Forget the fresh coat of paint — if you want to really upgrade your office space, upgrade your technology. The latest tools in technology can add additional layers of security and improve user efficiency in any workplace, impressing both employees and clients alike. In no other industry is this truer than in commercial real estate. Learn more about upgrading your CRE technology with expert advice from CommissionTrac.
Commercial real estate has historically been an industry that is notoriously slow to change or to embrace and adopt new technologies. However, the tides are finally beginning to turn, and industry experts predict that this trend shows no signs of slowing down anytime soon.
However, Michael Beckerman founder and CEO of CRETech, a media company that has been tracking technology in commercial real estate for the better part of the last decade stated in a 2018 interview that – “In the last few years, though, there has been a sea change in CRE firms’ willingness and enthusiasm for accepting technology in CRE.”
Things to Consider When Upgrading Your CRE Technology
As a managing broker, how do you know how to upgrade and adopt your CRE technology? How difficult will it be to integrate with your existing systems? Will the new technology easily allow for AIP’s? What are API’s and will they provide the following:
- Vertical and horizontal integrations of data transfer?
- Integration with commercial real estate CRM system, such as APTO and ReThiunkCRE?
- Integration with accounting software, such as Quickbooks, Zero, or Peachtree?
- Integration with other data companies, such as Costar, VTS, Compstak, or Reconomy?
- Integration with property management software, like Yardi or MIR?
You may also find during your analysis that other software solutions currently being utilized don’t integrate with new platforms because they were developed with closed systems and in order to provide complete functionality and maximize productivity you may determine you need to upgrade other application currently being used within the organization.
Desktop vs. Cloud-Based Software
Another option to consider is whether you want a desktop or cloud-based software solution. Fintech software solutions, such as QuickBooks, Peachtree Accounting, and Oracle-based products do currently offer both desktop and cloud-based platforms but seem to be providing incentives to customers to migrate to their cloud-based platforms.
The most popular commission centric software, such as Delius, CommissionTrac, Realty Back Office, Broker Mint, and Broker Sumo only offer cloud-based options. Conversely, Costar’s legacy Brokerages Applications and Crichlow Software Development’s Leasecom are the two desktop applications available in the market.
Typically speaking, cloud-based systems are being offered on a monthly subscription basis, and with a lower upfront cost to implement than desktop systems and can be implemented without the need to potentially purchase exclusive hardware.
In today’s society that is so focused on cybersecurity and the safety of personal information, part of your decision-making process needs to focus on the security protocol of the vendor you are considering. The vendors’ security protocol is critically important especially if you are a publicly traded company. Cloud-based applications will generally have a higher degree of security than the typical brokerage operations firewall system implemented by your local IT company or providers.
CRE Technology Company
To find out how you can use technology to manage your individual receivables, commission plans, invoicing and distributions, please sign up for the CommissionTrac blog and learn why Techstars Atlanta selected CommissionTrac as their first CRE application for their intense 90-day mentorship program joint-ventured with Cox Communications. Learn more about CommissionTrac and request a demo today.