Redefining Real Estate: Digital Transformation and Investing w/ Matt Shields

We chat with Matt Shields, discussing digital transformation, its benefits, and its implementation in the real estate business. They talk about how digital innovation has streamlined many processes across different organizational domains. They elaborate on concepts such as project management and square footage comparison in real estate investment, and consider the benefits of digital transformation in construction and multi-family investing operations. Matt also shares personal insights from his career and offers advice on communication and adaptability in business.Connect with Matt Shields: https://www.investinsqft.com/Topics & Bullets:Challenges in Contracting IndustryHandling pictures and reports in the contracting industryBenefits of using a method and process for easier report generationShowcasing project transformations with before and after photosThe importance of maintaining control over products or services to avoid overextension and unforeseen competitionDigital Transformation in ConstructionSyndication and gathering information to attract investorsStreamlining processes, data accessibility, and reporting to attract investorsStreamlined processes for a waterproofing contractorReducing time and improving efficiencySimplifying onboarding for new employeesProviding real-time insights into business operationsApplying digital transformation to constructionImportance of digital transformation and project tracking within real estate constructionUsing a scrum philosophy and weighted systems to manage granular tasks and project progressDigitalizing the process to manage construction in a more accurate and systematic wayUsing project management software for organizational growthStarting with project management software like Trello, Asana, or Basecamp for small businesses or solo entrepreneursBuilding internal processes as different departments emerge Challenges of integrating existing processes with new systems for businesses built before platforms like AsanaReal Estate Investments and ManagementBusiness impact and recommended readingReading Chris Voss's book for communication and negotiation skillsRecommending improv classes to enhance communication and thinking on the spotPricing strategy for real estate investingConsidering the square footage of comparable properties when setting rent pricesChallenges faced in real estate business processesCreating reports and managing multifamily propertiesAdoption of agile scrum in real estateValue brought to contractors and project managementDemonstrating the value of transformation for successful adoptionImportance of documenting processes and procedures for scaling a businessThe value of a core foundational platform for a businessNeed for younger employees to have digital processes rather than traditional methodsPersonal and Professional DevelopmentUsing technology for personal well-beingReliance on the Oura ring to monitor physical activity and sleepComparing the Oura ring's battery life and charging time to an Apple WatchLessons learned and recommended practicesLearning from past experiences and maintaining a positive outlook Applying communication and negotiation skills in businessSharing successful practices and podcasting...