Media

Your CRE Tech Cheat Sheet

As we know, technology is only growing and playing a more pivotal role in business. Commercial real estate brokerage is notoriously a lagging industry when it comes to tech, but why? I have a few ideas: Brokers are independent contractors - the vast majority of brokers choose their own tech stack. Therefore, each sale a tech company makes, is usually for just a few licenses and low dollar amount. That means they need more volume, which is difficult. This has led to an massive underserved need and an industry of brokers with the mindset of "this is just how things are".  Brokers are commission only - so by definition, if you've been a broker for a handful of years, you're 'successful'. Of course, everyone has a different definition of success,…

How to Create a Workplace Where Top Talent Thrives

“86% of young employees report being willing to give ground on compensation to work at a business aligned with their values or mission.” What a powerful quote that shows the power of the workplace and how talent is being acquired these days. Harvard Business has some opinions on what this means. Workforce Dynamics are Changing: With baby boomers retiring and younger generations seeking jobs aligned with their values and mission, the labor market is becoming even more competitive. Millennials and Gen Z prioritize factors like flexibility, purpose, and commitment to diversity over traditional perks like salary and benefits. Employee Engagement and Retention Strategies: Building a positive employee experience is vital for retention. Regular one-to-one discussions between managers and employees significantly boost engagement and reduce burnout. Prioritizing meaningful work, personalized development…

What Do the Best Mentors Really Do?

Navigating mentorship is like embarking on a journey with a trusted guide. Leaders, like mentors, hold the map to help others navigate their paths to success. But what makes mentorship truly effective? This article from the Business Harvard Review explores the untold secrets, shedding light on the essence of mentorship that extends beyond mere guidance. Relationship over Mentorship: Authentic mentorship hinges on genuine rapport between mentor and mentee. Studies underscore the necessity of a strong interpersonal connection for meaningful mentorship outcomes. Character Focus: Superior mentors prioritize shaping mentees' character, values, and self-awareness, beyond just job competency. Recognizing the significance of soft skills, they emphasize empathy, respect, and self-awareness in mentoring endeavors. Someone in your Corner: Mentors cultivate optimism by embracing unconventional ideas and encouraging exploration. Loyalty to mentees' best interests…

Leveraging Data to Your Benefit

Data is everywhere and the world is shifting and embracing data in all areas of business. Let's delve into why the world is rapidly becoming more data-driven and how harnessing this shift can be a game-changer for brokers. Commercial Real Estate is now a data-driven industry and Brokers Demand Live Data The days of relying solely on gut instincts and experience in the CRE sector are waning. Today, successful brokers understand that data is the cornerstone of informed decision-making. In an era where immediacy is key, brokers are no longer satisfied with historical data. They demand live, up-to-the-minute insights across all facets of their business. This shift stems from the recognition that timely information empowers them to pivot swiftly in response to market dynamics. The Harsh Reality: 87% vs. 13%…

The Intersection of AI and Human Touch in Commercial Real Estate

In commercial real estate brokerage, delivering exceptional customer experiences is critical to be successful. With Artificial Intelligence (AI), brokers have an opportunity to tailor their services to individual clients (at scale), and create a more personalized and engaging journey. AI can sift through large amounts of data, from market trends to client preferences, and help provide insights that enable brokers to offer tailored solutions and anticipate the needs of their clients. By harnessing AI, brokers can improve efficiency and deliver a seamless experience that aligns with modern expectations. The Importance of Human Touch: Brokerage is a service that starts and ends with people. Although AI is a big buzzword today, it's essential to not overlook the importance of human touch. The article below discusses the synergy between AI-driven personalization and…

Did Apple Just Change the Trajectory of Commercial Real Estate?

Check the lines at any Apple store around the block, there is no doubt that the future is here. With the release of the new Apple Vision Pro, it is hard to think that this device will not, in some way, change the context of modern CRE. This article highlights four pivotal applications of Augmented Reality (AR) in commercial real estate, and how brokers must begin planning for the future now. Project Design and Stakeholder Approval: AR fundamentally enhances the early stages of building design, allowing stakeholders to visualize intricate details through 3D models swiftly. This not only expedites the design process but also provides a compelling tool for investors and potential tenants to grasp the project's potential. Elevating Customer Experiences: AR is reshaping customer engagement within commercial spaces, offering…

Tips for Building Relationships Over the Phone

Today's topic of CRE - The Unspoken Truth, Craig Coppola, CCIM, SIOR touches on building relationships over the phone. If you haven't yet, read one of our previous articles "How to be Successful at Cold Calling." It provides actionable insights on how to begin building a calling philosophy. How can you build better relationships over the phone? Go outside the transaction, go outside the topic, and make an effort to build meaningful relationships People gravitate to those who show genuine care [embedyt] https://www.youtube.com/watch?v=f9VTOy321Z0[/embedyt]

Healthy Eating Habits at Work

We spend a significant percentage of our lives at our jobs. Maintaining healthy habits at work is crucial for sustained energy, focus, and overall well-being. I know I am a bad employee after a huge Chipotle burrito for lunch. I know my energy levels and overall productivity drops when I eat fast food or a big unhealthy lunch. Here are some practical tips and creative ideas that I've been more intentional about implementing, to help me make better choices in the work environment: 1. Meal Prep Batch Cooking for Efficiency: Dedicate an hour or two on the weekend to prepare meals for the upcoming week. My wife and I usually do this on Sundays. Over the past 5 years I’ve made some adjustments to be healthier on a daily basis.…

How to Optimize Your Support Staff’s Time

In the world of commercial real estate, time is the life of all deals, and optimizing your support staff's efficiency can significantly impact your bottom line. Many understand the importance of a well-coordinated team to navigate the complexities of the industry. Here are six key strategies to ensure your support staff operates at peak efficiency: Clear Communication Channels: Establishing transparent communication channels is crucial. Implement a robust system that allows for seamless information flow among team members. Utilize project management tools, collaborative platforms, and regular check-ins to keep everyone on the same page. Specialized Training: Invest in continuous training to enhance your support staff's skills and knowledge. Equip them with specialized training programs tailored to the unique demands of commercial real estate transactions. This not only boosts their confidence but…

Are you in Crippling Tech Debt?

