It’s fair to say that feelings are mixed about conditions in the U.S. real estate market. A recent article in the May 2016 Financier Worldwide Magazine sums it up well:
- 2015 was a strong year for CRE, and 91 percent of investors (according to a KPMG report) expect vacancy, rates and deal velocity to improve throughout 2016.
- That said, KPMG’s sector leader, Greg Williams, notes that “investors are becoming more cautious in their decision-making as we near the end of the economic cycle.”
So, is there value in adopting new technology when the industry may be facing times of uncertainty? Absolutely.
See here how startups are getting the advantage on legacy companies using CRE tech.
1. Increased efficiency is key to survival
When hard times hit, teams become leaner, yet goals remain the same. That means everyone needs to be more resourceful and efficient. CRE Tech tools fit this scenario perfectly with cost savings and increased productivity. Examples include:
- Smart building technology that optimizes building operations, increases efficiency and saves money
- Lease management software that keeps track of your entire portfolio in one place and leases space faster
- Data technology that lets you quickly find property details and ownership contact information, instead of visiting multiple sources
2. Implement CRE Tech while you can still afford to do so
Take advantage of the good times. Explore and implement the real estate technology that makes the most sense for your business while you’re still in a position to do so. This will give you time to explore options, learn a new system and ensure that it is adopted properly before any downturn occurs.
3. Why wait for a downturn to enjoy the benefits?
If you can cut costs and be more productive now, what are you waiting for? The best way to get started is to identify the tools that can help you. Check out our guide to make sure you choose the best CRE tech for you business.
4. Strong relationships are king
I’m sure you are wondering – how can technology help me build relationships? Use tools to automate your more routine tasks, so you can focus on what you’re really good at – developing long-term relationships. Building and strengthening these relationships in good times will be hugely helpful in the face of any downturn.
Don’t wait until a downmarket to capture the benefits of technology. If implemented correctly, technology can help you to cut costs, increase productivity and ultimately boost your bottom line. By incorporating technology into your day-to-day now, there’s no doubt that you will be in a much better position to deal with any downturn.
To start your path into implementing CRE tech, trial Reonomy for free.