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Following the Money: Is Proptech the Pied Piper or the Savior of Commercial Real Estate?
Proptech is advancing all areas of commercial real estate from developments in building innovations and blockchain technology to smart homes and green tech. If you are a commercial real estate agent, you are noticing the change. Globally, real estate is the biggest industry and depending on where the data comes from, its value ranges from billions of dollars to trillions of dollars. That is a lot of money coming from one sector with investors throwing more into proptech innovations daily. So are all these changes in technology making the road to success easier or are they leading you down the wrong path? Tech investors are flocking to the real estate industry because they envision a future that allows you to better share information, control energy consumption, and improve construction workflow. Precise Information Change is good. Without the use of current technology, it would be virtually impossible to do business in today's commercial real estate market. Technology has allowed you to precisely measure square footage calculations, visit properties through 3D tours and submit all legal documents necessary through online methods. Simply put, proptech and CRE go hand in hand and incorporating them into your daily routine is essential. You cannot afford to fall far behind in your use and understanding of proptech, or you stand to lose your way. Data Commercial real estate deals with a huge amount of data. Everything from contracts and legal documents to building information and management operations. There is a need to provide easier and faster ways to source and transmit data. Enter the technology sector. Tech investors are jumping into the billion-dollar real estate industry to satisfy the need. According to Prescriptive Data in 2019, there were over $31 billion VC proptech investments. Companies are investing in ways to supply better and more accurate ways to deal with all the data through a variety of innovative methods. Blockchain Blockchain technology is not just for cryptocurrencies, it takes on a whole new meaning when delivering information in the commercial real estate industry. This developing proptech helps to easily maintain and control transactions in a very transparent way. Future audits of facts and figures are simplified through the use of blockchain technology benefiting you as a real estate agent by allowing verification of transactions quickly and easily. Reducing risk and streamlining processes are just some of the perks you can look forward to. Construction Management It's no simple task to construct a multi-level building from the ground up. Proptech building information modelling (BMI) will help in the planning, construction and management of a building's infrastructure for the entire lifespan of the property. You will be able to see real estate floor plans in 3D transformed entirely from hand-drawn sketches in a matter of a few seconds. Not only does this technology help everyone involved from architects and engineers to construction companies, but it will help provide current information to any prospective purchaser. Investments and Operations In a commercial real estate transaction, you need ways to accurately supply information to assist in your real estate marketing plan. Current proptech trends are developing ways to supply real-time data allowing management to make better-informed decisions. Up to the minute statistics on a property's history, neighborhood details and current ownership costs will provide for better ways to estimate the value and future value for decision making. Smart technologies will be able to monitor various algorithms and adjust for safer and greener environments. Monitoring airflow and energy consumption are just a few benefits of proptech innovations. All this translates into buildings being more attractive in rental markets for both the purchasers and end-user. Benefits for Real Estate Transactions Critical data for both commercial and residential properties will be available to include geo-location technology for planning and development purposes. Details on topography, flood zones, and soil stability will speed up the process necessary for construction and redevelopment sites. For real estate agents and lawyers, property transactions will be verified instantly for legal documents, land titles and transfer of ownership. Through advancements in technology, all of a building's information can be digitally transferred in a matter of minutes. Waiting for week-long responses to register a sale will soon be a thing of the past. Technology and CRE have travelled on different roads for a long time. But the future is clear, following the money trail could lead you on a path to success.
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REALTOR Uses RPR Commercial to Conduct Business and Break Down Barriers
Charlondra Thompson is a Realtor and Associate Broker with KW Commercial/Keller Williams Urban in Dallas. She started out as a residential agent, but quickly made the transition to the commercial side of real estate because of her business connections and corporate network. She was introduced to RPR about a year and a half ago through her local and state association, where she was encouraged to take some beginner classes and learn about the available reporting tools. This is where she learned that she can access RPR (through Deep Links) when she logs on to her MLS. "It just pops up!" says Charlondra.
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RPR Commercial: Map out a Path to Success
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Use Public Records to Find Commercial Prospects
To be a successful commercial real estate practitioner, you obviously need clients and listings. And you probably get quite a few through repeat and referral business. However, some signs are pointing to the commercial market tightening up in the near future, which means now might be a great time to brush up on your prospecting skills. Lead generation can play a key role in having a strong year versus a weak one.
