Real Estate Operations and Technology Are About to Change Forever

The commercial real estate industry is finally embracing the advances in technology and bringing with it a change in how we will run our everyday operations. Not only will it change the way we conduct our daily workflows, but it will change those simple tasks into value-creating functions and will take into account what Millennials in the workforce expect when it comes to finding the perfect company. It seems that most aspects of our lives are wired, and we have come to expect the instant gratification we get from technology. If we need information, we look it up on one of our various devices. Now, our clients expect that same gratification from the people they do business with and so do the people that work for us.

From computers to the internet to apps, our business strategies have changed. Businesses are constantly searching for quicker and better ways of producing the same service or product, quicker and more efficiently and, of course, cheaper while keeping the same or better quality. Whether you decide to use an all-inclusive online platform or you create an app, clients and employees are looking for the wow factor in your business strategy.

Does your company meet the needs of upcoming generations? Here are a few ways you can be ready:

Communication

The way we communicate has changed drastically. Most offices rely on email as the primary way we handle our day to day communications. It is better and less expensive than the cost for letterhead, envelopes, and postage fees. Some offices have even developed platforms for communicating inner office-chats, collaborative online workspaces, and the use of cloud storage to share documents.

Millennial Expectations

Millennials are the biggest generation in U.S. history, and their impact on the economy is going to be a big one.  As they reach their prime working years and advance in their careers, they both want and expect certain amenities in their workplace, such as flexibility, technology, and company culture. Millennials will not settle until they find the perfect job offering everything they want and need, to advance them quicker up the ladder.

Growth

Growth is more important than ever. Businesses must focus on growth to keep the company's culture aligned for success.  It is all about the long-term value of the company, so it plays a huge role in the valuation of a business.

Business growth is often measured by the turnover rate, market share, profits, sales and number of employees. Think in the future. Will you need to hire more manpower to balance the increase of work? Does this mean more equipment, a bigger space, a larger marketing budget, or all of them? Advances in technology allows more work to be done at a faster pace, and it seems to be getting faster each year as applications and their developers find new ways to improve their platforms.

Transparency

Investors and regulators are now demanding more transparency all around. Businesses are expected to communicate their distinct vision and what they expect from their employees. Likewise, employees expect the same from their employers. Transparency is a key factor in sharing knowledge and also to help build trust in the workplace.  Transparency may include evaluations of previous work weeks to help the whole team learn from another's experience. Technology will continue to transform the way we conduct our everyday business into value-creating processes to be the new factor of success. It is imperative that we adjust our business strategies to factor in all of these areas into the commercial real estate industry.