Business development through technology: The effects it has on a broker’s ability to grow - by Andreas Senie

Andreas Senie, EAC Propertie

The commercial real estate industry continues to be turned on end with new and emerging technologies - but are they helping users or killing deals?

Today’s technology can greatly improve  a broker’s ability to grow and prosper.  Beltway Bob the broker, an area expert, now is able to broker effectively from the beltway to Broadway utilizing analytics and communication tools, prospect conversion, pipeline management, and marketing.  The industry is mushrooming with available platforms to increase productivity.

This influx of technological solutions can certainly be a boon to the savvy broker, but the commercial real estate industry has always been and will always be a business of relationships; so is this technology hurting or helping the industry? In my opinion, as with all new technologies, it comes down to the skill and care of those wielding the tools.

For instance, there are many services that make owner information, transactional information, and mortgage information readily available. Technologies do allow us to quickly access important data, however total reliance on those  systems in lieu of “on the ground” leg work opens us to errors so egregious that they could kill a relationship from the start.  Let’s say that, using technology, we have identified opportunities where we can present value to a prospective client. Using these powerful tools, we source the opportunity, set the meeting, and arrive with a detailed market analysis and valuation to showcase our value. However, the owner name we have on file is from four mergers ago and the tax data was not updated with new owner information, leaving the broker significantly embarrassed for missing what is perhaps the biggest part of an introduction: your prospective client’s name.

In brief it is vital for brokers to do the work to learn their markets and their key players, AND to capitalize on the latest technology.

AgileCRM, an all-in-one tool that allows management of client relationships while managing marketing and tracking ROI on digital endeavors, is is a great tool for growing your business, but does require set-up time and proper implementation.

Constant Contact, an email marketing service is a great example of a powerful segregated tool. Constant Contact a rising star among brokers pushing out email campaigns to “verified contacts” keeping industry professionals apprised of opportunities and allowing us to communicate through mass email to our professional spheres. The detriment comes when they replace phone calls with digital communication.

Most brokers are well aware of Loopnet, a commercial real estate listing marketplace, as well as Costar, an analytical database for commercial real estate, and understand the role of these tools in presenting, comparing, and sharing properties.

A significant shift in business is the adoption of high quality individual websites, presenting opportunities in great detail, with video, live 24/7 representatives, and constantly updated information. With marketing platforms, web design, and analytics services multiplying we are seeing a shift of showcasing opportunities not on just Loopnet or similar platforms, but premier marketing on individual brokerage sites where information by law must be current. 

Dedication to continued high-touch, high-transparency communication through inter-personal communication, remain the winning quality in a broker, and is essential in today’s constantly shifting markets where verified information is key. In a world where communications are being captured in fewer and fewer characters, making calls and shaking hands while utilizing technology to maximize golden deal hours is the surest path to success for brokers.

In short, there is no replacement, magic platform, or product that replaces a broker’s on-the-street knowledge. There are platforms and technology that enhance and expedite a broker’s ability to source win-win scenarios for clients and professionals,  the question to ask is how are these new modalities being used? 

As far as myself, I utilize my in-depth background of commercial real estate brokerage and business development, including CRE technology experience, to identify win-win scenarios for my clients/partners. I am constantly adapting to the latest technology without losing sight of traditional business values.

I work as a bridge between traditional deal making and tomorrow’s technology, providing individually tailored service combining the best of both.  Please do not hesitate to call with any questions or if there is anyway my company or I can be of service. All communications are held in strict confidence.

Andreas Senie is managing partner at EAC Properties, Fairfield, Conn.