Many of the top commercial real estate firms around the world have hired a Chief Technology Officer to manage all the technology the brokerage uses to operate. Every single commercial real estate firm in today’s day and age is a tech company essentially, which means hiring a CTO could elevate the firm to the next level.
What Does a CTO Do?
A CTO oversees all of the implementation and adoption of new technology for the firm. The CTO makes sure that the brokerage has all of the right technological solutions to overcome all challenges. They are involved in everything from the business strategy and planning to research and development. The CTO advocates for the service platform and are the forward-facing representatives of the brand and will show how new technologies will add value to the commercial real estate industry.
Advantages of Having a CTO
Commercial real estate is a competitive industry and it seems like top firms are introducing new technology on a weekly basis. This means these firms have to constantly be innovative and find new ways to boost efficiency using tech products, find new integrations and adapt to an ever-changing viewpoint with AI, mixed reality and predictive analytics altering the daily workflow. A CTO can help navigate the firm through vetting technology and determining which will be the best for the firm, so they can stay on track to beat out the competition.
A CTO can also help project into the future and help determine how to stay ahead using technology. It simply is not enough to stay up-to-date on current and new updates. Think about all of the industries that have been killed off due to advances in technology. To stay competitive in the commercial real estate industry, the firm needs to employ forward thinking. A CTO can help become the brokerage’s visionary.
Beyond serving as a visionary, the CTO can also make sure the firm is utilizing all existing technology to its fullest potential. A CTO can bring more color and insight into the technology the firm is already using and help customize solutions for the firm. When a CTO cuts out inefficient and lengthy, unnecessary processes with more automated and modern ones, this can greatly improve the internal communication and help eliminate redundant tasks and improve reporting for better decision-making.
Does Your Brokerage Need a CTO? The Answer
Technology has become one of the biggest drivers of commercial real estate and your firm will quickly fade away behind competitors if you do not have a technology strategy that is spearheaded by a CTO. The CTO can promote a firm’s solutions and can position the brokerage as an industry leader. As more and more technology enters the industry, it will be hard to keep up and stay relevant without a knowledgeable person who can articulate a vision for the firm’s future in regards to technology. Hiring a CTO can be costly, especially since it is crucial to find the right individual for the job, but the benefits cannot be matched in a competitive industry like CRE.