Agents and brokers that deal in commercial real estate are using technology tools to boost business efficiency — and profits. A recent airing of America’s Commercial Real Estate Show revealed the must-have real estate technology tools favored by industry leaders. (Free downloads of show podcasts are available on iTunes.)
Here’s a rundown on some of the new tech tools that are gaining traction among commercial real estate agents. You’ll want to keep reading even if you don’t sell commercial real estate. Some of the tools featured below can also be effectively applied to the sale of residential properties.
The new mobile app Ten Eight, developed by the like-named technology firm, allows potential tenants to score an office building’s facilities as they tour the property. Available free to real estate brokers and prospective tenants, the app was developed to help tenants differentiate one property from another as they search for the ideal business space. The app allows tenants to record their initial impressions of a site, turning those impressions into comparable data that tenants find invaluable when it comes time to make a final decision. Ten Eight is in the process of expanding its app to include retail and industrial properties and provide access to floor plans and property photo/video tours.
Site to Do Business, developed by CCIMTechnologies, researches comprehensive demographic data for a specific market or sub-market. The program efficiently targets potential local property investors or tenants. For example, if you want to target the medical community, Site to Do Business can pinpoint all medical practitioners in the area.
The CoStar Go app offers access to a suite of data/information products that immediately bring Realtors up to speed about a property site, providing instant information about tenant data, lease comparisons, market demographics and other vital statistics.
Commercial Investment Analysis Software created by REI Wise automatically sifts through input data to create diverse sales aids from marketing materials to cash flow and return on investment analyses. The program multitasks so you don’t have to, allowing agents to spend more time in the field.