Table of Contents (Click to Jump to Section)
- Prospecting Software
- Investment Software
- Valuation Software
- Loan Origination Software
- Database Management & CRM Software
- Marketing Software
- Mapping Software
Commercial Real Estate Software
Despite commercial real estate perhaps not having as many forays into technology compared to other industries, there are still a great deal of software tools to help with almost any primary CRE professional process.
For sales brokers and investors, mortgage brokers and lenders, service providers, appraisers, and property managers, CRE software is being made readily available to help with day-to-day tasks.
The companies making these tools available are those pushing the envelope in the CRE industry, bringing a typically outdated industry up-to-date.
CRE professionals across the country are adopting these tools, many of which are listed below, to make their lives easier and their processes more efficient.
|Who uses CRE software?||Why do they use CRE software?|
|Sales Brokers & Investors||Prospecting, Property Analysis, Property Valuation, & Database Management|
|Mortgage Brokers & Lenders||Prospecting, Loan Origination, Loan Servicing, & Database Management|
|Building Service Providers||Prospecting, Marketing, & Mapping|
|Property Owners & Property Managers||Property Management, Budgeting, & Accounting|
|Property Appraisers||Property Valuation & Database Management|
Commercial Real Estate Prospecting Software
Prospecting software is one of the more wide-spanning tools available, since it can be helpful for almost all CRE professional types.
Whether it’s an investor looking for their next portfolio add, a lender looking for a property likely to refinance, or a solar installer looking for recently sold properties, prospecting can take on many forms.
Reonomy Prospect, however, includes filters and maneuverability that allows all of these professional types (and more) to prospect and find new business in any U.S. market or Opportunity Zone.
With Reonomy Prospect, investors, brokers, lenders, service providers, or anyone else for that matter, can identify properties and property owners with very specific characteristics in a matter of seconds.
Search for properties by location, asset type, sales and debt history, building and lot characteristics, ownership details, and more.
You can also identify off-market properties based on more value-driven characteristics like:
- Whether they’re likely to sell or refinance.
- Whether or not they’re in an Opportunity Zone.
- If they’re currently in pre foreclosure.
- Who the existing tenants are (or what type of tenant they are).
Commercial Real Estate Investment Software
From a buyer’s perspective, while prospecting software can be used to find properties and owners that fit a certain portfolio makeup, investment software can help you understand the surrounding effects on those properties.
Investment software helps determine the present and future value of an asset, its potential NOI, and more along those lines, whereas prospecting software helps with finding properties based on their literal measurements and qualifications.
Reonomy OffMarket can be used for investment analysis in any market nationwide.
You can determine property values, analyze the specs of a property, and analyze the owner and their portfolio all with this one tool, to help make more informed investment decisions.
PropertyMetrics is a commercial real estate analysis company geared specifically towards understanding properties and markets, while being able to document your analysis.
They offer software helping investors, developers, and appraisers create sharable proforma’s online.
PropertyMetrics also offers publishing software for CRE professionals to create memos, flyers, market reports, development proposals, and more.
REscour frames themselves as a “market intelligence” tool for those in commercial real estate.
Whereas PropertyMetrics is targeted towards a variety of professional types, REscour is aimed more specifically at brokers and how they interact with their research teams.
REscour is a place for brokers and researchers to upload and aggregate their research, thus building a more holistic picture of the markets they are considering investing in.
Commercial Real Estate Valuation Software
Even though there is a lot of overlap when looking at investment software and valuation software. Sometimes it is merely a matter of whether the product is positioned more towards appraisers or investors.
Investment software will often offer property valuation capabilities, but those capabilities may not be the main focus.
Valuation software factors in a lot of the same information, but will be more specifically geared towards property appraisals and strict valuations.
Reonomy offers comparables on all asset classes above a single-family home—from duplexes, to land, to skyscrapers, warehouses, and on.
Reonomy Comps can be used to see recent sales amounts on properties similar to a subject property. By seeing the sales trends of a market, along with what certain asset types are selling for, you can glean the present day value of a property.
Bowery is one of the many companies looking to take the outdated processes of commercial real estate and bring them into the present. The company is taking a tech-driven approach to property appraisal, with James Dunne, formerly of CBRE as Chief Appraiser.
The company brings together public record data that appraisers would typically use in the process of property valuation, cutting out the need to manually collect and record that information.
Bowery has created a way for appraisers to build accurate valuation reports much quicker than the typical antiquated ways of doing so.
The software enables appraisers the ability to value “complex assets” more accurately, delivered through either a desktop or SaaS platform—however the user prefers.
Commercial Loan Origination Software
Mortgage brokers and lenders will rely most heavily on two types of software—one being prospecting software, and the other, loan origination software.
Encompass Lending Platform™ by Ellie Mae
The Encompass Lending Platform™ is a software tool that handles the entire loan origination process, from initial customer relationship management and on.
Put in place by Ellie Mae, this tool is designed to help lenders originate more loans at a lower cost through more efficient processing.
Encompass brings together all of those involved in the lending process on the residential and commercial side of things, centralizing the process of origination to a single hub.
OpenClose is a tool for lenders to use when analyzing potential borrowers and deciphering eligibility for loans of various sizes.
