How CRM Benefits Commercial Real Estate
The Challenges of Commercial Real Estate
Painful Documentation Processes
CRE leasing processes involve a lot of documentation. The agents, lessors, lawyers, guarantors, and financial institutions pass the contract back and forth in multiple iterations. Digital documentation with CRM reduces the chance of errors and makes the process more efficient.
Need for Internal Checks
The number of parties involved in leasing transactions creates more opportunities for fraud. Processes for internal audits, approvals, and data governance help mitigate these concerns and can be built into workflows using the CRM.
Privacy & Security Risks
Manual processes with spreadsheets leave CREs open to security issues. Digital systems encrypt data so it's only accessible by authorized users.
Inefficient Manual Tracking
Entering and verifying record details is an unnecessary and time-consuming administrative task. Manual tracking can be eliminated using CRM, freeing up employees to focus on more important tasks.
Cost of Managing Short Term Leases
Many tenants are shifting preferences to short-term leases, leading commercial property owners to constantly update documents and recalculate fees. Automated workflows systematically update these documents and calculations to maximize profits while minimizing tedious manual work.
High Intermediary Costs
The more third parties involved, the higher the intermediary costs. Streamlining the process with CRM and integrating additional systems reduces the number of touches it takes to complete a task.
A Commercial Real Estate Case Study
Due to a failed custom coding project by a previous partner, the National Bureau of Property Administration had a spaghetti bowl of data that didn’t satisfy even the basic requirements of their software program, thus making all things more difficult. Technology Advisors (TAI) created a technically sound, reliable data structure for a web of multi-relational entities. TAI put in place proprietary innovations and program add-ons to create summary screens which eliminated the need to search over several screens or drill down for more details.
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