How Technology Can Enhance a Day in the Life of a CRE Broker
November 30, 2023
How technology can enhance a day in the life of a CRE broker in 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.
Day in the Life of a CRE Broker
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 who 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.
Typically, professionals have tracked deals using a range of spreadsheets and databases, but this outdated method often lacks efficiency and is susceptible to errors.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, and 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 recognize that incorporating technology into their daily business operations enhances time management, organizes tasks better, provides clearer insights on where to focus efforts for deal conversions, and enables them to seize new and repeat client prospects
How technology can enhance a day in the life of a CRE Broker: Technology will help brokers spend less time working on transactions and more time building stronger relationships with clients. Brokers, valued primarily for their industry expertise and advisory skills, must proactively avoid becoming burdened with tasks unrelated to managing and closing deals. Embracing technology enables them to actively serve as trusted advisors at the forefront, allowing them to concentrate on their core strengths. 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.