Building and technology

3 Experts on Technology and Navigating the Current Crisis

There’s no denying all of our lives have changed drastically in recent weeks.

How we work and communicate has shifted — and that means you have to adapt if you want to succeed.

And in many cases, technology will play a major role.

Here’s how three industry experts expect the current crisis to impact commercial real estate’s relationship with technology.

1. Increasing adoption

While commercial real estate has historically been slow to adopt technology, the inability to meet with clients face-to-face has brought tech adoption to the forefront.

“This is a situation where the dinosaurs have been forced to do what they said they would never do. They said they would never do a virtual showing, they would never do a Zoom call, they would never use CRM, or all the applications we’ve built for them to use. They now have been faced with a dilemma, which is either use those things or go broke, and so, they’re using those things. Brokers are very fast learners. They’re very smart. They know how to go where the action is. And I think what this period of time has shown the brokerage community is you can get an awful lot done — more than you thought you could get done — remotely.”

Brett White, Executive Chairman, Cushman & Wakefield

2. Reducing friction with clients and prospects

Doing business just got a lot more difficult.

Because you can no longer meet prospects and clients in person, you’ll have to get creative to close deals — and the more you reduce friction, the more success you’ll have.

“Anything that is digital, frictionless, involves less manual intervention in areas like market research, marketing, data collection, asset/deal management, financial products like insurance and appraisals, transactional/leasing platforms and marketplaces, mobile payment, building access, property management, tenant communication, energy efficiencies, etc. will move to the head of the adoption curve.”

Michael Beckerman, CEO, CREtech

3. Staying connected

While social distancing guidelines and shelter-in-place laws are keeping us at home, that’s no reason to stop collaborating.

At SIOR, leaders are providing members with tools — like an online forum — to ensure communication and learning continues.

“In addition to the open forum, we set up an online town hall where we can discuss specific topics, and share initiatives that we’ve been working on with the members. We’re replacing the lost opportunities from the live events. Forty percent of our membership is independent brokers, and they use SIOR predominantly for information like this.”

Mark Duclos, President, SIOR