How Smaller Brokerages Can Compete With National CRE Brokerages
Daniel Levison | April 25, 2019
In two words – technology and national networks.
“Building a technology stack sounds a little geeky, but it’s actually pretty simple” Mike Mullin CEO at Integrated Business Systems (IBS) a boutique business technology solutions consulting firm created in 1979 recently stated in one of his company’s blogs.
Michael is a firm believer, as is the CommissionTrac team, that small brokerage firms can successfully compete with national, well capitalized, CRE brokerage firms by always staying on the leading edge of technology.
Small nimble CRE brokerage firms utilize a variety of CRETech applications to increase productivity and increase efficiency and add value in creative utilization of today’s new CRE technologies allowing their clients’ opportunities to make more confident and informed decisions.
If you are considering developing a tech stack or adopting commercial real estate technology for your CRE brokerage, here are some of the best in class applications you should consider reviewing.
Tech Stack Applications
Imperium IBS’s lease management and accounting system offers full financial management and reporting including functionality to handle rental rate escalations and expense recoveries and lease abstracting.
VTS a leasing platform providing space management tools offers very effective collaboration between owners, asset managers, brokers and tenant rep agents working directly with prospects. As deals process through the pipeline at various stages, VTS keeps all parties informed of the deal status until the deal is or isn’t consummated.
Buildout is a CRE application that has revolutionized the entire listing process for brokerages around the country. Buildout’s marketing tool allows brokerages to produce beautiful, brand-consistent marketing instantly, saving time by eliminating tedious tasks and focus on what’s most important: closing more deals and growing their business.
FUEL Is an affordable alternative to Argus with a focus on property valuation, cash flow forecasting with intuitive, fast, accurate modeling for the purchase of CRE properties.
Modern CRE CRM platforms manage contacts, properties, listings, and pipeline deals. With information accessible from any device at any time anywhere in the cloud CRM’s help landlord and tenant reps, and investment sales specialists manage their business and relationships. ReThinkCRM , APTO, and ClientLook are all effective CREcentic CRM’s.
CommissionTrac is a cloud-based application specifically designed to track and manage the complexities of commercial real estate commissions. By automating this traditionally manual and tedious task of the leasing and sales transaction it helps agents get paid on time with transparency.
CommissionTrac supports back-office professionals as they capture and instantly reports on the most important aspect of their business – their revenue. Additionally, CommissionTrac provides brokerage companies with the ability to create their own internal sale and lease comparables database.
Compstak is a cloud-based service for lenders, landlords, brokers, and investors operating in the commercial real estate space. A growing list of top tier banks, private equity funds, owner/operators, REITs, and advisors rely on CompStak for providing them with valuable market comparable transactions as part of the due diligence and decision-making process.
DocuSign, is a contract management application that enables users to complete online business transactions quickly and securely on any mobile device.
SiteCompli is an application that helps clients navigate the rocky site compliance, regulations and ordinances. It also provides site-specific data and round-the-clock monitoring to keep owners and managers abreast of changes and possible violations before they become problems.
If your CRE brokerage is handling third-party management, Honest Building is a leading integrated, data-driven project management and procurement platform built for commercial real estate owners and managers. Honest Buildings utilizes centralized project data to provide increased transparency, automate bid management and standardize reporting for CRE owners and managers.
Building Engines, is another comprehensive web-based operation management solution for owners and managers of all property types. Building Engines connects the people and processes involved in running individual buildings and entire portfolios. The product empowers property management professionals to capture actionable data in day-to-day activities, automate workflow and facilitate communication among individual team members, vendors, and tenants.
Although there are literally hundreds of other CRE applications available for consideration. If you are serious about creating a technology stack that allows your CRE brokerage company to compete with larger national and international organizations starting with a CRE consultant like Mike Mullins at IBS is properly a good place to start to help you navigate through all the available options.
Another extremely effective approach for smaller CRE brokerage companies to effectively compete with their national counterparts is to join a national and/or international networks.
Some of the most effective national networks are NAI Global, TCN Worldwide, CORFAC, SIOR, and CCIM. Each of these networks offers features and opportunities that allow companies and agents to leverage their skills and client relationships national and international.
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 by visiting our website.