How Technology Can Enhance a Day in the Life of a CRE Broker
The commercial real estate brokerage industry is a challenging but lucrative profession. There are ups and downs but those who are passionate about the job with the strength to face the inevitable tough times will succeed in the long term.
There isn’t a typical workday for a commercial real estate broker and each day will vary depending on the firm, client requirements, level of expertise and the particular sector a broker will focus on. The one thing that is true for all CRE brokerage professionals, no matter the specialization or role is that brokers spend a good portion of the day tracking progress and making sure all components of a transaction are moving along as efficiently as possible.
As with any other high-pressure occupation, commercial real estate pros are required to organize and prioritize their day’s activities to stay on top of increasingly overwhelming to-do lists. Those that have mastered the art of managing their days better are typically rewarded with a higher volume of deals as well as a higher capacity to successfully convert their current pipeline of transactions into closings. It’s a simple notion – a better managed day means a more productive one that ultimately translates into the highest return on effort and an increased income.
Deal tracking has typically been done through a variety of spreadsheets and databases, but unfortunately, this outdated approach is rarely efficient and prone to errors. Overall, the commercial real estate industry has struggled when it comes to adopting technology. But for an industry that is data sensitive and in dire need of better organization when it comes to deal tracking, the good news is there are many new technologies available that can improve the day to day life of a broker.
Deal tracking technology creates efficiency and easier access to information. With the same level (or even less) input, brokers can get a more valuable output on their deals, client relationships, and a better handle on where things currently stand. This also creates deal automation with transaction alerts and notifications as well as the ability to share databases, track deal progress, record and follow up on communications and have access to a host of other critical items that translate into a higher return on the effort invested.
Today’s power brokers are most likely the ones who continue to implement technologies that help grow their businesses. They understand that the efficiency of bringing technology into their day-to-day business lives will result in improved time management, superior organization, better insight into where efforts need to be applied in order to convert deals into closings and the ability to capitalize on new and recurring client opportunities.
Technology will help brokers spend less time working on transactions and more time building stronger relationships with clients. The bottom line is brokers are needed for their industry knowledge and advisory skills, first and foremost, and cannot be slowed down with tasks unrelated to managing and eventually closing a deal. Through the adoption of technology, they can truly be trusted advisors at the table and allow themselves to focus on doing what they do best. It’s critical that today’s commercial real estate professionals incorporate new tools in the marketplace or run the risk of falling behind those who do.