In the digital transformation era, the evolution of commercial real estate (CRE) technology has progressed more slowly over the years than in other industries. As we discussed in the first part of this two-part series, CRE technology has been historically reactive, responding to problems and trends only after they’ve been identified. However, big data opens the way for technology-forward, insightful and proactive solutions that solve business challenges before they’re seen as problems.
A report from Deloitte about “The Future of Real Estate Service Providers” poses the vital question: “What drivers and trends will decisively impact the future of real estate services?” The 22-page report can be summarized with this: analytics and technology.
Among the predictions in the Deloitte report, one stands out: In the near future, large companies specializing in data collection and processing will enter the real estate market.
The next wave of thinking on the role of analytics in CRE is how we can easily access and use actionable data. It’s not enough to simply collect big data — it’s essential that data generate insights that influence day-to-day business decisions. With the growing mobile workforce, the need to ensure that solutions are accessible for on-the-go users is paramount. This empowers clients to make required real estate decisions that support their business goals.
In this article, we’ll discuss how technology solutions are becoming disruptors within CRE, harnessing the power of big data to bring actionable insights through mobile enabled solutions.
Mobilizing Data and Analytics
Technology innovations are integrated into our lives, from smart TVs and phones to easy-to-use smart-home solutions. The user-friendliness of these products has paved the way for CRE technology and analytics integration — users already have the required mini-processors in their pockets.
For CRE advisors, being able to quickly access the data needed to assist their internal clients in portfolio decisions is a necessity versus a desire. Technology is now capable of ensuring that users can access market information, site and market strategies for the company globally all within their hand-held devices.
Colliers’ Technology Services’ analytics solution, Colliers360, assists clients in defining the right strategic solution for their company and provides real-time access to a current snapshot of current portfolio performance. This includes forecast projections for growth along with data on site utilization to predict future site demands — all from a mobile device.
The way people work has changed, shifting from solely working in an office to answering emails on a plane. And in a world where messaging 24/7 is commonplace, clients rightly expect to be connected to their advisor with one click. Accessible applications increase connectivity by creating additional touch points for clients.
The biggest example of ready-to-implement analytics are web applications and mobile platforms for smartphones and tablets — reactive technologies that respond to user devices. The global market means people are on the go, and so are their clients. Mobile technology with client-focused solutions allow advisors to connect with clients when, where and how they choose — all within an evolving real estate landscape.
Although clients can do much of their property research online, they still need to partner with the right team of advisors to articulate market dynamics, facilitate negotiations and finalize contracts. In other words, the right team will help make their client’s data actionable.
Making Data Actionable with a Technology Services Team
CRE technology teams play an integral role in client success and satisfaction, incorporating the continued growth and solutions from technology innovations. Real estate professionals know how important data is in modern-day CRE. Technology teams work with the CRE teams to understand how to identify, process, apply and visualize that data.
An experienced technology team sifts through the endless amount of data available, finding and applying the right data to create actionable solutions. They provide insight that helps you evaluate locations, equipping you with the information you need to achieve your real estate goals effectively.
With data technology and analytics, technology teams translate information that will help you make informed decisions for your business. These teams focus on developing solutions that incorporate the growth of automation to transform property management, streamlining lease abstraction, system integration and more.
Technology services teams help drive digital transformation by meeting business leaders at the intersection of data analytics and smart strategies. These teams also facilitate change management by implementing technology and guiding users to transition from manual analysis to adopting an innovative and streamlined system in place.
In this digital disruption era, CRE will continue to see an increase of solutions focused on ease of access to data that enables powerful real estate decisions to fit for the future.
About the Author:
Linda is the Senior Vice President of Colliers’ Lease Administration and Technology Services in the Americas Occupier Services group. She is accountable for facilitating global collaboration, developing differentiating client-focused solutions and delivering enterprising client services.