Lasso recently welcomed the Chicago-based asset management company ST Residential (ST) into our distinguished client base. ST is the managing member of a public-private partnership between the Federal Deposit Insurance Corp. and a group of private equity investors, including Starwood Capital, who joined forces in 2009 to take over the construction loans and real estate owned assets held by the failed Corus Bank in the United States. ST’s portfolio is comprised of luxury residential properties in Georgia, Florida, Texas, Nevada, and California. The joint-venture company’s leadership thrives with financial stability, industry experience, world-class standards of design, and proven brand-building capabilities.
In October of this year, Lasso’s Client Directors along with our CEO had the opportunity to visit ST in Chicago to discuss the implementation of our software throughout their organization. The specific purpose for our meeting was two-fold:
- To gain an understanding of ST’s business processes and concurrently set up their Lasso database to facilitate the work flow
- To review custom reporting requirements and determine how Lasso could accommodate in terms of existing data fields and system enhancement considerations
The working session was two full days, focusing on database setup the first day and reporting requirements the next, and included ST Sales and Marketing Executives, Administrators, and Portfolio Managers. Jason Hudym, Client Services Director with Lasso, facilitated the session with Dave Clements, Lasso’s CEO, providing additional guidance and insight. Judy Beere, also a Client Services Director, summarized each day’s discussions, outcomes, and actions.
Jason, having been with Lasso almost since its inception, led the group’s initial database setup discussions by providing a look at how each piece of Lasso functionality worked and how they were inter-related. ST explained the steps in their sales and inventory management processes and the system was set up in real time with Jason providing recommendations based on his experience and comprehensive knowledge of the system and Dave offering reassurances where there were areas of concern.
Having ST executives as well as portfolio managers there was key to the dialogue as it was important to understand not only how the system could be most effectively set up to complement processes already in place but also what standards could be created to assist the ST team in being productive and optimizing the data collected in Lasso.
For example, on Day One, Registrant Ratings were clearly defined and specific History Types and Questions/Answers were created to work harmoniously with ST’s already established sales process. Sales and administration roles and associated permissions were set up and processes were formulated to address such things as PR event responses and Mass Mail email template creation. System terminology changes were determined to better suit ST’s business language relating to stages of a contract and a definitive course of action was outlined for taking a contract from Offer to Closed.
Just as each client is unique with regard to how they use Lasso, so are their report requirements. The setup details undertaken on the first day contributed to the following day’s discussions around custom reporting needs. Building upon the system’s foundations established the previous day, additional changes were made to system terminology on Day Two and gaps were identified where new data fields would be required. As well, special conditions regarding sensitive data required a customized resolution. The desired outcome of producing the reports in Lasso simplifies data extraction and better equips ST’s executives to extensively analyze the information needed to fuel marketing campaigns and augment sales.
Jason, Dave, and Judy left Chicago with a greater understanding of ways in which Lasso’s CRM system could enrich ST’s sales and marketing practices and ST finished the two days with a customized database created with the involvement of fundamental users of the system. As well, with the detail captured from both sessions, Lasso was able to create a Guidebook for Sales Staff in the field to assist them in using the CRM tool consistently and successfully.