Adam Lazier and Analyst Conor McBroom were very helpful in guiding the development process. Their input was extremely valuable and we learned a great deal from their insights about how this application would be used. Now that we have launched, I thought I would put some questions to them about their perception of the development process:

Mikael: "Originally, when you looked at our technology, you thought it could be better used to address some of the needs you had at Slate.  What was the original vision that you had?"

 

Adam: "At the outset of this project the goal was to take your product from a drawing management tool to a business intelligence tool.  We felt that the product was being under utilized and had more potential given that it was able to track information right down to the suite level of each building.  The goal was to take this architecture and enhance it with lease specific information though the creation of a lease abstract thereby being able to monitor and share information on a real time basis.  It has also become a powerful workflow tool allowing us to effectively distribute all aspects of documentation to brokers, lawyers, partners, lenders online. It has become a virtual filing cabinet."

Conor: " Having now completed the Lease Dashboard’s initial development phase, my vision for the service has become much broader. In the beginning, I merely saw a real-time hub for lease document access, and stacking plan and lease abstract generation. Going forward, I see the possibilities for the service as being far more open-ended and customizable. "

 

Mikael: "What was the reaction at Slate to the project? Did the vision change as you reviewed it with your colleagues?"
 

 

Adam: "Initially this concept was driven from the asset management side of our business. Given the nature of our portfolio, an extraordinary amount of time was spent tracking the vital statistics on a monthly basis in a very manual fashion.  Now that the initial setup has been completed this provides accurate real time information with little effort.  As this process evolved we have continually modified the application with input from the end users in our organization."

Conor: " The reaction was positive by-in-large. Excitement surrounding the service grew the more it was demonstrated to the team. Naturally, colleagues’ suggestions for the service were dictated by their specific roles and responsibilities at Slate. The project was also well-received in a meeting with our counterparts in the U.S."

 

Mikael: "How did you like working on this software project? What was most frustrating? What was most rewarding? "
 

 

Adam: "You have an excellent team at Space Database and this project has been an enjoyable experience from our side.   The key to the success of this application has been your organizations ability to listen to what our business required then find a way to make this happen within your application.  The most frustrating element of this project was the set-up process as we were hopeful that we could automate it but in the end, we had to abstract and upload documentation relating to 580 tenants/suites manually.  The most rewarding part of this process is working with the finished product which has become an integral tool within our organization.  Before this application, Space Database was just a place where floor plans were stored and now it is a valuable business intelligence and workflow tool.."

Conor: " There is a great amount of excitement in working on a never-before-been-done web-based asset management service for commercial real estate. Frustration was expected and typically stemmed from the various development challenges met along the way. Initial data entry and lease uploading can be a monotonous, albeit very crucial task."

 

Mikael: "The economic environment has radically changed since we started this project.  Do you think the need and use for a tool like this has changed as a consequence?"
 

 

Conor: "Today’s economic uncertainty requires us, more than ever, to take a detailed, hands-on approach asset management; sustaining occupancy levels and thus, cash flow. The Dashboard allows us to better monitor our leasing program and existing tenancies. As such, it will hopefully be an effective tool as we batten down the hatches to brave the economic downturn."

Adam:  "I agree with Conor!"

For us, working with Adam and Conor has been a great experience. Creating a business service and building a software is a design exercise. Design requires imagination, creativity as well as a deep understanding of the activities you are supporting. Adam and Conor contributed a great deal in all these areas.

Thanks guys!

PerfectForms

In an earlier post I outlined a few Business Process Automation products that we were evaluating. Well, we've made out selection. We are now subscribing to PerfectForms. This product met all of our criteria:

• We could easily model and implement an electronic version of our paper-based work flow processes.
  
• We can integrate these processes into our existing applications on the front end (as flash based widgets) and at the back end (simple database integration)
  
• It's easy for smart people who are not programmers (managers) to create forms and design processes. There is no IT bottleneck to getting things done.
  
• The price is very reasonable and the licensing allows us to scale on a per user basis. The cost of entry is very low.
  
• The more we work with this technology, the more we like it. It's intuitive and user friendly. It does everything the website claims it does and does everything you think it ought to do.

Here is a brief description of a process that we are automating with PerfectForms:

It involves the setup of a new building survey project. First, a sales person develops a proposal for a job. Before it is sent out to the client, it needs to be reviewed internally by a project manager. If it is not considered feasible, it must be revised. Next, the proposal is sent out for review and approval by the client. Only with evidence of client approval can it be set up as a job. At this point resources are assigned and timelines are established. Once the site work is completed according to specific standards, there are various checks that are performed. This process and these steps have been in place for years. The steps and control points are described in out ISO 9001 management control system. Tracking and controlling this workflow has been time-consuming. We've done this using tedious printed forms.

Until now. With PerfectForms, we can map out this workflow electronically. We can define workflow rules to control who gets which information and when. We can determine who approves work and what happens when it needs to be rejected.

