Adoption of cloud-based SaaS platforms is becoming common for enterprise organizations, including commercial real estate owners and managers. The cost savings and convenience of the SaaS model are very compelling relative to more traditional on-premises software installations. However, there are some special considerations to take into account when evaluating this class of enterprise software.
The race to digital transformation in real estate business and operations is well under way, resulting in CRE organizations integrating and elevating the roles of key members of their leadership team - namely the Chief Information Officer (CIO) and Chief Technology Officer (CTO). These executives have experienced an accelerated evolution in their roles over the past few years. They’re now responsible not only for the strategic technical direction of their companies but also for playing a crucial role in achieving the company’s overall business goals.
As tech adoption rates are rising in the multifamily sector and industry leaders have begun using various platforms to reduce costs, streamline workflows and enable communication, companies slow to adopt tech will soon find themselves at a competitive disadvantage. Technology solutions for multifamily CRE cover a wide gamut, solving a variety of logistical tasks from accounting to tenant invoicing to project management.
It’s easy to be fairly dazzled by some of the recent technology-related success stories emerging in commercial real estate.
Or how Compstak leverages crowdsourcing to revolutionize the process of amassing comp data—formerly an arduous, labor-intensive, hit-or-miss undertaking.
The largest transaction to ever occur online totaled a whopping $96 million—and it happened through Jeff Frieden's site Ten-X. Formerly known as Auction.com, Ten-X is the country's largest real estate marketplace, facilitating sales of commercial buildings, traditional homes and distressed properties.
Jonathan Schultz, founder and managing director of Onyx Equities, is well known for being an early adopter of technology. In fact, he's more of a technology hunter than simply an adopter. Onyx Equities specializes in repositioning undervalued office, retail, industrial and residential space, and Schultz avidly encourages his team to find, test and deploy technologies that will make them more efficient and satisfied in this work.
CompStak CEO and co-founder Michael Mandel has had thousands of conversations with real estate profesionals about the importance of adopting technology to make business processes more transparent and efficient. In late 2011, after spending nearly six years as a broker with Grubb & Ellis, Mandel formed CompStak to build the world's first comprehensive database of leasing information.
Bringing a new technology platform into your company can seem like a daunting process. It requires time and trust from team members who have their own priorities and deadlines.
Even so, there are hidden costs to waiting to adopt technologies that could increase your productivity and profitability; costs that more than negate any potential discomfort of making a transition. At the end of the day, you need to help your team embrace new platforms and tools rather than avoid them.
Here are six best practices for rolling out CRE tech initiatives in your company.
An IT team is a vital part to any commercial real estate organization, acting as the backbone for any technological initiatives. But despite the team’s deep knowledge, it doesn’t have a boots-on-the-ground role when it comes to a building’s daily operations.