Personalization Is Key for CRE Tech Firms
The commercial real estate industry has always been based on personal relationships. This made technology a tough sell to brokers and other industry professionals hesitant to rely on computers and social media to do business.
But that situation has changed.
Technology is now completely ingrained in society, and with the rise of companies such as Amazon, Netflix, Salesforce and Google, there is an expectation to have whatever we want at our fingertips.
It carries over into commercial real estate as well.
Firms such as Real Data Management (RDM) are able to marry the two experiences. Not only are they developing software to help brokers, owners and tenants in effort to achieve their goals, they also have a very hands-on, face-to-face engagement with clients.
Jonathan Pedican, RDM’s Director of Customer Solutions, says, “After years of tenant movement in a building or floor, many demising changes happen over time. Landlords have trouble keeping track of accurate floor plans for leasing purposes.”
That’s why firms like RDM, which was primarily a CRE services company before it developed helpful tech applications for the industry, knew how to mix technology with down-to-earth commercial real estate experience. Their platform includes physically measuring the building in person, so there is no question about the accuracy of their application’s data, which includes floor plans and stacks.
RDM’s Senior Sales Strategist Jacqueline Kerner weighs in by saying, “We have a very personalized business. We found a way to wrap technology around our highly-regarded CRE services, which is key for setting us apart. We are truly unique in that way.”
Peter Boritz, CEO of RDM, says there is a lot of success with innovations in technology but that personal relationships are still important. “I don’t think that any technology firm coming into this business and is not aware of the value of personal relationships is going to do well. Our clients need the technology, but they need to trust someone as well. We can provide both.”
The key to understanding how commercial real estate and technology merge is a situation of balance. A company can offer several applications to give you plenty of data. And this is undoubtedly helpful. But a company that can give you information and have someone on the ground floor of your situation and personal business experience is certainly a valuable asset in making your leasing and transaction decisions. Technology is great, but in order for it to have the most value-add it needs to be mixed with personal experience.