Technology is a key component of the commercial real estate sales and marketing process, yet the wide range of options can create confusion. What can drive buyers to my properties and how can I track engagement? How can I quickly gather information on a portfolio’s success?
When searching for the best technology partner, consider your key pain points. What potentially puts you behind the competition? How can you reach a wider pool of investors? How can you do more in less time? Then evaluate potential technology partners with these questions in mind:
- How wide is their reach? Does the tech firm focus on one issue or provide integrated, solutions to help multiple departments in your organization? Businesses typically are best served by a partner that addresses multiple issues. This provides flexibility and allows the company to expand its offerings, growing with the same technology provider. Further, tech companies that can integrate information and reports across multiple offices and variant systems provide a greater value in the long run.
- Are they invested in and committed to the CRE industry?
This is perhaps best shown through longevity in the industry and the depth and breadth of services offered. Do they offer products that build on and integrate with your existing business?
How good is the customer support – really?
Sophisticated programs and systems are only as good as the support network that stands behind them. Ask providers about their level of support, how quickly they can respond during off-hours, and what behind the scenes infrastructure is in place to support technical issues.
- Do they embrace innovation?
Many of the successful CRE technology firms were formed by real estate professionals with an idea driven by their own experiences. The most successful firms are ones that recognized the importance of recruiting tech experts who could transform ideas into products and platforms to build a foundation for long-term success.
- Are they poised for the long haul?
What is the company’s long-term plans for growth and reinvestment into their infrastructure? Is there a good balance between supporting current platforms and adding new features to stay ahead of the curve?
The commercial real estate industry moves at a fast pace, making speed to market and rapid response time critical deliverables for any technology provider. As businesses examine the various technology solutions available, they should first understand their unique needs and then ask detailed questions to narrow down their search for the best partner.