Real News from RealNex

Real estate agents are pretty set in their ways, especially those that have been in the business for years. The real estate industry is notorious for being slow to adopt new technology, so what can brokerages do to help their agents onboard new technology faster? How can they help speed up the process so their agents are more tech-savvy?

While owning a piece of history can sometimes be quite the luxury (think retro cars or antiques), owning old “legacy” software? Not so much. When it comes to business, we all know it’s about being profitable -- and being profitable means being efficient. If you don’t establish streamlined internal processes, you will almost certainly be edged out of the market by your competition.

It’s no secret that CRE sales involve monitoring listings, prospects, and transactions -- all at a number of different stages in the sales funnel. Of course, it is always desirable to speed up the sales process whenever possible, and one of the areas where this can best be done is how you find and deal with prospects.

As a leasing agent, you know you have a great product. Congratulations! This should make your job simple, right? Well, newsflash: your competitor has a great product, too. Your leasing office is well designed, and outfitted with the latest and greatest in technology? So is theirs. Do you offer a fantastic, unique leasing training program? So do they. Your team is top notch? You guessed it… Theirs is, too.

Within the commercial real estate industry, innovation and technology continue to grow at a rapid pace, with an emerging ecosystem of various investors, entrepreneurs and startups gaining strength and fueling the momentum.  

The philosophy behind tenant representation is straightforward and pragmatic: in order to reach an equitable solution to leasing space, the corporate tenant needs access to industry and market information, expertise in real estate transactions, and the negotiation skills of a seasoned professional. This is where a tenant rep comes in. An effective tenant representative will wear many hats, taking on several key roles in the process of finding and securing the right commercial space for his or her client.

Today, more and more organizations and corporations are creating and implementing formal programs for mentoring, and for good reason. Research has proven that mentoring is beneficial for both proteges and mentors, but what about the organization? After all, the organization is usually the one who has to develop, implement, and then pay for the program. So, what’s in it for them?

Take a look around, and it’s easy to see that Millennials have been the “talk of the town” in recent years. It seems their every move has been observed and talked about -- everything from how they work and how they play, to the way they talk and what motivates them. And we’d venture to say that nowhere are Millennials’ habits more closely studied than in the workplace. In fact, many employers, as well as workers from older generations (including Baby Boomers and Gen X), are still trying to get a handle on working with Millennials. And now comes Gen Z.

As international buyers continue to invest in the United States’ commercial real estate market, 3D Virtual Reality technology is easing the friction caused by time differences and travel expenses. These technologies are helping to speed up the process by offering unique experiences and perspective to international buyers looking to invest in American real estate.

CRE Tech systems can offer plenty of unique benefits to streamline processes and make brokers more efficient. All-in-one solutions, however, offer more much more than just CRM-Customer Relationship Management. Where some CRMs require a broker to piece together myriad vendors to accomplish their goals — a true all-in-one system does it for you. Brokers should take advantage of such platforms that can truly do it all and help them accomplish more, faster and at a lower cost!