Many CRE professionals manage their property databases separately from their core CRM. However, this siloed approach is quickly giving way to a more integrated data management strategy.
Today’s CRE technology companies are working with CRE brokers to develop self-managing CRE databases that provide brokers with an edge on market intelligence, while automating the process of publishing client / marketing collateral.
Now more traditional companies that once cornered the market on property database management are partnering with database software providers to give brokers greater flexibility and control.
3rd Party Databases of Properties Usurped by Self-Managing CRE Database Software
A lot of the work that used to be done manually by commercial real estate agents is now automated (or can/should be!). When you upload a contact and website information, a modern CRE platform will automatically add information where you need it for customer analysis and easier data retrieval.
Agents no longer have to manage their entire real estate business using a single platform provider. Now you can have property database tools that can be customized to work with all of your other CRM tools.
This disruption to what had become the norm in CRE database technology is fast becoming a lucrative niche business. In fact, one study shows that last year nearly $2 billion in venture capital was invested to back these kinds of commercial real estate software startups.
New Technology has Benefited CRE Agents and Brokers
Commercial real estate pros are realizing the benefits that new technology is bringing to their brokerages. Products today are more tailored, customizable, and scalable than ever before.
CRE teams and brokerage now have the ability to grow and evolve without making huge investments in new software and or hardware deployments.
Here are 5 reasons why brokers are leveraging new technology to manage their own database of properties.
5 Reasons It’s Better to Use Your Own Database of Properties
1. More Control over Input – You have complete control over the information that you input, ensuring that your property/listing information is accurate.
2. Easier to Make Changes – You’re able to make changes easily, and as needed. Sales and lease comps can be shared immediately across the organization once a deal has transacted.
3. Increased Visibility Among Agents – You can see all of your agents’ listings or assignments in one place to gain clear visibility into your pipeline.
4. Better Communication – Reduce silos to communicate with better intel and in real-time to improve collaboration.
5. Automate Processes – Leverage information in the database to automate the creation/distribution of client-ready marketing or deal-related materials. REthink CRE is on the verge of releasing a seamless integration with Drawloop to extract data from the database to generate branded marketing and client-facing reports.
Modern Brokers Manage their Own Property Data
Managing your property database is more than just a few numbers in a book. With the power of technology behind those numbers, you can leverage your CRM software to make your pitches stronger and your business analysis sharper.
Top CRM technology for commercial real estate agents that allows you to efficiently keep a database of your own listings is what every CRE agent needs. Take a look at how REthink CRE database management works. Book your demo here.