Published on December 1, 2021 by: Adrian
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Why does it matter if the Commercial Real Estate Tech I’m using was developed by CRE Professionals? Why can’t I use just any software developed by anyone? Aren’t these types of platforms all the same?
Specificity can sometimes seem like a marketing ploy but in the world of abundant SaaS (software as a service) solutions, you’ll find that niche solutions will give you more bang for your buck.
Before we dive into why CRE specific tech is better, let’s first name the needs that any CRE platform needs to meet.
Real estate data and analytics aren’t the same as in other sectors, such as healthcare. Data is not aggregated the same, the KPIs are different, and the analytics that need to be applied operate from different metrics. Using a CRE platform means that the solution is engineered to work with the data types that are valuable to you like market research, contacts, financial profiles, and deal preferences, and that the tech can compile reporting so that you can interpret the results.
Marketing applies to everything from your website to your email campaigns, printed collateral, advertising, messaging and branding. Using a CRE tech solution with built-in pathways for your outreach and communications – and targeting your client base – helps you streamline your efforts while keeping your team in sync.
CRE tech facilitates team management through collaboration and visibility into your contracts, deals, leasing agreements, and other aspects of your asset management. On top of helping to ease communication between you and your team, effective management tools also help you delegate and apply the data and reporting that you are generating without having to pull in from third-party resources.
The final big requirement of a CRE tech solution is accessibility – not just having your data connected and useful, or your team connected, but being able to access the important information you need from anywhere – including your mobile device, without limitations.
So we’ve outlined our needs, now how do we go about finding a solid solution?
You’ll want a built-in CRM to centralize your prospective client data and pending deals, and also track outreach and share the information across your team, and since your team may operate across multiple tools, you’ll want a CRE solution that integrates with the things you already use, like dropbox.
Look for a platform that supports growth and allows you to manage multiple properties, supports multiple user seats, and manages your deals by assigning tasks, managing your rent roll, generating documents, and creating solid marketing.
It’s always a good idea to reach out and learn about the product through a demo, but you need to ask the right questions and CRE solutions are still relatively new to the marketplace compared to the SaaS diversity in other sectors.
The first question is a no-brainer:
We assume you’re not looking for a CRE Tech solution because it’s trendy. You probably have some obstacles that you are looking to remove in terms of your operations, acquisitions, and growth potential. So ask yourself, and the companies you’re vetting, what tools do you provide that will help?
Work smarter, not harder. You don’t want to start over and completely rebuild your infrastructure. Does the CRE Tech platform you’re investigating integrate with the tools you use, fit with your communication needs, and work with your data requirements for research, reach, and client management?
The last thing you want is your data – or your client’s data – to be unprotected. So make sure you understand the data security policies to ensure you’re picking a solution that is both reliable and reputable.
All companies have an element of tech now, it’s a requirement to be competitive. The trick is to not let your tech pigeon-hole you because it’s not built to scale as you scale. Does the CRE platform have a strong data mindset? And does it understand the needs of CRE? This is probably the main reason why it makes sense to go with a CRE specific solution – these platforms are going to be more motivated to grow to accommodate the industry and that gives you stability.
The last question you’ll want to ask is “is this a good value”. You don’t just need the tech to fit into your roadmap, you need the cost to make sense. CRE Tech is valuable, and will only become more valuable as we move into the future, but that doesn’t mean it should cost you $1000 dollars a month to implement. Ask yourself if you believe there is healthy transparency between the pricing and the features you are getting.
Our final tip is to have a conversation with us. Our CRE solution operates on industry insight because we are in the industry and we built it. Reach out to us for a demo today to explore and apply our solution to help grow your company.