Recent surveys from Deloitte reveal that 61% of global real estate owners and investors are still reliant on outdated technology infrastructures. The journey towards modernization is a pivotal step, but as the saying goes, successful implementation is often more complicated than clicking 'update.'" The data further highlights that up to 73% of enterprise data across industries goes unused, creating untapped opportunities for leaders in the real estate sector. It's time to harness the power of this valuable information to drive innovation and strategic decision-making. While technology is the linchpin for achieving strategic goals, the silent hindrance, technical debt, lurks in the shadows. Our research shows that this "tax" on development comprises about 40% of IT balance sheets, with an additional 10 to 20% added to address tech debt on top…

How to be Successful at Cold Calling

Check this out! Brock Baker just joined our team, full-time, at the start of the year. Prior to that, he was with us for ~18 months now as an intern. After his first summer as an intern, he wrote a fantastic summary of his experience and included a few great tips for young professionals trying to find their way and start their career.    How I Found a Slice of Success Cold Calling for CRE OneSource By: Brock Baker As a part of my responsibilities, I was tasked with creating a list of notes and tips for new hires from my first 3 months cold calling for OneSource. I wanted to provide these tips in a fashion that I feel will represent the ways in which you will learn them. …

10 Things to Do to Get Business

Rainmakers are the two or so people in the firm who are responsible for generating most of the new business and revenue, per Jeffrey Fox. Big-hitting Rainmakers are among the highest paid employees in every company in every industry. If becoming a Rainmaker is your goal, keep reading.  One of the chapters from that book is titled 10 Things to Do to Get Business. Here’s that list.  Send a handwritten note  Clip and send an article of interest Talk to a happy client and ask who else you might help Thank you gift for some who referred you Give your business card to someone with influence  Send a letter to the editor of a magazine your customers read Add 15 people to your mailing list Leave a compelling voicemail –…

Budget Cuts… Now What?

The commercial real estate market is experiencing a significant shake-up, marked by a wave of departures from property management to proptech to brokerage. The industry-wide brain drain, resulting from layoffs and voluntary exits, poses a threat to companies, prompting questions about the changing landscape of brokerage quality and sophistication. Key Takeaways: Voluntary Mass Exits: Unlike previous years, the current turmoil has witnessed voluntary mass exits from firms, such as JLL, Avison Young, and Cushman & Wakefield. The departure trend has extended beyond brokerages, affecting tech firms like Lev, which had to tighten its belt amidst rising interest rates. Impact on Brokerages and Professionals: The real estate industry is witnessing a significant thinning of the herd, affecting both young and experienced brokers. The economic environment, described as a "perfect storm" due…

5 Techniques for Managing Stress

As a broker reliant on only commissions, with deals hanging by a thread, and no consistent paycheck, managing stress is crucial. Here are five direct and effective techniques to properly manage stress, along with specific examples: Meditation:  Embrace the Power of Breath: Engage in deep diaphragmatic or Wim Hof breathing. Try the "4-7-8" technique – inhale for 4 seconds, hold for 7, and exhale for 8. Practice Presence: Integrate mindfulness meditation to stay focused and make clear-headed decisions. I’ve used Headspace and Peloton’s guided meditation resources before and would recommend them both. Yoga/Stretching:  Physical Flexibility, Mental Resilience: Incorporate yoga or stretching exercises to release tension and foster adaptability. Find a class nearby or incorporate a simple 10-minute routine from a teacher online into your daily routine. Exercise: Elevate Your Mood:…

Setting the Trajectory of Your Career

Today's topic of CRE - The Unspoken Truth, is Setting the Trajectory of Your Career. If you haven't yet read The Defining Decade by Meg Jay, do it. It's incredibly relevant to this topic and provides a framework for designing your life. Here are some key takeaways from the conversation: Define and commit to your career Overcoming uncertainty is a super power Do 2% more, everyday [embedyt] https://www.youtube.com/watch?v=ZtScPfhXMx4[/embedyt]

Timeless Wisdom: Insights from 1966 that Still Resonate

This 1966 article by John D. Louth contains enduring principles that remain essential for anyone in the field of sales and marketing. The article focuses on adapting, emphasizing that managing change is a key to success in business. Adaptability is the distinguishing factor that sets you apart from your competition. Although nearly six decades have passed, several noteworthy insights still resonate. Data Driven Research: The realm of marketing research has evolved significantly, delving deeper and broadening its scope. Failing to integrate this wealth of data into your decision-making process can put you at a distinct disadvantage. This is where Deal View helps brokers. Experimentation: Despite its 1966 origin, the principle of experimenting with emerging technologies remains as relevant as ever. Technology is currently revolutionizing many parts of the world, and…

Mentorship

Today's topic of CRE - The Unspoken Truth, is Mentorship. Mentorship is CRITICAL in life, and especially in Commercial Real Estate. Here are some key notes on Mentorship: It is NOT one-size-fits-all It changes over time Mentorship is taking an interest in someone else You can (and should) have mentors in all areas of your life [embedyt] https://www.youtube.com/watch?v=OInZM5CdOUc[/embedyt]

