Before the days of more sophisticated technology, businesses had to manually stay up-to-date with their schedules, client information, and all other important data.
And many still do. Small businesses in particular are less less likely to have more advanced technology due to cost. Instead, they often still rely on spreadsheets or handwritten notes, which only increases the likelihood of making careless mistakes, like forgetting commitments or losing important information.
These days, thanks to new technology, staying organized is easier–and cheaper–than ever. While commercial real estate has traditionally lagged behind new technology, we’re starting to catch up. New customer relationship management (CRM) platforms designed specifically for CRE started to spring up a few years ago, and are continuing to mature and become more popular, easier to use, and less cost-prohibitive.
Let’s take a look at how the democratization of CRM plays out.
Technology can now give brokers a competitive edge
Many brokers still use Excel or even pen and paper, but those who have more advanced technology are starting to gain a competitive edge. It’s true that older brokers with established networks and relationships can still prosper without technology, but if they want to grow their business or set up their younger brokers for success, they’ll need to upgrade their CRM and technology stack.
After all, the less time you spend on menial tasks, the more time you have to spend coming up with marketing strategies, researching property markets, and closing deals.
CRM can change the way small teams operate
Making CRM more accessible stands to transform the way that small businesses operate – especially those in commercial real estate, where building and maintaining relationships are an essential part of success. At the moment, too many brokers are still manually setting up reminders, scheduling meetings with clients, and tracking records. Without the help of an assistant, these professionals end up spending so much time staying organized that they struggle to make the time to get any real business done. (And if they do happen to hire an office assistant, their expenses go up as a result of putting another person on the payroll!)
The good news is that small businesses no longer have to sacrifice time or money in order to stay organized. CRM is now more affordable, widely available, and designed specifically to meet the user’s needs and expectations. This is beneficial for large and small teams alike, as it gives brokers an easy-to-use platform that has everything they need without any of the confusing and unnecessary features that aren’t useful for people not working in CRE.
For small businesses in particular, rolling out a CRM tailored specifically for commercial real estate gives brokers the ability to save time and money by automating the more tedious tasks.