Commercial Real Estate Companies Should Adopt Technology in Simple Minimal Steps
If technology was slowly being adopted in the Commercial Real Estate Industry (herein referred to as “CRE”), COVID-19 accelerated the use of technology in the CRE industry. As most of the Commercial Real Estate workforce moved to remote work, most property tours turned virtual, most tenant communication converted to online channels and instant messaging, and operations now rely more on cloud based software applications to manage daily tasks. These tools undoubtedly lowered costs, while delivering immediate ROI to Commercial Real Estate Companies.
While these measures may help streamline business processes and ensure business continuity, Commercial Real Estate companies still struggle with technology adoption and key business processes. Many Commercial Real Estate Companies uncovered shortcomings in their technology capabilities and data management capabilities. Many Commercial Real Estate companies for example seek usability and simplicity in their use of technology, coupled with privacy concerns. Recent research by Deloitte revealed some interesting data points to consider if you are a Commercial Real Estate Company in the midst of technology adoption.
Here are the results;
Most Commercial Real Estate Companies (CRE’s) will continue cost reduction measures, while adopting simpler, smarter technologies to further streamline their operations.