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].
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