How Rising Interest Rates are Affecting Investment Sales

Interest rates have been a major topic of discussion over the past few years, particularly in Commercial Real Estate (CRE). Interest rates significantly shape the landscape of CRE investing. Here's a breakdown of the key points from the article: Low Interest Rates in Real Estate Investing: Low rates reduce borrowing costs, stimulating demand for real estate projects. They often lead to property value appreciation over time, fostering a climate of increased real estate investment. Underestimated Benefits of High Interest Rates: High interest rates contribute to a stable investment environment by deterring speculative behavior. They act as a safeguard against market volatility, preventing property prices from reaching unsustainable levels. Risk Management in High Interest Rate Environments: Prioritize conservative financing practices to shield against interest rate fluctuations. Conduct thorough due diligence on…

Surviving the Cycles of Commercial Real Estate

Commercial real estate, like any other industry, experiences its highs and lows. To successfully weather the cycles that inevitably come, consider these practical strategies: Have Cash on Hand Maintain a robust cash reserve to provide a financial cushion during lean periods. Cash is king in uncertain times, offering flexibility and a strategic advantage. Chase and Close Every Deal In turbulent markets, every deal counts. Don't turn away opportunities. Aggressively pursue potential transactions, and ensure your negotiation skills are razor-sharp. Prospect More Expand your prospecting efforts through methods like cold calling and canvassing. Casting a wider net increases your chances of discovering hidden gems even in challenging times. Continuous Education and Skill Refinement Embrace a growth mindset by committing to continuous education. Refine your skills, both in traditional real estate practices…

How to do More With Your Time

If you know our CEO, Craig, you know he has an uncanny ability to fit as much as possible into each day. So today's topic of CRE - The Unspoken Truth, is very relevant to him - How to do More With Your Time. Here are a few tips from Craig on how to get more out of your 24 hours: Gain Clarity and Focus Cut Out the Clutter, Noise, and Distraction If you want to be better at something, simply commit more time [embedyt] https://www.youtube.com/watch?v=X6eZk9oGy2Q[/embedyt]

AI is Revolutionizing Business: Implications for Commercial Real Estate Brokers

Artificial intelligence (AI) is revolutionizing business, and this transformation has significant implications for commercial real estate brokers. Here are the key takeaways from the article: AI for Enhanced Consumer Insights: Commercial real estate brokers can leverage AI to gain profound insights into consumer behavior, enabling them to provide highly personalized and effective services. The Expanding Role of AI in Real Estate Marketing:  AI's influence on marketing in the real estate industry is rapidly growing, with the market predicted to exceed $35 billion in the coming year. Over the next four years, this market is expected to triple, reaching nearly $108 million by 2028. Current Applications of AI in Real Estate Marketing: Many real estate professionals have already integrated AI into their business, realizing benefits in automation, data analysis, and email…

The Art of Goal Setting

If you know anything about me, or my father, Craig, you know we are goal setters. This article helped put into perspective the impact goal setting can have on your journey to accomplish what you want in life.  Anything worth having is worth working for. We all wish and want, but only the few will take action. Setting goals is a very important aspect in this.  Here were some of my key takeaways from this article.  1. Be Specific Strive for clarity in your objectives. People often put too much pressure on themselves, trying to do too much at once. But, if you set a goal that is too small, it won’t motivate you. Give yourself grace, while at the same time know when and where to push yourself.  2.…

Habit Stacking

"You do not rise to the level of your goals. You fall to the level of your systems." - James Clear In the pursuit of personal development and self-improvement, setting goals is the first step. For more on goal setting, check out Craig’s book, Rocks, GRAVEL, Sand and our episode of CRE - The Unspoken Truth on this topic.  We all have aspirations, whether it's becoming more physically fit, reading more books, or simply being more productive. However, what often gets overlooked is the importance of our daily habits in achieving these goals. This is where the concept of habit stacking, popularized by James Clear, comes into play. James Clear, author of the bestselling book "Atomic Habits," explains that the key to achieving long-term success is not solely dependent on…

Rocks, GRAVEL, Sand

Today's topic of CRE - The Unspoken Truth, is Rocks, GRAVEL, Sand. Rocks, GRAVEL, Sand is a metaphor for setting big goals, analyzing them to make them bite-sized and achievable, then executing on them. Here are some key takeaways from the conversation: This has been Craig's secret sauce over his career. If you don't know what you should be doing, you haven't done enough Gravel! If you don't plan your life, someone else will. [embedyt] https://www.youtube.com/watch?v=3Y4MgBiVOdY[/embedyt]

AI Use Cases in Commercial Real Estate

AI is revolutionizing areas of our lives all over. Our software engineering team recently told me they are 2-5x more efficient and productive than they were last year, simply thanks to Chat GPT. Imagine how I felt hearing that! There are tons of AI tools being built today, the article below does a great job of consolidating the popular ones in one place. Below are a few real-life use cases of how you can start using AI today: Write complex formulas to organize create financial models in excel Create logos, graphics, or any unique images  Write social media captions Summarize long, complex legal documents or memos If you don’t know where to start, click here. Sign up for a free account. And start asking it questions.  Note - the power…

