Challenges in Adopting Modern Technology for Real Estate Firms

Rapid technological innovations have not only changed our lifestyle but also greatly impacted the working of organizations in different sectors. For example, commercial real estate companies have much more challenges to face as compared to firms that were working in the previous era. It is highly predicted that these innovations will completely change the way real estate industry operates.

As per real estate industry experts, the upcoming changes in the next five years are going to be completely different to those that took place in last half decade.

The advancement in technology has urged experts to think for new ways to face the challenged they have to face. Most of them have already taken viable steps to incorporate the use of modern technology in their regular operations. Investment in this department has helped them to achieve tangible benefits. For example net effective rents have increased considerably. Furthermore, due to embracing modern technology, they have also witnessed a better collaboration and sync in their teams working in different departments.

These fruitful results have proven to be encouraging for brokerage companies and CRE landlords. Owing to the growing prospects and proven benefits of incorporating digital technology in commercial real estate business, they can now fully commit to making this change and be prepared to face the challenges that will come their way.

However, the real test comes when it is the time to take the first step towards adopting CRE tech. Implementation and management of digital change can prove to be rather uncomfortable for companies because of technicalities involved.

Learning from the Experts

Real estate companies, that are willing to take the plunge and adopt the latest technology in their operations, need to learn a thing or two before the implementation. Some experts from renowned companies came forward in a recent user conference “Accelerate” and shared their experience of embracing the digital technology along with the benefits these organizations derived from it.

Let’s have a look at some of the key insights we have compiled that were discussed in Accelerate.

How is technology benefiting modern CRE organizations?

For some real estate companies that have adopted the modern changes; these changes have become a vital part of their routine operations. Some exceptional benefits they have obtained by embracing this change include an increase in leasing velocity, better decision making ability, and enhanced efficiency. This has given them an edge over rest of the competitors.

Practical Tips for a Successful Transition

The deal is to not only bring the reforms in the working of the company, it also includes preparing the workforce to adopt the changes. The approach company follows for the transition phase also matters a lot. The whole transition phase should be well-planned. Practical tips and guides from experts should be followed for a smooth changeover.

Recruiting Talented Staff

Talented individuals, who have expertise in the tech department, must be hired by companies willing to embrace the change. It is important to know the job requirements; thus, hiring should be done accordingly.

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