In Focus: Facilitating Commercial Real Estate Transactions Using Technology
By using emerging technologies to expedite the due diligence process, commercial real estate managers can save time and money, while managing risk.
Expediting Due Diligence
While many new technologies have been adopted over the past year, expediting property due diligence may prove to be one of the most strategically beneficial practices amid a commercial real estate environment presenting shifting and rapid opportunities. Instead of manual spreadsheets and elongated reviews of opportunities, commercial real estate professionals who utilize advanced due diligence platforms can determine essential environmental risks in minutes, manage total risk longer-term, and save time and money.
CRE companies must invest in platforms that simplify and accelerate the due diligence process. Platforms are available that provide streamlined access to property information and enable investors to order third-party opinions for property value, all with one press of a button. “Pre-screen” assessments and full-scale reporting with quick and immediate capabilities, in a one-stop-shop, will save investors time and money, and enable them to navigate potential roadblocks. Previously, this process could take weeks. Now CRE professionals can move from worksheets to streamlined workflows, search and receive nearly instantaneous environmental reports, and support fast-moving transactions.
Platforms are available that provide streamlined access to property information and enable investors to order third-party opinions for property value, all with one press of a button. What Does the Future of the CRE Industry Look Like?
Companies using emerging digital innovations will be well positioned to not only survive the next cycle in the market, but also take advantage of investment opportunities that are sure to come out of the pandemic. As CRE professionals prepare for the future, they should be ready for new challenges and opportunities. This last year’s sudden transition from in-person to remote interactions is a prime example of how CRE professionals need to be prepared for new and often unforeseen changes.
As some businesses decide to keep employees working remotely or adopt a hybrid model, there is less need for office space. According to a Forbes article, CRE professionals around the country should consider repurposing vacant office spaces to apartments or smaller office spaces. For example, as the boost of e-commerce rapidly took hold of the marketplace, investors needed to find new uses for underutilized spaces, such as re-purposed warehouses to support growing demand, or brands finding new opportunities to expand into regions where they seek to grow a presence. The complexity continues with certain regions exp eriencing transformations — amid an uneven rebound that is reflective of new patterns and expectations set during the year-long pandemic.
Companies using emerging digital innovations will be well positioned to not only survive the next cycle in the market, but also take advantage of investment opportunities that are sure to come out of the pandemic. Regardless of the best strategy, time is of the essence when executing strategically important real estate transactions. By speeding up all the due diligence processes, CRE professionals can then move on an asset — or move on to their next prospective investment.
Whether it’s updating outdated processes, finding new ways to revitalize currently underused workspaces post-pandemic, or ushering in faster and more accurate access to the “whole product,” now more than ever, CRE professionals have the technology to streamline the due diligence process, from beginning to end, in a more efficient way than ever before. Implementing end-to-end due diligence platforms will ensure businesses are poised to respond to current and future opportunities and be involved in the predicted economic boom of 2021.
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