Let’s take a trip down memory lane…
Whether you started back in the 80’s or this is your first year, you have probably experienced or heard stories about CRE brokers making deals using faxes and traveling all over the city to get papers signed.
What a world…
To say the least, times have changed immensely.
When email and cell phones literally broke the system (in a good way), the industry saw a major spike in deal velocity.
In more recent years, the next shift is moving in—the use of tech platforms and tools—improving deal velocity even more.
As anyone in commercial real estate knows, time is a ruthless deal killer, so here we’ll explore the five ways technology increases deal velocity.
5 Ways CRE Tech Increases Deal Velocity
CRE tech can make your deals much more efficient,
1. It boosts efficiency across the board.
If your boss could add a spoonful of efficiency to your protein shake each morning, he or she definitely would do so.
It all comes down to that simple phrase, “Work smarter not harder.”
With prospecting tools, a CRM, outreach automation tools, you can find new opportunities, manage your pipeline, and reach out to property owners in a much more efficient, organized manner.
2. It gives you access to real-time knowledge and information.
In our world today, everything is 24/7, and everything is immediate.
You can also get news from across the globe in a matter of seconds, all thanks to technology.
With this speed of information share, comes a great increase in deal velocity.
Instead of having to know someone who knows someone, you can find the market data and news you need to start discovering new deals and acting on them.
3. It enables industry expertise.
Those who have their hands in the honey pot of tech have access to endless amounts of data and can use that information to make expert decisions.
No longer do you need several months of building trust and 20+ years of experience to win a deal.
Now, faster than ever, you can create proposals with accurate property information and comps to prove to prospective clients that you can handle their business.
4. You can work deals on the move.
Despite the use of technology, you still won’t be successful if you aren’t out to lunch with clients, networking, connecting, and scoping out properties in person.
Still though, apps and technology allow you to multi-task while you’re doing so. You can still work other deals while meeting with clients and prospects.
It’s been exciting to see many of the new CRE tech solutions offering apps so you can access their service on the go.
Mobile technology makes it easy to call a client on your way to work, read up on industry news while on the subway, send documents instantly and keep the deal going even when you aren’t at your desk.
5. It improves client experience.
Don’t think for a second that clients aren’t taking notice of this tech shift, and that is also benefits the way they interact with you and other business partners.
Just like with email and cell phones, if you don’t have the technology to take care of your customer, they will go to someone else who does.
If it’s clear that working with you will be less painstaking, and potentially more prosperous, clients and prospects will bu much more likely to sign on.
Once you get the deal, technology helps you create a better, more active customer experience.
You can be available to clients all the time—which, let’s be honest, most clients want (or at least relish in knowing).
Change Isn’t Always Bad
Change can be scary, but like Kara Lamb said, “A year from now you will wish you had started today.”
And while that quote is applicable to many things in life, the use of CRE tech is no different.
It’s no longer a matter of “if,” but instead “how much” and “when” you should be using tech-driven tools in commercial real estate.
If you are serious about making deals, then you need to get serious about technology.
With the right tools in CRE, the sky is the limit.