4 Tech Tools to Build a Profitable CRE Business
Keeping your firm abreast of developments in commercial real estate technology is good for business. Technology tools increase efficiency, boost performance, and lead to happy clients. But there’s another wrinkle: move too slowly with tech adoption and you could lose opportunities to capture new deals and hire top talent. This train is moving fast and you want to be on it.
The millennial generation makes up more than a third of the U.S. population, and they dominate the workforce. Among other distinguishing characteristics of this group is their attachment to technology. They expect a high level of connectivity in their work, and want to align themselves with an organization that makes the most of the tools and data that are available.
No matter how you look at CRE, technology is an important ingredient for success. To grow market share, increase profitability, and attract and retain top talent, a CRE brokerage has to make tech a priority. Here are some essential components of a powerful technology strategy for CRE.
Depending on your commercial real estate specialty, identifying and maintaining property ownership could be an essential part of your business. You need this data to stay ahead of the curve on potential listings since it’s essential to know how to contact owners and to understand their debt and equity situation.
ProspectNow tracks over 10 million properties nationwide and offers powerful insight into a property’s “true owner”. They do this by piercing the corporate veil to transform standard tax assessor records into actionable contact names, phone numbers and email addresses. ProspectNow also helps provide predictions into which properties are likely to go on the market in the next 12 months. This helps you to stay focused on the best opportunities for new business.
A reliable and easy to use source for commercial real estate research is essential to building your business and providing good client service. Generic CRE data is often easily accessible, but targeted research intelligence is the real key to being effective. Generating that research on your own is painstaking, costly and tremendously time consuming.
Firms like Xceligent do all the hard work for you by providing proactively collected CRE research data including property inventory, listings, comps, tenants, ownership and more. Deep analytics allow you to slice and dice the information to identify opportunities and market trends. Users have access to informative mapping functions, a report bundler, and tools to market properties via email. All of these help keep you moving forward, with faster closings and a fuller pipeline.
CRE is all about connections, and technology makes marketing connections easier than ever. A firm should have the capability to automate marketing as much as possible. This ensures that inquiries will receive a prompt response, prospects will receive relevant information at the time when they need it, and the name of your business will be out there and recognizable.
Buildout is a prime example of the type of tool that’s built specifically for CRE and that streamlines the entire property listing process. It makes it fast and easy to produce effective marketing materials instantly. Having your marketing details in one centralized location means you’re never working with outdated information.
Commercial real estate CRM software
In many cases, a customer relationship manager (CRM) serves as a platform that integrates all the tools listed above. The right CRM can take you to a new level, thanks to the interconnected framework it creates. It moves your business faster and more easily while generating tremendous momentum.
The beauty of the CRM is the bidirectional flow of data. Updates in one component are distributed throughout the application, so your entire team stays connected in real time. This means that team members have instant access to the information they need, in a ready-to-use format. Your listing activity and files can be instantly shared with a clients, along with demographic or economic information on the area.
A CRM platform can include features for managing contacts, activities, deals, listings, marketing, and more. It’s a tool that boosts the performance of our most important assets: the members of our team.