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5 Simple Steps for Searching Properties in RPR Commercial
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RPR: Collaborating to Bring REALTORS a Pain-Free Commercial Resource
The convenience of a national, one-stop-shop in commercial real estate is complicated to say the least. Bouncing around from website to website and resource to resource just seems to be the norm. The ability to go to one place, for on- and off-market listings, for investment analysis tools and data, never seemed like it could be a reality for commercial practitioners. However, RPR is conducting research with members and collaborating with the strongest commercial real estate partners to make this come true for REALTORS.
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Top 5 Data Needs for Researching Commercial Properties
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RPR Commercial: 3 Ways to Start 2020 on a High Note
Happy 2020! It's a new year and another opportunity to set goals, reach new heights and have as much success as possible. We kick off the 20s with a "task-solution-process" look at how you can use RPR Commercial to farm for new prospects, run trade area reports to market your properties, and apply investment analysis tools to gauge ROI. Good luck in the coming year and be sure to incorporate the following tips into your commercial real estate workflow.
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Top 3 Underused Commercial Search Functions in RPR
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How to Implement RPR into Your Resimercial Business
It's certainly not an official REALTOR designation, but a few years back, a new buzzword surfaced in the real estate industry: "Resimercial." It describes residential agents who dabble in the commercial space, and vice versa. However, when it comes to applying RPR usage, the term "Resimercial" takes on a whole new meaning. We're talking about residential agents using RPR Commercial to strengthen their business capabilities and commercial specialists who use RPR Residential for the same reason. Today we'll take a look at how to access RPR Residential and Commercial, and we'll explore how toggling back and forth between the two might benefit you in serving your clients, being more successful, and closing more deals. Let's get to it...
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Leading Clients with Strategic Site Selection (6/29)
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Introduction to RPR Commercial (5/3)
Tuesday, May 3, 2016 at 1:00 PM PDT Do you have clients looking for the ultimate location for their business? In just 60 minutes, you'll learn how to create your RPR profile and how the three core functions of RPR Commercial can help you provide all the information your clients demand. We'll start by searching for and viewing property details. Then, we'll look at data such as psychographic, demographic and spending information to truly understand the consumers in a given neighborhood. And finally, we'll look at sales volumes via thematic maps and create an impressive report that summarizes all this amazing data. For REALTORS® specializing in commercial properties, this class is a must! Register now!
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Crossover to RPR® Commercial (3/2)
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Target the Right Consumer Base With Esri Data From RPR
Everyone has heard the highly-acclaimed real estate mantra “location, location, location.” In commercial real estate, this definitely holds, but it does so more because of the people that live in a location than the scenery or amenities surrounding it. Even the most beautiful retail location isn’t guaranteed to be successful for a tenant if his/her target consumer does not live nearby. So what is a REALTOR® to do? Fortunately, we can easily identify where our client’s ideal consumer base lives through the library of data found within Esri, and accessible via RPR Commercial. Esri, a forerunner in consumer segmentation for the commercial real estate industry for more than 30 years, operates on the theory that people with similar tastes, lifestyles, and behaviors will seek out others with similar preferences. The system uses multiple data sources to combine the “who” of lifestyle demography with the “where” of local neighborhood geography to create a model of lifestyle segments. This data then helps us understand the target customer’s lifestyle choices, buying habits, and how they spend their free time so that we, in turn, can advise our clients on site selection.
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Crossover to RPR® Commercial (2/3)
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Crossover to RPR Commercial to address those quirky residential questions (11/11)
Wednesday, November 11, 2015 at 9:00 AM PDT Ask any residential REALTOR® and they'll tell you there's no one size fits all approach to meeting the needs of clients. Today's agents fill a variety of roles, needing to know not just the neighborhood, but also local economic conditions. Join us for this trek into the RPR Commercial platform, designed specifically to address the interests of residential REALTORS®. We will look at three common scenarios: A client is moving to town and wants you to find them a commercial property and then a nearby home. A client is looking for a small residential investment property with a specific tenant segment in mind. A client has a trailing spouse and they are asking you about potential employment opportunities. Register now!