Lessons Learned from Trammel Crow Company

If you’re not familiar, Trammel Crow Company was one of the largest developers in the country. In the 1980’s the recession crushed them as the value of their developments fell from $2.2 billion to under $100 million. In 1989, Gary Shafer, CEO of Trammell Crow Company, asked each executive to reflect on their individual and company mistakes and compile them into a document of ‘lessons learned’.  On May 23, 1989, Gary shared a memo on the lessons learned from the recession in the 1980’s. If you haven’t read through it, do it. It’s fantastic.  Below are a few of my favorite takeaways from the memo: Worst case projections from one quarter tend to become best case projections for the next quarter. Cash is king. Work renewals hard and early. Run…

Boardrooms to Bedrooms

“Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions” In the past several years, urban landscapes have been undergoing a transformation as the demand for housing grows exponentially. As cities become more crowded, developers and urban planners are turning to innovative solutions to address the mounting housing crisis.  One particularly creative solution gaining traction is the repurposing of commercial office spaces into residential units.  With advancements in remote work and flexible work arrangements, the need for traditional office spaces has diminished, leading to an abundance of vacant or underutilized commercial properties. Repurposing these spaces into residential units creates a unique opportunity for many investors and landlords, while revitalizing urban areas. There are, however, several challenges and ripple effects from this method.…

CRE Can’t Keep Up with Electric Vehicles

As the global shift towards sustainability gains momentum, the rising popularity of electric vehicles (EVs) is reshaping the way businesses approach real estate. Booming demand for EV charging stations, eco-friendly infrastructure, and proximity to charging hubs is redefining property values and construction considerations. Is the CRE industry ready to keep up? Tapping Into the Grid As the popularity of electric vehicles continues to soar, the demand for charging stations is growing rapidly. In order to meet this demand, commercial real estate developers must consider if and how they will integrate EV charging stations into their properties. These charging stations are often strategically placed in parking areas of commercial buildings and shopping centers, and can serve as a compelling selling point for potential tenants.  One drawback of installing chargers, however, is…

Velocity

Innovation and progress define our daily lives. Technology is constantly evolving, knowledge is always at our fingertips, and if you don’t adapt with the times, you’ll quickly be left behind. That’s why the concept of velocity has become more crucial than ever. Velocity encompasses the idea of continuous movement, ensuring that everything stays in motion, enabling progress and growth in all aspects of life. It's a mindset that emphasizes the importance of taking action, avoiding stagnation, and achieving remarkable outcomes.  The Momentum of Constant Motion Velocity is the embodiment of perpetual motion, always propelling us forward. It's the energy that prevents ideas from becoming stagnant and encourages continuous improvement. By embracing velocity, we ensure that we never settle for mediocrity but strive for excellence in all endeavors. Whether it's personal…

How to think big picture AND focus on the details

For today's episode of CRE - The Unspoken Truth, our topic is How to think big picture AND focus on the details. These are two totally different skillsets, but you can improve and ultimately be really strong at both. Here are a few notes on the conversation: Brokers are merely surviving. They are just scraping by, doing only what they need to do to get through the day. Deal View helps brokers commit to their career, think long-term, and make drastic improvements to their business over time. Do the work to gain clarity. Clarity leads to action. Action leads to greatness. If it's not written, it's just an idea and it goes away. [embedyt] https://www.youtube.com/watch?v=paJsVcLWpxw[/embedyt]

Lead from the Front

In today's episode of CRE - The Unspoken Truth, we discussed Leading from the Front. This episode was about leadership and culture. Here are some key takeaways from the conversation: It's hard to be a leader all the time. It's easy to lead when you've had success, you closed a big deal, you got your workout in and had your coffee. But it's especially hard to lead through the good and the bad. Culture is vocabulary. Culture is who we are and who we aspire to be. It starts with how you live. People want vulnerability out of their leaders. [embedyt] https://www.youtube.com/watch?v=J2qen0wlV0M[/embedyt]

Batteries Included

"Be the energy you want to attract." These wise words from Buddha remind us of the importance of surrounding ourselves with individuals who bring their own positive energy to the relationship. In a world where negativity and energy vampires seem to be lurking around every corner, it is refreshing to find people who are batteries included – those who radiate positivity, enthusiasm, and a genuine desire to contribute to the team. At CRE OneSource, we value and seek out these individuals, and here's why you should too. Create a Positive and Productive Work Environment Working with people who are batteries included means saying goodbye to the drama, gossip, and complaints that often plague workplaces. These individuals understand the importance of maintaining a positive atmosphere and actively contribute to it. Their…

Oxygen: What do brokers need to survive?

In today's episode of CRE - The Unspoken Truth, we discussed Oxygen. What do commercial real estate brokers need, every single day, to survive and thrive in their career? Here are some notes from the conversation: Pipeline is the bread and butter of brokerage, and any commission sales career. At every level of your career, there are ceilings of complexity. It is paramount to break through these ceilings if you expect to continue to achieve bigger and better things in your career. There's no book on brokerage. Mentorship is critical when you are starting out. [embedyt] https://www.youtube.com/watch?v=X9uKPyUQggk[/embedyt]

Velocity

In today's episode of CRE - The Unspoken Truth, we discussed Craig's favorite word of all time, Velocity. Here are some notes from the conversation: Velocity is movement. No black holes. Velocity sells. Business is won with velocity. Velocity is a communication tool, it helps guide you on returning your clients' calls, internal and external emails, and any projects you're working on. [embedyt] https://www.youtube.com/watch?v=E9XFnDugfXs[/embedyt]

Creating Raving Fans

Our mission at CRE OneSource is to create Raving Fans. Each member on our team is obsessed with our customers, and everything we do is in the name of creating Raving Fans. In today's competitive business landscape, providing exceptional customer service is no longer enough. Companies that provide good service and create satisfied customers are being consistently left behind by those brands that go above and beyond and have an army of passionate consumers cheering them on. Today, businesses need to go the extra mile to create raving fans who become enthusiastic advocates for their brand.  What is a Raving Fan? A raving fan is not just a satisfied customer; they are customers who have experienced a level of service that exceeds their expectations. According to author and consultant Ken…

