If you’re active in the commercial real estate industry, you likely have a technology stack.
No matter what size company you’re operating, or what CRE sector you’re working in, this business requires strong digital capacities that allow you to best serve your clients, keep your fingers on the pulse of your market, and organize your back-end business.
Here are five tips that you can use to streamline your technology stack in the new year, focusing on how you can easily assess what’s working well and what areas need improvements.
#1. Start with a Review
To begin your technology audit, take the time to analyze your existing tech tools.
Look at each platform your team has access to and consider how your business leverages the tool. Think about the solution that the technology introduces, but also pay attention to any problems or issues your team may be having with it.
For example, a CRM introduces the solution of keeping your business contacts in one place and streamlining the process of reaching out to your new leads and past clients. But, an outdated CRM may introduce organizational issues.
At this stage, it may be helpful for you to create a list of all of your technologies that identify the pros and cons.
For budgeting purposes, you may also want to include the price alongside each tech tool so you can clearly view your investment — and whether the tech tool is meriting that portion of your technology spend.
#2. Consult with Your Team
Speaking to your team is essential as you analyze the effectiveness of your technologies. After all, even the greatest tools go to waste if your team is not actually spending the time to use them to their maximum potential.
Set aside time to meet with your team and get their opinions and perspectives about your current tech stack. You may also want to speak with team members individually about their experience with your technologies.
Ask questions like:
- What is your favorite technology we leverage, and why?
- Are there any tools that you find inconvenient or outdated, and why?
- Can you identify any gaps in our technology stack?
- Is there any tool that you require more training in?
- Do you feel like you know how to navigate our technologies?
- Are there any areas of your workflow that are currently manual, but could be automated to boost efficiency?
Asking these questions can provide you with insights that you may not have access to as a team leader.
At this point, you might realize that you need to invest more time in technology training, or that a certain tool is not the right fit for your commercial real estate business.
#3. Reach Out to Service Teams
If it’s been a while since you’ve connected with the teams powering your tech stack, make it a point to reach out while you conduct your audit. If your team had any specific questions, this is a great time to inquire.
You can also ask them if there are any new updates or opportunities you should be aware of, or if there are any advancements planned for the coming year that you should look forward to.
Don’t forget to ask about any continued training courses or other educational opportunities that could benefit your team.
#4. Scan the Market
The market for your tools may have changed since the last time you researched or purchased a technology software. As you audit your CRE tech stack, spend time conducting due diligence around trends and new evolutions that you may not be aware of.
Besides alerting you to new possibilities, this can also give you an idea of how competitors are operating so you can make sure that you’re keeping up with your local market.
#5. Opt for an All-In-One Solution
If you feel like your technologies are not aligning and your team is spending too much time manually syncing information across various platforms, an all-in-one technology suite may be the best solution for your business.
With an all-in-one solution like RealNex, all of your software is automatically connected. This means that from business development to marketing to data analysis to deal management, all of your technologies are in one place and synced to a single platform.
This provides your commercial real estate team with one incredibly powerful end-to-end solution that can turn your pipeline into profits — giving you overwhelming value for the price paid.
If you’d like to learn more about the most robust toolset in commercial real estate, visit the RealNex website to learn more about our unique solution to streamlining the CRE tech stack.