Let’s take a drive 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 travelling all over the city to get papers signed. Times have changed. When email and cell phones literally broke the system (in a good way), the industry saw a major spike in deal velocity. Today, another tech shift is moving in. Time is a ruthless deal killer, so let’s explore five ways technology increases deal velocity today.
If your boss could add a spoonful of efficiency to your protein shake each morning, he or she definitely would. It all comes down to that simple phrase, “Work smarter not harder.” With technology you can quickly find new opportunities, manage your pipeline with a CRM, make more calls with automatic dialers and target your efforts using data solutions, all of which increase deal velocity.
For many Reonomy users, this comes in the form of being able to be very specific in their search criteria.
2. Real Time
In our world today, everything is 24/7 and immediate. We can 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 making new deals and push current ones faster.
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.
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You won’t really succeed if you aren’t out at lunch with clients, scoping out properties and networking. 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. Client Experience
Don’t think for a second that clients aren’t taking notice of this tech shift. 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. If it’s easier and more prosperous when they work with you, then you are much more likely to get the deal. Once you get the deal, technology helps you create a great customer experience. You are able to be “on” all the time, which let’s be honest, clients want.
Change can be scary, but like Kara Lamb said, “A year from now you will wish you had started today.” If you are serious about making deals then you need to get serious about technology. Take a look at the solutions around you and choose the right fit for your business. With the right tools the sky is the limit.
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