Prospect Real Estate Group
Prospect Real Estate Group is an acclaimed boutique real estate agency with over 40 years of new development sales experience in the Austin, Texas area. They’ve reached over $459 million in total sales volume since 2018 and sold over 1500 total new construction condos since Prospect’s inception.
Located in the Rainey Street Historic District, Prospect’s newest development, Natiivo, is a 33-story tower set to revolutionize the Austin real estate and hospitality scene, and is described as ‘a new concept in hospitality unlike any other’. Natiivo offers a home sharing concept that allows owners to stay in the unit at their leisure but also permits them to rent out the unit similar to a hotel-style model.
“It is the first of its kind here in Austin to provide homeowners with the ability to rent out on a short-term basis and because of that, it is very highly sought after.”
Prospect’s Natiivo project didn’t come without its share of difficulties. Before joining the Spark family, Prospect used a different platform to manage the sales of their developments and began experiencing difficulties once the program attempted to modernize its sales strategies.
“Once MRI Condo Sales converted to a web-based version, there were just so many hiccups and challenges and things it just didn't do. It wasn't as robust.”
They also tried a number of alternatives to manage their developments, but still faced roadblocks with each of them.
“Prior to me coming to Prospect, we were using a lot of Google Sheets — we also started Natiivo with another software program and had so many challenges with it.”
Prospect had reached a point where their portfolio had outgrown their development management system and couldn’t wait any longer for the platform’s growing pains to subside.
“We have a lot of developments coming annually so keeping track of vital sales data like prospects or inventory is very important and we need a strong system in place — with MRI, there was no way to manage our growing portfolio of developments while making sure everything was consistent and that we weren’t losing any information.”
By migrating the Natiivo project onto Spark, Prospect was able to realize the benefit of having all their marketing and sales tools hosted on a single platform. Unlike many development and sales agencies who have segregated tools and siloed insights and activities, Prospect was able to connect and integrate their sales and marketing management tools, ranging from digital contract generation to marketing and communications.
“I really appreciate the fact that it’s all in one area. As long as we capture all the data and input it into Spark, it’s pretty simple to write contracts and fix any mistakes you make — Spark was a lifesaver to the team on the Natiivo project.”
Further, Spark aided Prospect in providing in-depth analysis and reporting to their partner developers to keep them updated on sales progress. From building customized analysis to scheduling automated reporting, Spark has become a key piece in Prospect’s reporting process.
“We’ve created custom reports that give us everything we need every Monday morning so we can report that to the developers, — also, because we have multiple developments, I use the Company Level dashboard to see where each of their revenue is at in a single overall snapshot of all the developments. I don't even need to bother the team as much. I can just log into the development and pull what I need.”
With Spark’s help, Prospect has been able to completely sell out their last 5 properties managed by the Spark platform. Their development Prospect at Mueller was completely sold in 4 months, over two years before the project was to be delivered.
“You often have leadership teams choosing which systems to use based on their connections or what they think is right, but the team is the one actually using it regularly, facing daily challenges and having to find creative workarounds because the system isn’t working. It’s been very beneficial for Spark to encompass all of what we’ve needed. I haven’t found many things that Spark can’t do.”
Beyond the existing projects that Prospect has sold through Spark, Prospect is planning to use Spark for future projects as well.
“I think we’ve been very successful with Spark. We’ve used it with HOM, Axiom, Parkside, Cascade and Natiivo and now we’ve launched Vesper with Spark as well. We’ll have at least two more we want to have loaded into Spark by the end of the year as well.”
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