Be a Buffalo: Facing Conflict Head-On

In the vast plains of the American West, two large creatures roam: cows and buffalo. These animals may seem similar at first glance, but they have vastly different approaches to facing storms. When cows sense a storm approaching, they instinctively flee in the opposite direction, seeking safety and shelter. On the other hand, buffalo charge towards the storm, embracing the challenge head-on to reach the blue skies on the other side faster. This seemingly counterintuitive behavior holds a powerful lesson for us: face conflict head-on. Be a buffalo.  We tend to be conflict-averse. We often skirt around problems, especially when they involve other people, in order to maintain some semblance of peace. But this avoidance can have the opposite effect, often creating more problems or allowing existing resentments to fester…

Are You a Lifelong Learner in the CRE Industry?

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” - Henry Ford In the dynamic world of commercial real estate, lifelong learning and continued education hold paramount importance. As market trends, regulations, and technologies evolve, professionals must stay on top of the latest industry knowledge and skills to remain competitive and deliver exceptional value to clients. Continuous learning fosters adaptability, innovation, and expertise, positioning individuals for success in this ever-changing landscape. So what are some options for you to continue your mastery of CRE? Here are a few affiliations and courses that provide premier training for everyone from new brokers to seasoned veterans. CCIM:  CCIM provides a wide range of opportunities for individuals involved in commercial investment management. These include online educational…

The Virtual Frontier Will Reshape Commercial Real Estate

In the evolving world of commercial real estate (CRE), the notion of traditional in-person brick and mortar experiences is being challenged. Technological advancements and shifting post-pandemic demands are reshaping the landscape of CRE brokerage. Within this landscape, Virtual Reality (VR) has emerged, making waves in the industry and opening up new possibilities for the future of modern brokerage. There are three key aspects of the CRE space that are poised for significant change due to VR: Enhanced Property Tours Brokers and owners can provide immersive and interactive property tours, enabling potential buyers or tenants to explore properties without physically visiting them. Stronger Design and Visualization  Revolutionize the design and visualization process for commercial real estate projects. Architects, developers, and designers can create virtual models of buildings and spaces, allowing stakeholders…

Is Commercial Real Estate Going Green?

In a world increasingly focused on combating climate change, real estate emerges as a hidden superpower. Within the industry there are seemingly endless opportunities for sustainable development, energy-efficient buildings, and green infrastructure. The CRE industry provides a unique opportunity to make a tangible impact and create a greener, more sustainable future. Three key issues are driving investor demand for “green” buildings: Global support for sustainability efforts - Many major cities are taking note of the impact of carbon emissions and have begun engaging in stricter approaches to property owners. Tenants are increasingly willing to align their values with their workspace - More and more tenants are willing to pay a premium to match with corporate commitment for carbon neutrality.  Capital is being rerouted to sustainable projects - As businesses continue…

Leveraging AI in Commercial Real Estate

With AI's rapid advancements and its potential to transform various sectors, it's no surprise that CRE brokers are also leveraging this technology to enhance their operations, improve decision-making, and drive business growth. With nearly $5.4 billion being invested into improving AI technologies in 2023, there will undoubtedly be a day when AI updates several functions within the CRE industry. For many reasons the CRE space is in a fantastic position to leverage AI and automation technologies to increase productivity, reduce costs, and minimize errors.  In the coming years, the largest areas for implementation of AI technologies will be: Marketing and Sales What this looks like: utilizing data-driven insights for targeted lead generation, personalized marketing campaigns, predictive analytics for property valuations. Financial Modeling What this looks like: using machine learning algorithms…

Real Estate Trends in 2023

I recently read an article on PwC's website about emerging trends in real estate. You can find the full article below, but I wanted to note a few key takeaways.  Take the long view - Current market conditions aren’t enough. Real estate companies must consider future trends and potential shifts in the industry. One example in the article is how the rise of remote work will have a significant impact on residential real estate, as more and more people look for homes that can accommodate a home office. Remote and hybrid work is here to stay - Real estate developers and investors need to start adapting to this new reality. From building more homes with dedicated workspaces, to offering flexible lease options for businesses, real estate companies need to be…

The LOCK Framework: A Guide to Learning Something New

In this day and age, continuous learning is key to survival. I’d argue that the most important skill that everyone should develop is the ability to learn new things. If you can’t pivot in this era of changing technology, you’ll quickly find yourself towards the end of the pack. But for those who have been out of the schoolroom and in the workforce for over a decade, learning is far more difficult than it is for those recent graduates. That’s why having a structure approach to learning new things can help make the process more efficient and successful.  Enter the LOCK Framework.  LOCK The LOCK framework is composed of four steps: Learn, Own, Compress, and Kaizen. These steps can be applied to anything you’re trying to learn, from a new…

Pipeline

In today's episode of CRE - The Unspoken Truth, we discussed the heartbeat of every business, pipeline. Below are a few takeaways on the discussion: Pipeline = Heartbeat You build pipeline by being consistent There's a vicious tug of war between prospecting and service delivery There are different ways to analyze your pipeline to help you better understand your business. Deal View helps commercial real estate brokers with this. [embedyt] https://www.youtube.com/watch?v=3E4uUkaoXmY[/embedyt]

