As technology becomes an increasingly ubiquitous feature of real estate — and of modern life — most opposition to CRE tech has begun to dissipate. Just as Netflix’s value to consumers has eclipsed that of Blockbuster video stores and mobile GPS applications are superior to paper maps, the true benefits of technology are becoming abundantly clear to the real estate industry.
One of the few lingering concerns is that increased adoption of technology will result in job losses. But at its core, automation is about helping industry professionals perform their jobs better and should be embraced, not feared.
Here are some examples of how automation unlocks opportunities for commercial real estate brokers, buyers, and sellers, and frees them to be more productive while reducing the amount of repetitive work in their jobs:
Expanding Your Network Through Technology
Today’s commercial real estate brokers typically market a property by first evaluating the asset and then curating a list of potential buyers in their network who they believe will be right for the deal. The broker then selects certain buyers based on things like location, previous buying experience, and the existing relationship.
But marketing properties solely based on personal networks can be limiting. One broker we recently partnered with captured it perfectly when he said, “You can’t pretend to know everyone.” If you’re only leveraging contacts in your immediate network, you could be leaving money on the table and missing out on many other serious and qualified buyers who extend beyond your traditional Rolodex.
In contrast, moving the market online opens it up to more investors, often yielding a higher price for the asset. Automating portions of the marketing process allow brokers to expand their reach and can also be a strong pathway to building new relationships.
Courtesy of forbes.com and credit to Maureen
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