Market Tampa, LLC.
Client Business
Market Tampa (MKT) offers services to buy, sell, invest, finance and manage real estate for both businesses and investors. MKT invests in asset types and locations that they understand through experience, and in situations where the firm’s expertise and relationships provide a competitive advantage. MKT has an internal division that is responsible for repairing and enhancing properties to assist in guaranteeing return on investment, and to ensure buyers are getting a deal. MKT offers full service property management and real estate marketing. MKT values its reputation in the industry and is proudly a “one stop shop” for all asset cycle management & investment needs.
Business Challenge
MKT was using QuickBooks and Excel Spreadsheets to track their data and processes but were suffering from many of the hallmark difficulties with this type of environment; characterized by poor integration between systems, limitations to sharing information between users and inability to collaborate easily.
MKT needed an extensible, comprehensive, easy-to-use solution that could be tailored and optimized to organize, track and consolidate the main operational functions used by the business on a regular basis; Properties, Attributes, Purchasing, Work Orders, Rehab, Purchasing, Bids, Setups, Investments, and Sales.
In addition, MKT had to visit a number of “3rd party websites” to gather details regarding a property (such as Google Maps, Tax Assessor’s Office, County Appraiser, Zillow, etc.)
Solution Provided
Extensitech created a solution centered around the Properties and attributes of the Properties that MKT works with on a day-to-day bases. The custom dashboard allows MKT to easily and quickly view all of the current properties and specific attributes centered uniquely around the custom workflow processes of MKT. In addition to basic property attributes, such as address, number of rooms, style of the home, related Contacts and the “role” of the property, Extensitech accommodated additional data about Properties that we essential to MKT operating efficiently and profitably. The solution tracks Purchasing of Properties including attributes like purchase type, offer tendered date and amount, offer accepted date and amount, etc.
Attributes that MKT needed to view quickly on any Property were connected to the Web Resources so MKT could view Google Maps, Google Maps Street View, Tax Assessor Website, County Appraiser, etc. The Attachments functionality allowed MKT to store images of properties, rehabs, conditions, etc. which could be linked to any number of properties, contractors, investors, etc.
MKT is also able to notate and track all Rehabilitation items on Properties which specifies the category of the rehab (electrical, plumbing, carpentry, etc.), the nature of the task to be performed, and the location of the work. This Rehab layout included Bids where MKT was able to create and monitor bids to contractors for Rehab items. Upon accepting a contractor Bid, MKT could then create a Work Order which included a contractor and a list of rehabilitation items to be completed on each Property.
Extensitech provided a Setups feature set for MKT so the Properties layout included a Setups tab, which is any item that MKT wishes to add to the property, which may nee to be removed in the event of a sale. Such items may include lock boxes, signs, electricity and other utilities, furniture and other items. MKT was able to input, track and archive the nature of each item, the dates (needed, installed, removed). These lists informed a dashboard (for users) of which items needed to be added or removed from Properties.
Extensitech also provided a custom layout to allow MKT to track Investments included Expenses of any given Property, Contributions from an investor and details of Compensation. Additionally these Properties also tracked Offers made for Properties and Sales that were finalized. Extensitech also created custom reports for accounting purposes for the bookkeeper to use without having to do two way integration with Quickbooks.