A Look Back to 2022

As we are now 5 months into 2023, I thought it was appropriate to look back to the end of 2022 and see what the experts were saying then. It's interesting to me to analyze what predictions have come to fruition and what haven't. As I read through the below article on the commercial real estate outlook for 2023, several key predictions stood out to me. The market is turning - Real estate leaders (especially at the large corporations) are concerned about the impact the changing market may have on deal flow and revenue numbers. We have seen the large companies cut costs. Remote work and employee retention are top of mind - The future of the office asset class has continued to be uncertain, as the remote work trend…

The Discipline of Following Up

Many consider cold calling the lifeblood of any successful sales development and outreach strategy. But that initial outreach and conversation are meant only to serve as the building blocks of an ongoing business relationship. The practice of following up cements your reputation as attentive and dedicated. By following up on those initial cold calls, you make the prospective client feel valued and pursued individually.  So how do we achieve a level of following up that differentiates us?  Follow Ryan Serhants 3 F’s: Follow Up, Follow Through, Follow Back Follow up: Assume no one will reach out to you. Treat it as your job to maintain the relationship moving forward.  Follow Through: If you say you will, you must. Follow Back: Always remain in touch with your past clients. Block time…

Coaching in the New Economy

The economy is entering a new era, fueled by the end of the Covid pandemic, rising inflation, and record-low unemployment. Now, we’re seeing a significant shift in the way companies approach their employees and talent. Gone are the days of the Bobby Knight coaching method, where fear and intimidation were used to get the best out of people. Instead, companies are recognizing the importance of investing in their employees and providing them with the coaching and support they need to grow and succeed. One of the key drivers of this shift is the war for talent. With more and more companies competing for the best and brightest, employees now have more options when it comes to where they want to work. This rising generation of workers wants to be part…

90 X 90

In today's episode of CRE - The Unspoken Truth, we discussed goals, and more specifically 90 X 90. Below are a few takeaways on the discussion: There is no set and forget It's hard to start, so start small, easy, and simple. You can always ramp up later on. Wins build off of each other [embedyt] https://www.youtube.com/watch?v=j0iSaD_6OaU[/embedyt]

Consolidation in PropTech

In the below article, PropTech (aka property technology) CEOs, venture capitalists, and others in the space share what they foresee for the industry in 2023. Their answers ranged from a dip in investments to increased mergers, and more.   Here are a few of our takeaways and what we see coming in 2023. Companies raising the most money are also the ones consolidating their operations. This is because there is little to no money available to fund negative cash-flow business. These companies are having to focus on streamlining their operations and becoming more efficient to stay afloat.  Simplicity is key. With so many proptech companies competing for a limited pool of funding, those that can offer solutions that are easy to use and provide quick and visible results are likely to…

The supply chain issues have caused CRE to change

By now, everyone has experienced or heard about the tremendous supply chain disruptions that have resulted from the COVID-19 pandemic. Even today, three years since the outbreak of the pandemic, developers are still struggling with material shortages. This has led to a sharp increase in prices for building materials, making construction costs significantly higher and timelines more unpredictable. In response to this new market, many developers are making several adjustments to their processes, such as: Developers are ordering materials earlier in the design process. Supply chains are being reworked on a larger scale to reduce reliance on global sources. Developers and designers are turning to creative solutions to address shortages, seeking alternative materials or getting creative with the ones they have. What creative solutions have you seen developers embrace in…

Delegating

One of the most important skills a leader can learn is how to delegate. The problem is, it’s much easier to say you’re going to delegate than it is to actually execute.  Delegation requires a level of trust. Trust in your team, in your processes, and in your culture. As the leader, you cannot do everything yourself. You need to trust others to take on tasks and responsibilities, freeing up your time and energy to focus on the most important aspects of your business. Getting Started Getting started is often the hardest part of delegating. But if you’re at the end of your rope and your plate is full, here are some tips to get started.  Begin by creating a list of all the tasks and responsibilities you are responsible…

Data in Commercial Real Estate

In today's episode of CRE - The Unspoken Truth, we discussed data in Commercial Real Estate. Below are a few takeaways on the discussion: Your CRM is likely not giving you insights There's a huge pain point around implementing and getting value out of CRMs Brokers are relying on simple software tools to leverage data The more data you get, the more you want [embedyt] https://www.youtube.com/watch?v=qA0AYHkyhzw[/embedyt]

Some States Keep Growing While the US Flatlines

The U.S. population isn’t growing as fast as it used to. In fact, the U.S. population increased by just 0.38% from 2021 to 2022, almost as low as 2020 during COVID.  But some states’ populations are still on the rise, as more people relocate. Below is an article from the Brookings Institute, showing that states leading in growth are: Texas Florida North Carolina Georgia Arizona Arizona, the headquarters of CRE OneSource, is listed as one of the states that continues to grow. On the other side of the coin, 18 states lost population, the most significant being New York, Illinois, and California. So what does this mean for businesses? There is tremendous opportunity for those companies based in these growing states. These states are attracting more people meaning more businesses…

What does a recession mean for CRE?

A recession is on its way, and whether you’re feeling it yet or not, everyone would do well to take stock of their business and lay a strong foundation for what's ahead.  The below article from JPMorgan Commercial Banking discusses their outlook on the commercial real estate market in light of the potential for an upcoming recession. Some sectors, such as multifamily housing, are still expanding and should remain relatively unaffected. Other sectors such as industrial and retail, however, are expected to experience a downturn in the event of a recession.  Here are a few key takeaways that companies should consider in order to be prepared for a recession.  Solidify your team - get a solid team around you that you trust and start discussing the future. Prepare them to…

Tracking Your Life and Your Business

When it comes to goals, both personal and professional, there are normal people and then there’s me. I track everything. Every mile I run, every cold call I make, every person I have coffee with.  I’m an analytical person, so creating and following systems makes sense to me. But I highly encourage everyone to track the things that are most important to them. It’s a crucial step to achieving your short and long-term goals.  Start With Measurable Goals You don’t need to go the extra mile and track everything in your life, like I do. Start by identifying what is most important to you. The areas of your life in which you spend the most time. This can include things like exercise, family time, healthy eating, even spirituality. Once you…

Recessions: What do you do in a recession and how do you still find deals?

