The adage that you should always put your client’s interest first has never been more relevant. Client-centricity helps align corporate and operational objectives with revenues and income. And in today’s hyper-competitive business environment, good technology can show your clients that you’re worth their investment.
But for many firms, technology doesn’t come to mind when trying to win over clients. A typical boardroom “pitch” between a service-provider and a client rarely focuses on technology. People tend to perceive it as a business expense rather than a value-add tool. But today, the flexibility, power and efficiencies gained by using commercial real estate technologies are too compelling to not use it as a way differentiate yourself.
So how can technology help you build your clients’ commercial real estate portfolio? The data output by the technology can add value to the client relationship and differentiate your offerings. The output of reports, service delivery, data, analysis and comprehensive strategy will all improve. And using the latest technology says a lot about your business:
It Shows You Are Progressive
Imagine that you were selling your home and found that your realtor didn’t know what the Multiple Listing Service (MLS) was. Would you trust them to market your home properly? The same applies for commercial real estate. Firms that adopt and use the latest technologies shows that they are progressive and on the leading edge of the marketplace. They understand the ways the latest technologies enhance operations, and view it as a business tool instead of an operating expense.
It Shows You Know Your Client’s Commercial Real Estate Portfolio
In today’s digital era, data and information are everywhere. This is especially true in real estate and property management. Compliance, revenues, energy use, costs—these are key data points that your client’s track, analyze and optimize. A firm that does not use related technology to collect these data points is implying that there might be gaps in their information or operational performance. Transparency is strength.
It Shows You Know the Market
Data has penetrated all aspects of the real estate and property sector. Today, not having a full picture of available data points on market trends and statistics shows a critical lack of expertise. Being a market expert is no longer about hunches. Today’s clients want supportable information to make informed decisions about their portfolio.
It Shows You Are Efficient
Beyond value and quality of work, your clients want to ensure they are getting the most from the fees and consulting capital they are spending. Clients rarely ask a firm what their operating margins are. But the use of technology is often an indicator of a firm’s operating strength and efficiency. There are issues if a competitor can do the same task in half the time.
It Complements Your Human Capital
Vernor Vinge, a science fiction author and mathematics professor, once said, “So much technology, so little talent.” Organizations should never forget that technology should be complementary to human capital. The ability to emphasize that relationship is important. Firms often focus too much on the strength of either their technology platform or their personnel.
Smart firms show their clients that it’s about both. Their combined human and digital capital adds value and differentiates them in the market.
Being a real estate expert is not always about the real estate. More often than not, it is about the tools, information and platform. They allow you to be an expert and help your clients manage a competitive commercial real estate portfolio, and technology is critical to this perspective.
You know that Commercial Real Estate Portfolio software like 4tell™’s iPlan™will help build your business, but does your C-suite? Learn how to pitch it with our guide to getting buy-in.