Syndication Software Suggestions

14 Replies

Our team is looking to migrate from Excel to an actual Syndication software. I would love to know what everyone is currently using along with any positives or negatives with them. We're evaluating "full service" solutions along with CRM, Investor Portal, and Marketing independently as well. 

Any thoughts and suggestions are welcomed!

Teaser: The dangers of ready-made "full service" software solutions". ==

@Cody Lewis  wrote: "We're evaluating "full service" solutions along with CRM, Investor Portal, and Marketing independently as well."

It sounds like you are looking for a Swiss knife for real estate investors:

Image source via Pixabay.com

But professionals use a separate tool for each task:

Image source via AliExpress.com

I sent you the DM articles:

  • "Top 50 CRM Software for REI": reviews, testimonials, pros and cons, recommendations
  • "CRM choice for beginner RE investors"

P.S. The link to your website in your signature has one wrong letter and refers to a non-existent website. It's potentially dangerous. An adversary could buy a phishing variant of your website and offer BP visitors to pay for non-existent services on your behalf. Please correct the mistake.

I agree with Mark. The systems that are all in one have major holes for the sake of not having to login to a different system for marketing vs your leads for instance. Find the best platforms that work for your process and run with it.

Teaser: "SquareSpace' investor website is regularly unavailable several times each day."

@Cody Lewis , after you corrected the typo in the name of your website, I was able to start monitoring it. Your website is hosted on SquareSpace. It has been unavailable via "Forbidden 403 Error" 12 times in the last 3 days:

  • 2021-07-29 04:35:28 UTC+0, timeout 10 mins
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Your website is only accessible 98.679% of the time (2 "nines"). The website must be accessible 99.9% or 99.99% of the time (3 or 4 "nines").

The regular unavailability of your website is due to the fact that it's hosted on SquareSpace. Web site builders (including SquareSpace) were never intended for businesses. The target audience for website builders is novice website owners with small businesses - hand-made work, small doggie suits,...

Image source via LittleBearDogApparel.squarespace.com

Probably, your website with the "Capital" domain word  in the domain deserves more reliable hosting than the newbie friendly SquareSpace.

Link

"Uptime also has a direct impact on your SEO ranking. If your site is down frequently, Google and other search engines will penalize you for it."

The Citation via the article: "Everything You Need To Know About Web Hosting Uptime"

When we are raising capital we usually list the offering / reservation on Syndication Pro.  It's fairly good and get's the job down on a budget. One thing to note is that we always wanted it to make it as easy as possible on our investor, so we enroll them manually, approve the account manually and then send them a password reset email, where they can login and set their details and commitment amounts.  This takes time, but we make it as easy as possible after they qualify to enroll them.

My recommendations on your search: 

  • Book a discovery call with Syndication software you're interested in. The downside is they often do not let you play with their software before making a financial commitment.
  • Know your budgets and volumes. Some software scales as you grow and becomes increasingly more costly, and some reach a capped price billed monthly or annually and allow for unlimited users and projects.
  • Once you go through the effort of enrolling people into the portal - it will be extremely difficult to encourage them to switch to another software down the road.  It's hard to get people to want to login and enjoy the portal.
  • Updates to the software and release schedule. Confirm with the vendor how often they are doing updates and improvements to their software, you want to get an idea of the roadmap and release schedule.
  • Will you be using out of country investors, are you a Canadian and operating in the US or vice / versa? The impact of this question is the ability to add Canadian addresses, noting investments in different currencies, etc.  If you're a Canadian you'll understand this pain.
  • Integrations: What kind of integrations are you planning to use in your sales funnel? (Because that's what the Syndication software is) Calendly, Zoom, Mailchimp Audiences, If this than that, Zapier, Podium, DOCUSIGN etc.  You want to understand how these work, how they integrate and how you validate an investor in your funnel legally.
  • Time Required: The misconception of the investor portal/syndication software is that it will save you time.  In fact it's the complete opposite until you really know what you're doing, and get things purring like a kitten. However if you're missing a key component like docusign for example or an integration that you use, you will find that you're now duplicating efforts when it comes to file management.  (Emailing signed documents, uploading signed documents, making back ups etc.

Few things to consider!  Hope this helps.

Bonus:  Once you've had a few discovery / demo calls with a few different types of syndication software out there you will be heavily solicited to choose a certain software over the other and they may throw in incentives that were normally not on the table to begin with.

Bonus: Take a look at their support system and their online guides and documentation.  This will also give you an idea of how robust and how well supported the software will be.

@Anderson Bigate Nogueira

Not really at this moment. 

