Commercial Investment Real Estate Spring 2020 | Page 45

On the other hand, if the initial suggestion for new technology originated from the back office, ex- perience shows adoption tends to go more smoothly. After all, they are actually going to be implementing and using the platform. While back-office staff are typically analytical, managing brokers, principles, and agents are more likely to have short attention spans and want to see snapshots of data in dashboards instead of de- tailed reports. In championing new technology to ownership, back-office executives should focus on removing pain points for managing brokers, principals, and agents. From the front-office staff, here are some common questions managing partners have in adopting new technology: Can the technology provide me access to real-time reports? Most managing brokers don’t have the tools in place to quickly get a true picture of their business. For many, making a request for a standard receivables report, a report on booked future income report, or a future revenue projection report can easily take several days, if not longer. Will the technology improve transparency with our agents? Agents want to be fully aware about commissions. Reducing grievances can reduce tension with your producing agents and allow more time for agents, managing brokers, and back-office staff to fo- cus on revenue production. What are the costs and the potential pay- back of the technology? Although new technologies It’s no longer a matter of being an early adopter; if you aren’t evaluating and embracing new technologies available to our industry, you are losing business and talent to your competitors. do have costs associated with them, gains in back-of- fice productivity can ultimately keep cost down. In a growing economy, new technology can keep expens- es in check as organizations grow. While in a down- turn or normal corporate attrition with individuals retiring, technology may give companies the abil- ity to trim personnel without a loss in productivity or transparency. Can the platform help the company budget and forecast more effectively? Technology can provide in- sight on how and where they derive their clients and their income. Are any of our competitors using the platform? If so, evaluating and adopting new technologies are crucial in attracting top talent and producers. It’s no longer a matter of being an early adopter; if you aren’t evaluating and embracing new technolo- gies available to our industry, you are losing business and talent to your competitors. Learning to successfully implement technol- ogies is key, because, when done effectively, it means more profits. Daniel Levison, CCIM, SIOR CEO of CRE Holdings in Atlanta Contact him at [email protected]. Turner Levison CEO of CommissionTrac in Atlanta Contact him at [email protected]. IF YOU WEAR THIS PIN, YOU ARE A MEMBER OF THE NATIONAL ASSOCIATION OF REALTORS ® As a member, you have access to: • Exceptional advocacy on legislative and regulatory issues • Valuable savings and discounts through the partners in the REALTOR Benefits ® Program • Industry-leading research and technology TAKE ADVANTAGE OF THESE MEMBER BENEFITS AND MORE AT www.nar.realtor/commercialbenefits CIREMAGAZINE.COM COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE 43