The world of business and how they’re run is rapidly changing as many companies are navigating a post-quarantine structure. This means as commercial real estate owners, big shifts will be happening for their clients, so what should you be on the lookout for? How can you cater to your client’s needs while still retaining growth in your business? The data suggests a few things that are worth paying attention to.
One of the biggest trends happening right now is in regards to the boom in suburban growth. Over the last year, cities like New York, Los Angeles, Philadelphia, and Chicago have lost a large portion of their residents to smaller, suburban areas. With many businesses shifting to full-time remote operations, this is unsurprising and a trend that is expected to continue. Many commercial real estate investors are choosing to follow these residents to the areas they wouldn’t normally invest in to meet demand.
While the commercial real estate needs in larger cities certainly aren’t going anywhere, it’s important to note this change. Where residents go, their money goes. As a commercial real estate owner, it would be wise to take a look at these trends and expand your reach to these areas. This is just one of many ways your CRE business can be making the best of the market affected by COVID-19.
In general, it’s a good rule of thumb to mix up your portfolio a little bit, but now it’s more important than ever for a variety of reasons. We’ve already talked about expanding your reach to other cities, but now let’s look at expanding the industries you work with. At first thought, you may feel that your commercial property is only suitable for a specific industry, but others are proving that doesn’t have to be the case! In fact, many malls are opting to work with fulfillment centers and other businesses other than your traditional retail space. It’s proving to be quite profitable and sustainable for both parties.
Data also suggests that obtaining clients who are small and local businesses could be profitable. As we saw last year, consumer trends showed that they were more eager to “shop small” to help local entrepreneurs stay in business over shopping at a larger chain. This is an excellent opportunity for investors to cater to the needs of those smaller businesses that are looking to expand in their local area.
RealDash is made specifically to help your commercial real estate business adapt and retain growth. RealDash’s all-in-one software platform manages all your properties, capital stack, rent roll, contacts, and marketing from one digital platform.
What does this mean for you? It means that you’ll be able to utilize our technology to streamline operations through automating processes and merging powerful features, from asset and team management all the way to detailed analytics. This means your business’ productivity will increase without additional efforts from you and your hardworking team. Streamlining your CRE business is almost magical!
This software gives you the power to stay connected with your clients and potential clients through our unique call tracking features. You also have an “easy button” to all of your marketing materials needed to enhance your online presence by automating the creation of your website, brochures, and email campaigns.
As you grow your CRE business across industries and across the nation, use the best tools available for asset management. Connect your stakeholders, review your loan abstracts and manage your rent rolls from anywhere using the RealDash mobile app. Schedule your demo today!
