4 Ways To Make Your Team MVPs Of CRE Management Software
Building remeasurement—the mapping of building spaces according to updated measurement standards—is one of several aspects of CRE in which incorporating specified, personalized technological advances helps real estate firms solidify client relationships, build trust within the community and increase employee value.
Here are four ways to help your team embrace and achieve that nirvana.
1. Don't Be Afraid To Partner With Other Firms
In a market as maze-like and complex as New York City, even the most established, well-to-do real estate businesses should channel The Beatles and get by with a little help from their friends.
CRE data management firm Real Data Management (RDM), for instance, offers on-the-ground remeasurement services and analytics software that collects, stores and synthesizes raw numbers into workable data. Through their partnership, even a giant like JLL has been able to increase returns on building investments through RDM’s remeasurement services while driving down excess operations and easing tedious workflow for brokers.
“A key value in using [this kind of software], in addition to the measurement solution, is they provide online access to real-time interactive data plans, stacks and occupancy data,” says JLL managing director Amy Bowser. “It's a great way to deliver added value to our agencies, eliminating the common inefficiencies and expense with getting accurate plans and calculations to lease space.”
2) Embrace Focused Technology
Commercial real estate has historically been slow to embrace technological advances—until now.
Myriad CRE businesses across the globe have been adopting minimum viable product (MVP) strategies by developing software and tech applications that cater to the specific needs of potential investors and companies that offer transaction services.
The solution to successfully adopting technologies in the long run? Incorporating technology for precisely delegated tasks with clear goals, rather than simply adopting the latest shiny new toy. The best new advancements in the CRE workplace should supplement, not replace, human expertise both in the field and the office.
3) Customize Your Software
In the same vein as focusing technology, companies should focus on finding software to fit their needs; or have it built for them. Pairing building remeasurement services with remeasurement software is one example of streamlining software specific to a company’s needs.
For instance, the data collected on spaces uncovered by remeasurements after the implementation of 1996 and 2010 BOMA rules can easily be synthesized and archived within RDM’s RealAccess platform.
The software itself can also be manipulated if a client’s priorities change, and clients can augment their own drawings and notes on floor plans and documents. The technology can save real estate firms a great deal of time and money, and cut out the middleman.
"We have discovered that our customers can save hundreds of hours every year—and thousands of dollars—just by using the RealAccess software," RDM CEO Peter Boritz says. "Leases, floor plans, reports, it's all right there. Our customers can even draw on a floor plan and create new spaces and run new calculations."
Customized usage is proof that brokers, property managers and developers are not in danger of replacement by cost-effective machines but are using them to increase productivity.
4) Recognize That CRE Tech Isn't Going Away
There’s a certain level of tech savvy expected in every field, including commercial real estate. As Millennials enter the workforce in droves, the first generation raised on digital technology is ensuring that technological advances become an integral, rather than optional, force in the industry in order to solve basic problems from site metrics to transactions, from redevelopments to lease-ups.
MVPs are applying their unique, on-the-ground expertise and leveraging relationships forged throughout their careers in combination with new tech. When specialized to the services of each firm and its clientele, software proves an invaluable tool. With mounds of organized data at a firm’s fingertips, conversations, deals and negotiations with tenants, developers, investors and building managers are that much more informed and efficient.
To learn more about Bisnow partner RDM, click here.