Last Updated on August 30, 2022 by Neil Patel Accel
Historically, commercial real estate brokers have been the gatekeepers of industry data, market insights, and critical lease information — all of which are pertinent to tenants. The problem is that many in the industry (and particularly tenant representation brokers) can get stuck in the past, relying on somewhat antiquated systems that lead to delays. And with this type of investment decision, it’s essential to use any means possible to expedite the process.
That’s why an increasing number of brokers are forever on the hunt for disruptive real estate technology that enhances their tool stacks. They realize that the right proptech software allows them to not only work more efficiently and effectively, but also enables greater collaboration with their client base and real estate teams. Additionally, it can provide access to market information, track deals, manage lease life cycles, and keep tabs on any given market or real estate portfolio. Find the right real estate broker customer relationship management platform, and you’re able to automate countless processes. This can minimize errors, optimize resources, and reduce costs.
Clearly, brokers and tenants alike are yearning for tools to ease legacy real estate processes, and all of this is to say that the commercial real estate space could still use a little more digital disruption. Simply consider the lead-to-close life cycle for a second: From planning and touring to negotiating and closing, tenant representation brokers are managing many moving parts. Real estate technology can streamline the entire process — all while giving brokers a competitive advantage.
Utilizing Real Estate Broker CRM Tools
The real estate technology you use is just as important as the people you know, and there are solutions out there to support your day-to-day operations as a tenant representative broker and ultimately win you more deals. Here’s are just a few advantages to using proptech software:
1. Offers greater functionality.
For anyone in commercial real estate, broker CRM software is now almost essential to managing not just client relationships, but also relationships with landlords. The right proptech platform should provide all the functionality necessary to track, manage, and target each touchpoint along the path to a lease agreement — and for both parties. It should also record site visits, analyze proposal documents, track marketing comps, respond to property inquiries, automate tasks and workflows, and so forth. Think of commercial real estate software as your executive assistant for the entire lease life cycle.
2. Supports client collaboration.
Oftentimes, brokers will be working with multiple stakeholders within an organization, and each one generally has differing perspectives on what’s most important in a new lease agreement. Aligning all parties and gaining their approval can be a feat in and of itself.
Today’s proptech software affords tenant representative brokers the chance to capture those various specifications in the CRM and invite clients onto that platform to review many different items, including sites, lease clauses, proposals for neighborhood amenities, transportation options, and other occupants in a building. This level of transparency provides clients a clearer picture of the various spaces and gets everyone involved on the same page, allowing deals to move and close at a quicker pace.
3. Improves organization efforts.
Among emails, phone calls, messaging, and spreadsheets, the likelihood of real estate information being lost in translation is high. Commercial real estate technology can help to streamline processes and break down the information silos that develop when brokerage firms use multiple platforms — and especially when these platforms are often built for other industries. Thankfully, document sharing, task assignments, project management, and so on can be automated through your broker CRM software. Needless to say, the ability to organize all pertinent information and conversations into a single source of truth has immense value across a real estate and broker team.
Tenant representation brokers need the right commercial real estate software if they hope to keep pace with this ever-changing marketplace. Old processes and systems will no longer do, and you must be strategic in not only your choice of technology, but also in how you use it to advance your business.