Getting a deal done in commercial real estate is a long and often complex process. Fortunately, automation is starting to improve communication and reduce friction for managing various elements of the deal.
Let’s take a look at four ways automation is helping change the commercial real estate game in 2018 and beyond.
These days, the first place most prospects will go to find a property is online. Many brokerages are now managing all of their property listings online using a variety of sites and services to list office, retail, industrial, and multifamily properties for sale and lease. For each property listing, prospects can also view the google map for images, locations, property age, floor plans, and amenities.
Automated Workflows & Business Processes
Brokers no longer need to rely on paper notes and Excel docs to keep track of their business. There are many tools that can help automate the tedious parts of the broker’s workflow, such as the progress of deals, property construction, renewals of agreements, emails, documents, property details and other activity. This can help everyone on the team work more efficiently–and thus potentially get more done–while helping with reporting and analytics.
One of the biggest tasks commercial real estate brokers have on their list is managing marketing and sales activity in a highly efficient manner. It can be hard to keep track of leads, as brokers should both call likely buyers and mass market listings as well, but it’s important to know where your business is coming from. Fortunately there are tools out there that can help integrate all parts of CRE marketing for easy tracking and reporting.
Managing lease renewals for tenants for various properties in multiple markets can be a tedious task, but the data on tenants, rental agreements, payment collections, and renewal of agreements can all be managed using integrated software. Look for tools that can send automatic reminders to employees and tenants for each business transaction, keeping everyone up to date on every task that needs to be completed.