Commercial real estate deals don’t happen instantaneously, and they’re not single-step processes. Many of the recent advancements in real estate tech are driven by a need to streamline the deal management process, and work efficiently to meet modern market demands.
Read on to learn our top 5 tips and strategies for managing your CRE deals.
Deals are complex and can take months. From securing listings, to marketing, to negotiating, to completing the final transaction, the entire workflow requires multiple team members, documents, resources, and active communications. Let’s break it down:
Deal execution is critical in CRE, it’s one thing to know a buyer, but another thing altogether to manage a process and close a deal, that’s why we’re prioritizing deal management near the top of this list.
Data, data, data, and analysis. Being able to track the progress of your deal is important, not just for expediting your current deal, but for informing your next one. We’ve talked before about market research and benefiting from access to National listings and databases, but it’s important to not ignore the data grown from your own business.
This is intel that helps you predict the future of your business, determine where to focus efforts, and control and define workflow. Don’t underestimate the value of knowing the inner workings of your past and current deals and your deal team relationships.
Your other most valuable internal asset is your team. Most CRE firms are made up of defined teams, or team members, each responsible for a niche aspect of the team; sales and acquisitions, sourcing, property management, marketing, etc. In firms of the past this separation has been beneficial but now with broader territories and National resources the it takes a village approach is growing in effectiveness and popularity.
Hybrid employees are also trending, your marketing and sales teams may overlap. Coupled with the increase in remote working, these more modern business approaches demand team access to documents, databases, contacts, and company information.
Additionally, when making the decision on the best fit for your team members, hybrid or not, ensure you have the technology to support the hybrid office. That technology can help to scale your CRE business. Add resources as you add deals.The best way to manage that is by using a single platform across your team, and spending time to establish team communication practices.
This leads us into our next point, one hub to rule them all.
We said at the beginning, deals take time – sometimes months – and there are many moving parts but the process is pretty straight forward and doesn’t evolve much from transaction to transaction.
Consistency is the deal process allows us the opportunity to establish tried and true deal management methods. The number one threat to consistent processes in real estate are delays. A misplaced file, a forgotten document, a missed step, all can lead up to major delays creating an avalanche effect that can upset a potential success.
By moving the deal process onto a single, centralized platform, the hazards are easily avoided. Dedicated web pages, organized dashboards, and a single management platform go miles toward alleviating the stress of remembering and tracking. They also make the process significantly simpler for your clients.
One thing to remember about simplicity; for technology to seem simple it needs to be fast and easy to navigate, and that requires a stable infrastructure. Operating from one platform stabilizes your cloud-based activities and makes it easy to scale.
Cloud-based platforms are now an integral part of the deal process, as we’ve learned. Centralized platforms need to be able to easily evolve from the legacy software into the trends of tomorrow without reinventing the wheel or creating a constant learning curve for your team.
Commercial real estate has surpassed being a seventeen-trillion-dollar industry without strongly relying on the advantages of modern tech. Real estate being a traditionally anti-tech field makes for a big transition with past records and data entry – you only want to do that migration process once, and it’s worth it to reap the benefits of CRE tech.
As systems expand and resources multiply, there are many hidden advantages that data and analytics will reveal. Don’t want to miss out on any deals? Reach out today for a demo, or sign up to get started!
