Published on August 20, 2020 by: Adrian
Under:
ArticlesCOVID-19
The current COVID-19 crisis poses challenges for many CRE businesses. According to data from JLL, direct commercial real estate investment fell 29 percent globally, to $321 billion, in the first six months of 2020 compared to the same period last year. The drop came amid widespread lockdowns and travel restrictions that stalled investors’ short-term capital deployment plans.
However, even if not all CRE businesses are negatively affected financially and deals are still being closed, most companies are facing new challenges. Continuing operations from home can lead to technical difficulties, whether it’s staying connected with employees and clients or quickly accessing and sharing relevant data. In one way or another, almost every CRE business is negatively impacted by the crises.
During a crisis, companies are often occupied by and focus solely on the short-term needs for sustaining their businesses; while this is important, what the past decade has demonstrated is that these times can also open the door to valuable longer-term opportunities.
A key to survival in these challenging times may lie in adjusting your business practices, channels, or models in the long term. Your business should take this time to reflect and analyze how it is operating, what works well and what doesn’t. Use this time to make improvements, whether that is on your operations side, internal processes, or marketing and online presence. Especially, take a closer look on how your business could gain more efficiency through technology, for example by applying streamlined digital processes.
Below are some suggestions on ways businesses can adapt to better function in the new reality currently unfolding due to COVID-19.
As the American Express CEO Ken Chenault said in March 2008, “A difficult economic environment argues for the need to innovate more, not to pull back.”
It is the age of technology disruption, and as much as tech can seem to work against your business, it can also work for your business. CRE professionals acknowledge that this is a data-driven industry. The best way to ensure data is organized and actionable is through technology. It’s your responsibility to know and understand your data so it can be applied in ways that improves the outcomes for your business.
A lot of CRE events might have been canceled this year, but there are still a lot of virtual opportunities to build new or strengthening old relationships. For example, through virtual events offered by NAIOP or ICSC.
Moreover, you have to keep reaching out to potential new buyers, tenants, investors etc., and think of new ways to reach them. Your marketing message or methods by which you choose to market may need to be adapted during this crisis. For example, you may have to align your message with customer concerns and desires for specific services.
Keep open, honest, and considerate communication going. If you currently don’t have a regular cadence of communication with your customers, now is the time to start (think weekly email marketing campaigns).
Having a strong online presence helps to get more brand awareness and to gain credibility to attract new customers. According to a Forbes article published in March of 2020, internet hits have surged between 50% and 70% due to the coronavirus. With so many people spending their time online, you should take advantage and boost your online presence. Make sure to improve user experience and optimize your business website for mobile devices.
Now is the time to implement new technology that adds efficiency to your CRE business in the long term, build on your business relationships, and set yourself up for success post-coronavirus. The agility by which you are able to respond to this crisis, as unexpected as it was, can help arm you with the skills and strategies to remain resilient against whatever comes next. Customers will also see you positively after the crisis if you are able to manage it and evolve successfully.
How RealDash can help
RealDash can help your business adapt to the new normal. RealDash’s all-in-one software platform manages all your properties, contacts and marketing from one digital platform. The technology helps streamline your operations by automating processes and integrating powerful features, from asset and team management, all the way to detailed analytics. It provides you with the ability to better organize and understand your data, thereby helping to stay on top of your deals. It provides an intelligent approach to managing contacts and uses automated machine learning as interactions occur. The call tracking features enables you to log any call made from your computer or mobile app. This makes staying connected and building relationships easier. The software platform can further enhance your online presence by providing automated creation of all your marketing materials including your website, brochures, and email campaigns. RealDash integrates what’s important for your company and is a great part of the solution on how to make the best of the COVID-19 crisis for your CRE business.
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