How to Create Data Ownership & Market Comparable Information with Your CRE Technology
Logan Paton | December 6, 2018
As a managing broker, the CRE technology in your office should provide opportunities to differentiate yourself from your other CRE competitors while also providing leadership with insight on the pulse of their local markets. While this sounds like a simple concept, believe it or not, it isn’t true with many of today’s closed software systems. But why?
Data Ownership Through Commercial Real Estate Software
There is a tremendous benefit to data ownership — managing and owning the data your agents and brokers put into their customer relationship management (CRM’s) software or market comparable systems managing the data is critical. With many of the available data platforms that industry professionals utilize you actually lose the ownership of your data, whether you realize it or not. So, how do you get this data back? So, how can you manage and keep ownership of “your” data in the first place?
By owning your own data, it becomes proprietary information, in that other brokers simply won’t have the same information that you do. This ownership not only makes you more efficient and able to do your job better, but it can also separate you from your competitors making you more valuable to your clients.
You can then use this data to generate marketing analytics, further demonstrating your market knowledge and value to your clients by providing insightful, detailed and accurate information.
Benefits of Commercial Real Estate Software
As an owner or managing broker of a CRE brokerage firm if you make an effort to implement and automate your back office operations, the byproduct, if done correctly can be an incredibly accurate and detailed sale and lease comparable system for your brokerage operation.
So how can this be done? Simply stated, with the proper system in place you can capture sale and lease comparables through internal worksheets or vouchers your agents are completing, in order to get paid. This information can be captured immediately after a deal is completed — while all of the relevant deal details, such as free rent and TI cost, are still fresh in their minds.
By utilizing a third party platform like Delius, APTO, CommissionTrac, or ReSimplifi, this information is created at the same time you are increasing your back office productivity and transparency with your agents, administrative staff and C-Level executives within your organization.
You can think of this as feeding two birds with one seed: increasing operational efficiency while simultaneously growing an internal comps database that can prove invaluable to you and your clients. Over time, as your data continues to build up, you may even be able to reduce your cost with other data providers when you are working in your local markets.
Platforms should allow your back office to streamline their accounting and commission management thereby removing the current headache of managing brokerage commissions.
What to Look For in Commercial Real Estate Software
Any platform you may consider should also provide simple workflows and accounting journal entry automation for everything that is happening after the deal closes, Best in class applications should be developed with open architecture systems so they can more easily integrate directly with QuickBooks, ledger accounting systems, CRM’s and property management platforms.
Applications should mobile, have user-friendly interfaces and have a voucher/worksheet process to capture all new deal information in one place and at one time — meaning no more double data entry.
Additionally, the system should allow for accounting automation, with workflows designed to save you time, reduce manual data entry, and get everyone paid faster. Best of class platforms should also have reporting systems equipped with both pre-made reports ready right out of the box, but also the ability to download to Excel or Google Sheets to create customized reports to see the data that is important to you.
Commercial Real Estate 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.