In today's episode of CRE - The Unspoken Truth, we discussed recessions. Below are a few keys on surviving and thriving during recessions: Stay ahead of trends Keep your skillset up to date Build a modern and relevant skillset Save money Have deeper and more meaningful relationships [embedyt] https://www.youtube.com/watch?v=efxbQ3IXHzE[/embedyt]

Valuing Time

Part of our mission at CRE OneSource is to create time. Yep, that’s right. We want to give people who work in Commercial Real Estate time by organizing, streamlining, and automating parts of their business.  Why? Below is a good article from Success Magazine about valuing your time. We all know we need to spend our time wisely but actually tracking our time and seeing where we spend our precious minutes is hard. Especially if the processes we are using for a long time are simply outdated.  Here are some suggestions that our team is working on every day: Spend a week tracking your time. All of it. See where you are ineffective. (Click here to watch our CRE - The Unspoken Truth on Tracking Time)  Ask yourself, are there…

How to Manage Change

Have you ever had to make a major change in the way your company operates? Maybe you implemented a new software or completely restructured your team. How did that change go? How did your employees react to it? If you were lucky, the change went smoothly. But for many companies, change is a rough endeavor, and it is often difficult to get employees on board with the new status quo.  As a COO, I am constantly looking for ways to improve my leadership skills. I found the article below on how to manage change very helpful and applicable to both major changes, and day-to-day operations. My favorite tips were: Identify what and why people are seeking to preserve. This will build trust with your employees and show that you value…

Technology in a Recessionary Market

In a recessionary market, technology can be a powerful tool for commercial real estate brokers and commercial mortgage brokers. As deals slow down and competition becomes even more fierce, a strong technology package can mean the difference between sinking and swimming in a dropping market. Technology can help brokers streamline their processes, automate their work, and increase their efficiency. By doing so, they free up time to focus on and support other, more important areas of business, and help them thrive in a tough economic climate. Start Small So how can CRE professionals embrace technology in a recessionary market? The key is to start small. Rather than implementing a large, complex system all at once, brokers can begin by finding a small piece of technology that enhances their business. This…

Team Capabilities are a Must in the New Economy

Today on CRE – The Unspoken Truth, we discuss the new economy and the importance of team capabilities. As the economy continues to change and technology becomes more prevalent, one thing won't change - working with people. In the clip below, we discuss building a team via Unique Ability, a concept from Dan Sullivan and Strategic Coach. Unique Ability = Excellence + Passion. We want to put people in their Unique Ability 75% of the time or more, so that we're all doing what we love AND what we're great at. [embedyt] https://www.youtube.com/watch?v=lJ5n4yGJzbA[/embedyt]

Avoiding Workplace Burnout

Have you ever been so tired, so overextended, so burnt out that you were unable to work? You’re not alone.  According to the article below, 28% of employees reported that they burnt out in the last year, and over ⅓ reported that they had felt work-related depression or lack of motivation.  As a manager, the health of my employees is of the utmost importance. I am always looking for ways to embrace flexibility and improve everyone’s work-life balance. The article below lists two ways to help avoid burnout and work-related stress. Both of these strategies are so simple you could start implementing them today!  Share stories about your personal life Practice daily microsteps Managers, what are you doing to promote the well-being of your employees? And employees, what are you…

How to Use Asynchronous Work to Your Advantage

It’s no secret that remote work has become wildly popular over the last few years. While the benefits to working from home are plentiful, there are some real drawbacks. In-person interruptions in the office have been replaced by notifications that lead to long periods of little productivity. One type of remote work, asynchronous work, has become more common as people work across different time zones and countries. Asynchronous work combines the benefits of a flexible work space with the benefits of working whenever you want. The article below goes into detail on how to make the most out of remote work by moving to an asynchronous format. Some of the tips include eliminating the practice of responding within minutes, which is not practical for every industry, and carving out blocks…

Living the Values that Matter

Companies thrive when all team members can align on their mission and the day-to-day steps required to achieve their goals. By far the most critical thing to help teams achieve that cohesion is by crafting a shared set of values that everyone on the team can agree with.  But in the corporate world, company values have become cliches. Buzzwords like “dedication” and “integrity” that slapped on nice letterhead but are rarely lived out in daily life. Worse, these words aren’t easily apparent to the audiences and clients that those companies serve.   At CRE OneSource, our values are the foundation of our company and guide everything we do. We believe in creating a balanced lifestyle that includes time for family, personal growth, and relaxation. We also believe in transparency and making…

How to Get Your Work Time Back

I love to read about how we waste time at work. I found the article below especially interesting because not only does it list common distractions at work, it also gives strategies on how to circumvent them. Some interesting facts from the survey by Udemy listed in the article: 16% of people stated they’re almost always distracted at work 54% of workers said they “aren’t performing as well as they should” because of workplace distractions 80% say a top distraction is talkative co-workers and 70% say office noise 60% of respondents blame meetings for low productivity My favorite tips from the article to stay focused are: Talk to people who are distracting you, and have an honest conversation with them Only check email at certain times of the day, so…

