In today’s multifamily investment sales market, speed, visibility, and transparency are crucial factors. To gain a competitive edge in this environment, many brokers have turned to technological tools. However, according to Buildout Co-CEO Kris Krisco, the day is fast approaching when technology will become an essential aspect of winning deals and closing transactions.
Q: Is having a competitive edge more important for brokers now than ever before?
A: Absolutely. The commercial real estate industry is currently facing dynamic and challenging conditions. While it may be difficult to definitively say that this is the most crucial period in history due to the cyclical nature of the industry, there’s no denying that having a strong competitive edge has never been more important – especially with fewer deals available.
We’ve noticed that many brokers rely heavily on external market forces instead of taking proactive measures themselves. This approach can be risky as success cannot always be guaranteed by waiting for potential rate cuts or other external factors such as changes in government policies or interest rates.
The top-performing brokers are those who actively navigate their clients through these tough times by exploring unconventional paths like auctions or tapping into cash-rich international buyers’ networks. Their strength lies in their agility and adaptability – being able to react quickly and effectively to changing market conditions sets them apart from others during challenging times like these.
Q: What other factors might hold back some brokers from reaching their full potential?
A: One key factor I call “creative effort” often prevents even high-performing brokers from maximizing their potential – especially when it comes marketing themselves effectively along with listing properties successfully.
Top-performing agents stand out because they’re highly active; however there’s still room for improvement – particularly regarding personal branding efforts which tend not receive enough attention despite being critical elements necessary between securing listings & closing transactions successfully.
Effective communication within the market plays an essential role here; if you fail consistently engage prospective clients then you’ll be out of sight and out of mind. This is particularly true in challenging times like these, where maintaining strong relationships is crucial for deal-making. So it’s not just about the effort put into securing listings; nurturing relationships and maintaining visibility in the market are equally important factors that unlock real potential.
Q: How can technology help brokers stay competitive?
A: Consistently using social media is a smart way to leverage technology as millennials take on more leadership roles within commercial real estate. In our recent DNA of CRE survey, we partnered with The Brokers List to gather broker inputs – 74% responded stating they use social media today.
However, there are other tools that can make a significant impact but aren’t being utilized as much as they could be. At minimum, every broker should have access to prospecting data and a CRM (customer relationship management) tool – these are no longer optional extras but essential tools for success. I’m naturally biased towards marketing tools too!
Currently, technology offers brokers an edge over their competitors; however this advantage will only continue expanding rapidly between those who embrace it & those who lag behind at an astonishing rate! By mid-2025 if you’re not integrating tech into your workflow then you won’t compete effectively or serve clients properly.
Q: What advice do you have for someone looking to ramp up their use of technology in brokerage?
A: Partner with companies that care about how you utilize their tech instead simply selling products – ask detailed questions regarding support & educational resources available such learning/development platforms? Do they offer tutorials/videos/content? Also consider accessibility/responsiveness from support teams when evaluating providers
You want a partner rather than just provider – good partners answer confidently/clearly demonstrating commitment beyond sales by ensuring effective integration into your business maximizing benefits from utilizing tech within brokerage
Q&A Closing Thoughts:
Artificial intelligence (AI) has been one buzzword dominating discussions at this year’s World Economic Forum in Davos (which was going on during this interview), sparking questions about its implications and impact on various industries, including real estate. Brokers are reacting diversely to this wave of change – some eagerly exploring new AI tools for a competitive edge while others feel overwhelmed & unsure of their place in a future dominated by technology.
At Buildout, we’re integrating AI into every facet of our application with the goal being becoming trusted ally for brokerage community handling complexities so you can focus what you do best! The responsibility lies with tech companies like ours to demystify jargon making AI accessible/practical everyday commercial real estate professionals.
We believe successful CRE market thrives under leadership brokers but powered by technology starting today. That truly broker remains central transactions however value they bring also evolving – empowering brokers have deeper insights into markets offering unique informed advice clients something valuable/previously unattainable
Brokers who harness these tools effectively will lead pack; how should brokers approach utilizing AI? Pick horse (referring tech companies) look someone trust handle complexities behalf embrace change partner provider understands needs translates high-tech capabilities tangible user-friendly solutions key not just surviving thriving enhanced future real estate!
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