“Future-proofing” your business has been the topic of discussion across many industries and the commercial real estate realm is not immune to change. However, staying up-to-date on trends, software improvements, and big data will promote growth and maximize efficiencies for your real estate company.
Here are some pointers for achieving success as an industry leader in the modern marketplace.
Follow PropTech and other trending topics
Following recent developments in Property Technology and other timely news items will prove to be useful in giving your company the edge you’ve been looking for. For example, geolocation tech is a hot topic now in PropTech for its ability to create full sets of critical data about properties, thus enabling users to make more accurate valuations based on economic strategies.
Graduate to modern tech
It’s easy to get caught up in a tangled tech web when it seems like you’re already using 17 different platforms, but the buzzword to keep in mind when considering changing your process is interconnectivity.
The old way of commercial real estate planning uses multiple spreadsheets and external file-sharing programs. These methods severely lack in streamlining team communication, due diligence management, real-time data tracking, and obtaining approvals and signatures — just to name a few features. Adopting an all-in-one commercial real estate software interconnects the compartments, providing unmatched value for today’s professionals.
Embrace the nontraditional data
Since the beginning of real estate, the question every professional and investor alike needed to answer was where and when to acquire. Being too slow to identify means leaving money on the table. This is where big data comes in.
Although the industry is undoubtedly relationship-driven, you can’t get left behind when it comes to innovative intelligence that adds value for your clients. Nearly 60 percent of predictive power for future risks and opportunities in an area comes from nontraditional variables – you just need to discover them.
Some sources of unconventional data include resident surveys, mobile phone signal patterns, and Yelp restaurant reviews to identify “hyperlocal” patterns or granular trends at the city block level rather than at the city level.
In a world of constantly changing tech, staying ahead of the curve in commercial real estate is often easier said than done. However, if you stay in touch with the latest industry trends, turn to a comprehensive project management software, and welcome big data, you’ll be better equipped for success in the modern marketplace.