With our Website (being redesigned) and the Syndication Pro investors portal we find that the investor funnel and approval process is fairly well automated and positively controlled.  We do use automation with Calendly and Zoom here to have people book a call with us if they came to us through organic internet traffic.


Currently we use ProCore for all our Construction Management and Asana for the project management when we are doing the planning submittals to the cities for our larger projects.  They do have appstores and integrations you would expect of the larger companies.


For the backend automation/workflows between software.... the only thing I could see us doing better is when offering documents get signed, pulling them from Docusign or Synpro and having them be copied over to DropBox or uploaded to the investors profile in SynPro. 

Originally posted by @Paul Hanchard :

@Anderson Bigate Nogueira

Not really at this moment. 

With our Website (being redesigned) and the Syndication Pro investors portal we find that the investor funnel and approval process is fairly well automated and positively controlled.  We do use automation with Calendly and Zoom here to have people book a call with us if they came to us through organic internet traffic.


Currently we use ProCore for all our Construction Management and Asana for the project management when we are doing the planning submittals to the cities for our larger projects.  They do have appstores and integrations you would expect of the larger companies.


For the backend automation/workflows between software.... the only thing I could see us doing better is when offering documents get signed, pulling them from Docusign or Synpro and having them be copied over to DropBox or uploaded to the investors profile in SynPro. 

Phenomenal insights her Paul ! Last question: what platform/SW you use to build your website ? And where do you host it ? (Local Server, GoDaddy, AWS, Azure)

@Anderson Bigate Nogueira

Currently my personal homepage and the ystreetcapital websites were built by me a few years back when I was starting out.  Now that we are doing multiple bigger projects we've hired professionals to redo the company one but I can give you some insight on what to research prior.

You want a wireframe website.  A Wireframe website can be understood in the book Marketing Made Simple.

You want to understand Storybrand Copywriting. The book by Donald Millers Building a Story Brand will help you understand what kind of copy to put on your website.  (Copy is the text / narratives / titles you put on the website)

When you combine those you end up with a very powerful website that in itself becomes a funnel.  Once you know what you're looking at you'll be able to spot these websites all over.

I've worked with WIX and Wordpress. And I'll have to say that Wordpress is what I prefer with the upgraded Elementor.  I also used Bluehost when getting started out, but when you add an investors portal to your website, uptime is extremely important.  If an investor cannot access their portal, they'll call and tell you about it.

If you go to this link: https://knapsackcreative.com/w... you'll see great examples of different wireframes across different industries.

@Paul Hanchard That is simply phenomenal ! Thank you so much for your generosity on sharing detailed insights about your experience and your recommendations in this forum, enriching the concept of "community" at BP. Wish you all the very best on your endeavors. I'm getting prep to jump into multifamily syndication, based out of Frisco (north of Dallas) - if you ever need anything from the area, please let me know. 

Syndication pro is great tool to manage the opportunities and track investor distributions, communication, etc. We use when we have an open investment opportunity and it works well to store signed docs and showcase the opportunity. We use Active Campaign as well for capital raise, investor relations and marketing. 

It's always a two way sword when using one or multiple apps. If you find the full service, you are entirely dependent on that solution. If you find the mixed back of solutions, you must learn multiple platforms but diversify risk of failure, outage, etc.

Teaser: "All-in-one software is designed for beginners and not suitable for professional use" ==

@Chris Levarek  wrote: "It's always a two way sword when using one or multiple apps. If you find the full service, you are entirely dependent on that solution. If you find the mixed back of solutions, you must learn multiple platforms but diversify risk of failure, outage, etc."

The choice of "full service vs mixed back of solutions" depends on the degree to which the specialist is prepared. Professionals prefer to build a kit by themselves from a few specialized tools.

But beginners look for an all-in-one solution:

Image source

All-in-one software developers take advantage of the fact that their products are purchased by newcomers. Software developers:

  • Greatly simplify the functions of their complex of software
  • Add as many features as possible in the hope that a newcomer will find among them the features they need
  • Make it difficult to switch to another software provider.

For example, the user of a general CRM and general hosting has full access to his data. He can take them and transfer them to another CRM or hosting. This is due to the fact that the IT-specialist will not even look at the CRM or hosting, which have no data export functions. But specialized CRMs for investors and website builders (Wix, SquareSpace, GoDaddy, Carrot,...) do not provide for data export!

One-way road

Newcomers sooner or later move away from comprehensive programs and begin to assemble a package of software and solve compatibility issues on their own.

Those who know how to collect software on their own, never look for ready-made software bundles. Addiction to a ready-made complex of software is like childhood illnesses. You need to get over them once and become an adult.