Basically, this tool can help originators qualify borrowers more easily, and more accurately. The software enables loan officers to make quicker decisions on borrowers at the point-of-sale.
LendingWise is a very diverse loan origination and servicing software.
One of LendingWise’s main points of marketing is their ability to create truly scalable solutions for lenders of all sizes. The software is made to handle end-to-end loan management.
LendingWise offers a great deal of software options for commercial real estate professionals (not just debt professionals), including CRM capabilities, loan origination, loss mitigation, loan servicing, asset management, and much more.
Commercial Real Estate Database Management & CRM Software
It’s one thing to be able to generate leads and convert them to customers. It’s another feat to successfully manage and continuously manage strong relationships with all of those customers as your business scales.
With Salesforce, you can manage and organize the leads you generate from Reonomy Prospect, as well as track your marketing campaigns and client interactions.
Salesforce allows for integration with a number of other tools, making it one of the most functionally versatile CRMs on the market today.
On the other hand, REthink is a CRM built specifically for commercial real estate companies, serving as the “digital rolodex” for CRE professionals.
It offers tools to help agents rep tenants, landlords, buyers and sellers, while also offering the tools to automate the entire sales cycle.
From proposal to close, to accounting management, REthink offers a full-range CRM to help commercial real estate professionals end-to-end, from prospecting, to transaction, to accounting, and so on.
Another CRE-specific CRM is AscendixRE.
AscendixRE actually goes on top of Salesforce, converting it into a custom commercial real estate CRM for brokers. As Salesforce does, the platform offers deal, pipeline, and contact management.
The company also offers a custom CRM software tool specific to land brokers.
Regardless of the specific tool you use, all of this CRM software can be fueled by the leads you generate while searching Reonomy.
Commercial Real Estate Marketing Software
Aside from directly finding leads through prospecting software, there are also a number of marketing software tools that you can use to automate and assure that your daily marketing efforts are effective and efficient.
On top of your prospecting efforts, you can also use Reonomy to build property owner lead lists. From there, you can use your property analysis and understanding as your unique positioning to fuel direct mailers, content marketing, and other marketing strategies.
Hubspot is the tool that allows you to bring all of your marketing efforts into a single platform.
You can use your Reonomy leads list to create prospect lists for email outreach. You can also schedule social media posts, articles, and much more.
Across a variety of dashboards, Hubspot allows you to automate your marketing tracking and attribution, as well as stay up to date on the performance of your past and present campaigns.
WordPress is a content management system that gives all types of professionals, CRE or otherwise, the ability to host their own website.
One of the best ways to generate high-value leads on a consistent basis is to have your own website, and write useful, informative articles on that website.
By creating a clear brand image and supplying your ideal customer-base with the information they need to be successful, you’ll be able to create a steady inflow of high-converting website visitors, on a short and long-term basis.
Another way to generate leads on-demand, albeit at a cost, is to utilize Google Ads.
Google’s ad software allows CRE professionals to run targeted ad campaigns based on specific search queries. And while paid advertising should be tempered, it’s important that CRE professionals of all kinds take advantage of building their presence online.
Google offers a full suite of marketing software, from paid ads, to Google Analytics and Search Console. The two latter tools can be used to optimize onsite content and track how viewers are engaging with that content—not to mention that they’re both free of charge.
SharpLaunch is a commercial real estate-specific marketing software for building owners, asset managers, and brokers.
Used by many of the top CRE firms in the U.S., including CBRE, JLL, Cushman and Wakefield, SharpLaunch handles everything from website building, to lead management, to analytic dashboards, email marketing, and much more.
Commercial Real Estate Mapping Software
For many commercial real estate professionals, it’s also very helpful to view real images of properties of interest to get a better for the actual layout of a property.
In most cases, mapping software will come alongside other CRE software as a package-deal. For example, within their suite of tools, REthink offers a mapping tool that can be linked to your CRM and used to send direct mailers and emails.
Another big feature of Reonomy Prospect is the ability to roam an integrated Google Map freely, and analyze the properties within your line of sight.
You can use Reonomy’s map area search to draw custom shapes to search within, search Opportunity Zones, or to simply view aerial shots of a property that you’ve searched for based on specific criteria.
This map is also tied in directly to Reonomy’s property search and analysis capabilities, allowing you to see properties alongside their profile breakdowns and ownership information.
Google Maps is, of course, a great resource for viewing real estate, as long as you’re familiar with the address of the properties you want to look at.
Using Google as a mapping tool offers quite a bit of freedom, but does not have a CRE focus. For more real estate-centric mapping tools, you can usually find maps built for any state or county, built on geographic information systems (GIS) mapping software.
For example, if you were to search the name of a location plus “GIS map/mapping tool,” you’ll likely find an interactive map built on GIS software.
Take the City of Chicago—if you search, “Chicago GIS map,” in Google, the first result will bring you to the City of Chicago Interactive Mapping Website.
Roofers and contractors can also turn to storm tracking apps in the case of wanting to scope out properties that might need work in the near future, then connect with the owners even before a storm reaches them.
Software for Every Need
While there is no such thing as an “all-in-one” piece of software for commercial real estate professionals, there are options across the board, providing help with virtually every task associated with the day-to-day of a broker, investor, lender, appraiser, and building service provider.