From the users point of view, this all appears as simple, easy to use web-based forms. We are using email to pass work from one person to another with links back to the form. There is also a nice console interface that allows users to see the status and attention required for many different forms and processes.

PerfectForms might not be for everyone or every company. It's not be a full scale ERP solution. For us it hits the sweet-spot. It has the right balance of features and ease of use. If you need to automate; if you need to put some rules and controls around basic processes, this is a terrific product. If you want to do it without installing software and with low IT involvement, then it is ideal.

Google and SlideShare

Here's a post with two interesting dimensions to it: the content and the medium.
First, the medium. In an earlier post we looked at the Goolge Presentation Widget . Well now there's a site that has out-Googled Google. Not only do they have a better presentation widget, they have figured out how to build a community around presentations.

Take a look at the SlideShare website. There are presentations on every topics with ratings and comments. It looks just like YouTube. The presentations can also include audio and provide high quality full-screen views. Shows can easily be embedded in websites or blogs - like this one:

All about Google

View SlideShare presentation or Upload your own. (tags: google business)

Which brings us to the second dimension here - the content of the presentation itself. It explains network effects, two sided markets as well as the Google page rank algorithm. There's a lot to be learned from Google's success.

Read more about SlideShare on CrunchBase

Lease Dashboard

Here's a copy of the Lease Dashboard press release from December 1st.

Space Database launches Canada’s first web-based commercial lease management service, Lease DashboardTM,for the real estate leasing and asset management industry.

December 1 2008 – Toronto , Ontario – Space Database Inc., a leading provider of web-based real estate applications, today announced the availability of its new Lease DashboardTM, application for leasing and asset management, delivered entirely via the web.

A Canadian first, Lease Dashboard provides senior portfolio managers with a strategic overview of leasing activity and revenue in a simple to use application that compiles a brief lease abstract for each tenant and stores scanned leases in a highly secure environment for quick access. The application produces reports on a portfolio level flagging key dates, step ups, key performance metrics such as average weighted rent and also generates customizable stacking plans. Space Database provides a full turn-key implementation for the system, including a new service for lease abstracting.

Space Database worked extensively with Slate Properties of Toronto to develop the first generation of the application. “We required an application to allow our staff and our partners to generate quick online reports to keep tabs on our portfolio. We are very pleased with the functionality that Lease Dashboard provides,” said Adam Lazier, Senior Vice President.

Lease Dashboard allows portfolio managers to instantly access information on portfolio, regional and building performance.

• Relative financial performance of specific buildings and groups of buildings in the portfolio
  
• Assess cash-flow in terms of length of lease commitment and the percentage of actual BOMA area reflected in leases
  
• Risk in terms of type of tenants
  
• Metrics used to value buildings that are essential in purchase and sales negotiations.

John Zsolt, Space Database co-founder commented, “Lease Dashboard complements our suite of online real estate applications with a new focus on asset management. We are grateful to Slate Properties for their design input and testing of the application in its beta form.” Space Database provides numerous web services to support mission critical processes for leasing, property and asset management. These include a certified floor plan and building measurement service, web hosting, INDEXIO building drawing management, and Lease Dashboard for lease performance management.

About Space Database

With more than 150 million square feet of office, industrial and retail space managed on its system Space Database is North America ’s leading provider of end-to-end measurement, drawing, area and lease management solutions to the commercial real estate industry. Space Database allows property owners and managers to instantly access their building drawings and related data through innovative web services. As a result, its clients are able to achieve increased cash flows, improved customer service and maximum administrative efficiency. For more information please visit spacedatabase.com.
© 2008 Space Database Inc.

For more information contact: Chad Levinsky, Director Business Development; 416-516-8920 ext. 226; levinsky[at]spacedatabase.com

Oneeko

Here's a nice, simple tool for online demos, training and support. Like WebEx and others, it lets you share applications on your desktop with anyone else who has access to the internet. Unlike these tools, no special software is required at the recipient end - except for Flash, which runs on 98% of computers.

On the publisher side, Oneeko runs as an application. The program acts as a transparent rectangle or lens that you can drag around your desktop. Anything within the frame is published out to your viewer.

Your viewer can access your shared screen in a three ways:

1. You can direct them to the Oneeko site where they use your account name to load the session.
2. You can email a link that is generated from the software.
   
3. From Skype, Oneeko creates and sends a special Skype instant message to the person you are speaking with. (I had to upgrade to the latest version of Skype for this to work)

The great thing is that at the viewer's end, your desktop displays in their browser. There's no software to install, no security settings to worry about. This is the perfect little tool for ad-hoc sharing where you want to show something to illustrate a conversation you're having.

Download a free version at OneEko.com.

Thanks to Josef for pointing out this great little tool.

The End of a Wall Street Era

Here's a really good Article by Michael Lewis on what lead to the Wall Street meltdown. It's quite long, but very well written and demonstrates the points of view of several insiders. Great illustration too:

Thanks to Chris Gadula for pointing it out.