Without continual growth and progress, such words as improvement, achievement, and success have no meaning. – Benjamin Franklin
Whether it’s real estate or society as a whole, stagnation in growth and education equals the death of innovation. In the world of commercial real estate, this has always been especially true. Ignoring trends in tech, local or national markets or customer demand can leave you behind the times and fighting a losing race to play catch up in an increasingly crowded marketplace.
Before we get the award for best impression of “Captain Obvious”, hear us out. While the idea of innovate or die may not be new, modern advances in technology have made the concept more important than ever. With modern trends in exponential growth, ignoring small details can have a snowball effect as the technology quickly and exponentially builds upon prior advances. If we’ve caught your attention, read on. We’ve laid out a few of the specific reasons CRE professionals need to keep on top of their technological game.
Everyone Else is Doing It
Peer pressure may have led to poor decisions in your college days, but CRE pro’s need to pay attention to what their market competitors are up to. As markets shift at an increasingly rapid pace, not having the tech could mean missing out on great deals or lucrative investments are your fellow, more informed, investors swoop in to close. It can also mean losing out on quality tenants if your properties don’t come equipped with the latest trending contract clauses, revenue agreements or built in tech. Modern CRE professionals know that having the tools to keep on top of movement in real estate markets will always pay off in the end.
You Can’t Afford Not To
Let’s face it, while technology is great it also has its downsides when it comes to competition. Modern advancements in portfolio management mean that the world of commercial real estate is more accessible than ever before. More players can equal thinner margins and that can quickly cut into overall profits if you are not accurately tracking costs vs income. Missing the opportunity for a rent increase or not catching that money saving clause are more important than ever to keep your portfolio in the black.
Your Tenants Are Changing and So Should You
Last on our list, but certainly not least, has to do with tenant expectations and the changing ways occupants are utilizing office and work space. Modern workspaces are increasingly integrated with wired and cloud based controls on everything from climate control to entry access. CRE professionals need to keep up with tenant demands or face losing out on quality occupants in their properties.
The data gathered from these new technologies doesn’t just benefit tenants. Staying on top of the latest trends in tech such as wearables, scan able RFID badges and other methods of tracking use can help CRE portfolio owners discover opportunities for better utilization of space. This can both make properties more attractive for would be tenants and can help owners divide spaces more effectively, potentially creating more opportunity for revenue and growth.
What are You Waiting For
Let’s face it. CRE tech isn’t just an attractive option or bonus add-on any more. The right software to manage all aspects of your CRE portfolio is a vital and necessary part of your core business strategy. From keeping up with your competitors to maximizing value in an increasingly crowded market, the right CRE technology solution can make a huge impact on your bottom line. In short, CRE professionals in today’s modern market neglect tech at their own, and their portfolios’, detriment.