Data-driven technologies can help CRE brokers be more effective.
According to Colliers International Senior VP Coy Davidson, technology is radically transforming the pace at which commercial real estate professionals do business. “The speed at which business is now conducted,” he explains, “how clients gather information, and how both clients and brokers can manipulate information and data toward better business decisions — is accelerating the traditional industry model.”
This new, faster-paced era of CRE has it’s challenges, to be sure, but it also enables the average broker to compete with industry giants and minimize time spent on time consuming tasks like cold calling for real estate leads and conducting market research.
By leveraging the power of sophisticated commercial real estate data platforms, brokers can not only reduce the frequency with which they have to rely on cold calling, but also ensure that the cold calls they do make have a high probability of success. The success of any broker’s outreach strategy — whether it be cold calling, social media marketing, or good old-fashioned in-person networking — pivots on good information, and CRE tech tools like Reonomy give brokers access to the kind of expansive data that empowers them to build prospecting lists based on unique criteria.
Let’s take a look at four specific ways in which Reonomy’s comprehensive industry data can help brokers become more efficient:
1. Find What You Need, Where You Need It
Success in CRE depends not only on access to information, but access to high quality information. As our world — and the CRE industry — becomes increasingly digitized, it’s easy for brokers to become overwhelmed by the sheer volume of data available. It’s essential for CRE professionals to be able to differentiate the critical property information from the noise.
Reonomy’s slate of built-in filters enable brokers to restrict their property searches to a chosen property type, square footage, unit number, financial history such as most recent sale date, or any combination of these characteristics (and others). The platform’s geographic features provide brokers with further clarification of a property’s desirability, allowing them to visualize their search results within an intuitive and adjustable map display. While we offer access to vast swaths of data points, we make it simple for CRE professionals to quickly narrow their inquiry in order to pinpoint exactly what they’re looking for.
2. Develop Hyperlocal Expertise
Real estate is all about location, location, location. With the return of the hyperlocal broker, CRE professionals now have the option of focusing their efforts in an incredibly small geographic space — a handful of square city blocks, even. But doing so requires a tremendous amount of information. If you’re going to restrict your operations to a small area, you need to become an unparalleled expert in every square inch of that territory.
Reonomy enables brokers to canvas neighborhoods parcel-by-parcel, helping them to understand everything there is to know about a specific swath of properties. This granular level of knowledge is critical for brokers in obtaining the upper hand when searching for new property leads, especially as many major firms they are competing with may not have that hyperlocal expertise.
3. Get the Right Person on the Phone
Every CRE transaction involves a buyer and a seller, but prospective buyers often struggle to determine who, exactly, is a property’s owner or primary decision-maker. Opaque legal entities like LLCs and holding companies can make getting in touch with the right person an ordeal unto itself.
Reonomy collaborates with both private data partners and local land record departments to keep track of property records and property history, like sales and new mortgages. Using Reonomy, brokers can access the precise information they need — including the name, phone number, and email address of a property’s true decision-maker, not just its owner of record. This dramatically decreases the likelihood of a cold call reaching a faceless corporate entity with few real details about a given property.
4. Locate Hidden Opportunities
When paired with other key information accessible via the Reonomy platform, a property’s ownership history sets the stage for shrewd brokers to locate potential opportunities before they go on the market. By examining the sales history of a property, its current mortgage maturity date, and its owner’s debt history, a broker can anticipate off-market deals and thereby establish a significant advantage over their competition. If, for instance, a certain owner is already carrying a substantial amount of debt as one of their mortgages approaches maturity, they might be willing to part with the asset even if it’s not officially listed. Pinpointing these kinds of “hidden” deals is a game-changer for brokers in highly-competitive CRE markets.
The CRE industry is changing, and fast. These changes don’t necessarily mean that cold calling is a thing of the past — if only we were so lucky — but it does suggest that commercial real estate brokers need to be smarter and more efficient in the ways they go about reaching out to potential leads. Platforms like Reonomy deliver the depth of data and ease of use that brokers need to get ahead — try it for free today.