Most real estate professionals rely heavily on word of mouth when they look for new vendors. A referral from a trusted colleague is a powerful thing, but it paints a narrow picture of someone’s qualifications.
Procurement - that murky phase between budgeting and building – is somehow still the red-headed stepchild of the real estate process. While real estate owners and operators have modernized their leasing, fundraising, and marketing strategies with technologies like VTS, Hightower, Fundrise and Floored, they are just beginning to address inefficiencies in the vendor management and bid management processes.
The real estate industry is built on relationships. You probably assume the service providers you’ve worked with for years are the best for your projects, and you may very well be right. Familiarity with process, company culture and mutual expectations are strong factors in favor of maintaining a go-to team.
We know that technology is essential in order to stay competitive, and the increased efficiency it allows can dramatically lower costs and save time. It’s also true that, if we’re not careful, the tools we use can end up costing just as much time as they save.
Adopting new technology platforms are disruptive to your team’s established workflow and costly to implement, right? Not necessarily. In fact, the opposite may be true.
Kushner Companies is responsible for more than 20,000 multi-family apartments and well over 12 million square feet of office, industrial and retail space across six states. As a company guided by strategic, innovative thinking, Kushner refused to accept the traditional, cumbersome “system” of Outlook, Excel, PDFs, faxes and text messages in order to drive procurement.
Two-thirds of all US companies have moved at least part of their business operations into “the cloud” and yet many people don’t understand what that means. Where is the cloud? What is Software-as-a-Service and how is it more efficient? Moreover, what is the tangible return on investment for real estate companies?
At Honest Buildings we're fortunate to spend time with lots of forward-thinking real estate owners. One of the most interesting trends that we’ve noticed firsthand is the evolution of the property manager role from being almost exclusively dependent on relationships to one that increasingly incorporates technology and innovation to add value.
It got us thinking - what characteristics make property managers most successful in today’s market?
Honest Buildings spoke to Jim Hayes, President of the Fiber Optic Association, about his opinion on the benefits of using OLANs over the traditional LANs.
“The building industry has been the same for a long time… since the late 1800s when we learned how to make high rise buildings,” says Jim Hayes. Although the buildings themselves have not changed much, “the needs of the tenants have changed, especially in the past 10 years.”