By Ronan Remandaban July 15
It’s no secret that the commercial real estate industry historically has been slow to adopt new technologies – CRE has been plagued with inefficiencies for a millennium especially if you are a broker. From access to reliable data to an array of dated software solutions, you historically have had to master a number of disparate data services and software applications to do your job properly.
The good news is that recently developed technologies are eliminating some of the inefficiencies by centralizing like features and functionality in user-friendly interfaces – these platforms will certainly help the industry evolve. One only has to read about the emergence of several new PropTech firms to realize that commercial real estate is about to undergo a fundamental change for the better.
The timing is perfect. Many economists and commercial real estate pundits have been opining for the last two years on when the next market correction will happen. The optimists among them believe that there’s no end in sight for the upside in the industry while the pragmatists maintain we are in the final phase of this long economic recovery. Given that sales and leasing transactions nationally have been slowing over the last few years and that the Federal Open Markets Committee (FOMC) forecasts a slowdown in GDP in 2020, it’s apparent we are moving down the curve.
This impending correction will certainly not resemble the last: the weak CMBS debt underpinnings at the end of the last cycle caused a global financial crisis that had not been seen since the Great Depression. The open question is the manner in which CRE professionals will handle the changing market fundamentals. If obvious that those who embrace emerging technologies will be better positioned to address the softening conditions.
Companies Bringing Change to CRE
There are a several companies that have created innovative tools that are bringing efficiencies to the industry. Here are a few notables and their primary focus:
• CompStak – lease and sales comps
• Buildout – property marketing
• Enertiv – building operations
• Reonomy – building ownership information
• HqO – tenant experience and engagement
• CrowdStreet – property investment
At Truss, we are also doing our bit: we have developed a unique listing and transactional commercial leasing marketplace, Truss CRE. Built by brokers for brokers, it’s designed to streamline leasing transactions by fully automating the search-to-lease process. We recognize that you need cutting-edge broker technology tools that make you more productive and competitive. Think of our platform as your able “team member” fulfilling many of the tasks in the leasing process for you. Whether you are an industry veteran or just starting in brokerage, Truss CRE will increase your market expertise and help you expand your book of business.