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Rural Area Agents: Cover All the Bases for Residential and Commercial Clients
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Achieving Success With RPR® Commercial
"Value" is a term we've heard often in our series of case studies on real estate success and Realtors Property Resource® (RPR). In our last article, we learned how Portland-based Regional Multiple Listing Services (RMLS) brings value to their members by integrating RPR data into their proprietary MLS system. Today, we're moving from the Pacific Northwest to Louisiana to learn how RPR adds value to commercial side of real estate. There, the Louisiana Commercial Database (LACDB) is the Commercial Information Exchange (CIE) that provides listing information on commercial properties for sale, exchange, and lease to the entire state. In 2013, LACDB integrated RPR and ESRI Tapestry consumer segmentation data to assist its members in site selection and the marketing of commercial real estate. "The integration with RPR gives us the ability to do really creative searches that we wouldn't be able to do with our database alone," says Ken Damann, Director of Information Technology for LACDB. "We're able to do searches to find properties that aren't in the CIE using RPR's psychographic and demographic fields and then cross-reference that data with our inventory." Damann cites RPR's "integrated public records and access to tapestry data" as two top reasons that LACDB decided to partner with RPR. But the most compelling reason is how RPR gives Realtors access to data that's only available to NAR members. "It really enhances the value proposition of Realtors versus non-Realtors," he says. Hands-On With RPR® Commercial Beth Cristina is one Realtor who finds value in RPR's proprietary data in her work as a commercial associate broker in New Orleans. "The maps and In-Depth Analysis tool are my favorite features," she says.
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Commercial Real Estate Success, Courtesy of RPR®
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Product Review: IXACT Contact
Regular readers of RE Technology will no doubt recognize the name IXACT Contact. They're longtime contributors whose articles on marketing and building relationships are consistently among the most popular on our site. After two years of sharing their great content, we thought it was time to write about them for a change. IXACT Contact is a full-featured real estate contact management solution with robust marketing capabilities. Today, we'll explore how the program can help agents: Stay organized and in control Keep in touch with prospects and clients Strengthen client relationships Convert leads into clients Manage their active business The Basics Your contacts--and the tools to help you manage them--are at the heart of IXACT Contact, and its interface reflects this. When users first log in to the program, they're greeted by a main workspace flanked by two navigation bars--one that provides quick access to your database of contacts and one that features the tools available to you. Both are present no matter where you are in the program.
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Beyond Residential: Commercial Agents Can Use RPR, Too!
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Commercial Real Estate Listings Tips
Commercial real estate. We rarely talk about it, but it's kind of a big deal. It is estimated that commercial real estate in the US is worth approximately $5 trillion. That's a lot of scratch! The NAR Commercial Real Estate Quarterly Market Survey released in July revealed that both sales and leasing activity are on the rise, showing significant improvement from the previous year. If you're a dedicated commercial real estate agent – or a residential agent thinking about trying something new – here are some commercial real estate listings tips that will help you best advertise your listings, whether you post them on the MLS (and syndicate to portals like PropertyShark and Homes & Land), LoopNet or elsewhere. The key to commercial real estate listings to be clear and concise, ensuring that you include every asset. Unlike residential real estate, a market in which some agents write creative listing descriptions, this is no place to encourage the reader's imagination to take flight. People have important business criteria to meet when choosing a commercial property for sale or lease so... just the facts, ma'am! Include accurate details of all structures on the property. Note the square footage, full dimensions, number of bathrooms, etc. Is there dedicated office space, retail space or meeting areas? How about any loading bays or warehouse space?
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Top 10 Articles from September
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Top 10 Articles from August
Putting together this "top 10" list was truly a pleasure. We've had some exceptional content this month. Enjoy these stellar posts from August – and please comment on the articles to share your thoughts! 1) How to Clear Your Browser Cache – by Lone Wolf How often has this happened to you: you make an update on your website, yet when you go to see the live changes they are not visible? Where did all my edits go? That is one of the most commonly asked questions we receive in the Lone Wolf Support Department, and is easily remedied by completing a quick process known as "clearing the browser cache." 2) 4 Steps to Holding an Open House for Another Agent's Listing – by Karli Larson of ePropertySites For many new agents (or seasoned agents who are in between listings) hosting an open house for a colleague can be a great way to meet new clients and get your name out there. Practices on holding an open house for someone else's listing vary. Some offices offer a flat fee to the agent holding the open house, and others allow the agent to claim the leads or client contacts made that day. If you're a motivated agent looking to expand your client network, follow these steps to "borrow" a listing for your next open house. 3) How to Stay on a Client's Radar For the Long-Term – by Suresh Srinivasan of ReachFactor Real estate agents are always thinking ahead. They have to, especially when it comes to generating new business and maintaining their real estate agent marketing. And often when a deal is wrapping up, if not sooner, you're already on to the next potential client. It's a survival business, for sure, but it's also a great rule of thumb to keep in touch with past clients as a way to stay on everyone's mind, get follow-up business and keep your name out there.
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7 Keys to Email Success
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