Are you thinking about expanding your technology repertoire for your commercial real estate business? Not sure which new technology will fit into your CRE firm? Before you decide to add to your tech stack, there are a few questions you should ask. After all, adopting new technology into your company is a big decision and you need to make sure that you are adding the right new tech that will add value to the business.
Here are five questions you should ask before adding to your tech stack.
How Will This Tech Add Value?
The days of adding tech just for the sake of doing so are over – now you need to ensure that any tech you add is propelling your company to surpass competitors. One of the biggest ways CRE professionals win clients is with amenities. So, before you spend thousands of dollars on a new piece of technology, ask yourself how your clients will benefit from the technology and if the cost of technology will offset the value.
Will Adding This Technology Enhance Existing Services?
If you are looking to add tech that boosts your current services, you need to determine how the process can be done better so you can outline how adding a technology will truly enhance the existing products or services you have. One of the biggest keys to adding tech to your company is to ensure it will integrate with the technology you are already using.
Does My Company Have the Time to Learn the Tech?
Not all technology is the same – some are more user-friendly than others. Think about all of the tasks a commercial real estate agent or broker has to accomplish in a day, will this new technology make these tasks easier or tack on more to their to-do list? You want to ensure that the technology you add is easily adoptable and useful to the professional and not just another technology they will spend hours training to use.
Will This Tech Help the Business Grow in the Future?
All of the technology solutions commercial real estate clients choose needs to support future growth. For example, there are different levels of subscriptions for cloud-based platforms that one can take advantage of depending on anticipated growth.
Is the Technology Mobile?
Commercial real estate is a flexible and mobile industry, which means the technology used within the industry needs to offer mobility. Brokers and agents need to be able to accomplish things from anywhere at any time with their colleagues. CRE technology adopters want their technology solutions to be as flexible and mobile as their business is. While both the return on the technology investment and the cost are probably two of the biggest factors that play into the adoption of certain technology for commercial real estate, there are other factors that should be considered as well. Before you choose to add to your CRE tech stack, make sure you are answering these five questions first.