“If I wanted your advice I’d ask for it.” “Always seek expert advice.” “Opinions are like…” Well, never mind with the quotes and all. Whether in these common sayings, your ever day interactions with someone who seems to “know better,” or conversations with your well-intentioned mother, we continuously encounter people willing to provide their advice on everything from our personal and professional lives. Whether welcome or unwelcome, learning from the experience of others is a vital tool for growing and developing.
This is also true for guidance in the world of commercial real estate. Seeking the help of consultants is a tried and true method for evaluating business goals, identifying inefficiencies and discovering the latest and greatest best practices in your field. CRE property management software vendors are key examples where companies often provide consultancy services to determine just how their proprietary bit of code can best help your bottom line. When it comes to these consultants, however, all expertise is not created equal. Here we break out why listening to the advice of a seasoned and professional CRE business consultant beats that of a generalist when it comes to evaluating your CRE software needs.
You Wouldn’t Ask a Cardiologist to Perform Brain Surgery
While a general business consultant is certainly a talented individual, they may not be the best person suited to providing analysis of the nuances of a commercial real estate portfolio. Business consultants as a whole have general training and expertise that allows them to provide big picture analysis on processes, procedures and ways to leave your offices running smoothly and efficiently. While that may be good when it comes to analyzing staffing needs in a company structure or providing feedback on management or HR issues, non-specific consultants can often leave CRE professionals trying to fit square advice into the round peg of their individual portfolio needs.
CRE-specific consultants have knowledge in the nuances of a commercial real estate business. These industry-specific professionals speak your language and understand the nuanced problem areas, hurdles and tools necessary for success in the leasing business. Having someone who understands the needs of CRE owners and managers comes in especially handy when implementing new software, systems or processes. Instead of the constant refrain of “can you explain that concept to me” your consultant can get down to the business of, well, consulting.
The Value of Real-World Experience
In addition to knowledge, many CRE experience have that irreplaceably valuable skill that is real world, practical experience in the CRE field. Many CRE consultants are either practicing or former owners, managers or other skilled employees of commercial real estate businesses. This front-line experience is an extra bonus, providing context for problem solving, project roll out and making the entire consulting process far more productive.
If you’re considering enlisting the advice of a third-party business adviser, perhaps to launch a hunt for a new CRE property management software solution, be wary of “blanket” generalists who may need to get up to speed on your product or industry before providing substantive advice. Much of the learning curve will be provided on your time or dime, and the advice may not be as in depth, tailored or nuanced as from someone who knows the CRE business as if it were their own.
At Quarem, our consulting staff is made up of experienced CRE pros with knowledge of the quirks of commercial real estate. This in-depth knowledge allows our team to make quick and in depth assessments of your current systems and portfolio needs, providing guidance on potential software solutions that can make an instant impact on streamlining lease administration and other business operations. If you’ve been on the fence regarding whether your software partner will understand the resources you need, give Quarem a call today and find out the difference expert consulting and analysis can make in your portfolio management.