When Cortland Partners set out to acquire a $338.5 million portfolio, the team needed a way to streamline due diligence across the 28-property, 5,500-unit package. So it turned to a software platform from Roswell, Ga.–based InfoTycoon that lets inspectors create property-assessment reports in the cloud.
With InfoTycoon, inspectors and managers can take photos and make notes on a computer tablet, which the acquisition team can then view immediately, in one format, in one place, says Mike Altman, Cortland’s chief investment officer.
Using the program eliminates the need for managing spreadsheets from multiple inspectors who would normally walk a property and make hand-written notes. In turn, the acquisitions team can flow information back to the inspector. The program can also be used to track progress inside individual units after an acquisition has closed.
Cortland has been growing quickly across Texas and the Southeast and needed a way to efficiently manage acquisitions throughout the processes of purchasing, renovation, operations, and dispositions.
“The software keeps organized details of each project,” Altman says. “It helps us keep track of the [property’s] condition, what it looked like, where the photos were from, and notes for each unit. All of that is critical in due diligence and management.”
The InfoTycoon system, which Cortland first implemented in 2013, has made the developer’s inspection process five times faster by cutting out paper processing.