How to Create a Sustainable Business

Our topic for today’s episode of CRE – The Unspoken Truth, is: How to Create a Sustainable Business There are so many things that go into creating a sustainable business. You have to always be innovating, experimenting, and trying new things. You must build a good team, and then trust them to perform. There will inevitably be conflict along the way. [embedyt] https://www.youtube.com/watch?v=JU7LQhUQdqM[/embedyt]

Technology is Coming

Technology is coming... Well, actually tech is already here. But it’s not too late to join the party! Every industry is different — some are already fully automated and completely reliant on technology, and others still use paper files! There is no need to compare a Commercial Real Estate firm to an investment management firm. However, that does not mean you should just be following trends in your industry. Instead, you have time to get a leg up on the competition! A large chunk of this blog has been dedicated to technology adoption and ways to automate in the business world. However, I feel that the article below puts it best on why a company should keep track of tech trends and integrate technology into their daily operations. Some of…

Creating a Cold Calling Process That Works

If you were to ask what the core of the OneSource business operations is, I could give you a simple answer.  Cold calling.  When we have someone new start on our team, we get them started on one task their very first week.  Cold calling.  Cold calling is the best thing you can do to grow as a salesperson, a broker, or just a business person. It’s also often people’s least favorite thing to do.  So many people struggle with cold calling, opting for cold emailing instead or simply refusing to do any cold outreach at all.  This is a huge mistake.  Your business network will reach a ceiling quickly if you don’t actively work on expanding it. And attending social events and tapping your friends and family will only…

Running a Business is Hard

Our topic for today’s episode of CRE – The Unspoken Truth, is personal: Running a Business is Hard. Commercial Real Estate Brokers and Mortgage Brokers are running their own businesses, and it's hard! From dealing with finances and managing people, to navigating the ever-changing landscape of the market, business owners face challenges every single day. [embedyt] https://www.youtube.com/watch?v=4GV32W8-zio[/embedyt]

6 Things on My Desk That Will Help You Become More Focused and Efficient

With the exception of the Covid-19 pandemic, I’ve spent the majority of my career working in large office spaces. I have seen a little bit of everything, from modern, creative spaces to large blocks of gray cubicles. I’ve learned that you can tell a lot about a business and its employees by looking at their desks.  Family photos, disorganized stacks of files, old coffee mugs, post-it notes, we accumulate many items over our careers, not all of them useful.   There’s a quote from organizational guru Marie Kondo I find particularly insightful:  “The space in which we live [or work] should be for the person we are becoming now. Not for the person we were in the past.”  The items that live on your desk, the things you see and touch…

Shared Inbox Hacks

Shared inbox software is becoming more prevalent. A core part of CRE OneSource is opening access to the deal files, emails, and all the back up information pertaining to every transaction. Our platform offers WAY more than just sharing an inbox. There are however ways to maximize the sharing. Below is an article about best practices for shared inboxes.   Here are our favorite hacks: Sharing allows for GREATER insights as you get to see what everyone is actually doing and working on. Use this to speed up the process, find blind spots, and simply nudge people who are not keeping up. Make folders. Organization, clarity, and purpose make everyone’s life better.  Accountability.  This makes us all better. Charlie Coppola [email protected]   7 Shared Mailbox Best Practices You Can Put Into…

Cycles Always Happen

In today's episode of CRE - The Unspoken Truth, we discuss a very important topic: Communicating with Clients Through Changing Market Conditions. Real estate is not the stock market, it doesn't trade on a daily basis. There are big waves of cycles. And it's important to look at deals through all perspectives to come to a win-win-win outcome! Let us know if you have any tips for communicating with your clients during changing market cycles. [embedyt] https://www.youtube.com/watch?v=uyXJYmX2a3o[/embedyt]

Time to Automate

Inflation, rising interest rates, and shaky markets have a recession looming on the horizon — these are uncertain times for everyone. So where do you turn when outside factors make work stressful? According to this below article by Forbes, the answer is automation. In the article below, the restaurant industry shows us why automation is a lifeline in a downturn. When the restaurant industry was hit hard in the early days of the Covid-19 Pandemic, we saw innovative restaurants looking to increase efficiency turn to: QR Codes Contactless Payment Online Ordering While the restaurant industry was forced to automate to survive, other industries should not wait for the crisis to hit. Get ahead of the curve, automate now and dominate the competition.  If you are interested, please read more below.…

Don’t Get Left Behind in the Tech Revolution

Businesses are constantly looking for new ways to gain an advantage over the competition, and Commercial Real Estate is no different. However, there is an odd trend in CRE related to technology adoption. As of 2020, only 28% of executives had adopted more than one technology solution. Many professionals may believe that the time to adapt has already passed, and it is too late to get ahead of the curve. But looking at commercial real estate, that idea is proven false. There is still a huge opportunity to integrate technology into your business to give you a massive leg up, but that time is running out. Below is an article explaining why CRE has fallen behind in tech adoption, and how the industry can begin to catch up.  Some of…

5 Things You Need for the Perfect Home Office

After over two years of a pandemic that sent most office workers home, there is still a large portion of the workforce working remotely. Whether this is the new normal or still only a temporary solution, it’s past time to ensure you have a home office that can support you and the work you do.  Between Zoom meetings and emails, your home office is the new board room, and your chance to present yourself to employers, direct reports, and potential clients. A dim room with a fuzzy screen and glitching audio aren’t going to do the trick.  Here are 5 items I used to outfit my home office that you should invest in to create a professional space that matches the quality of your work.  Camera Almost every computer today…

Embracing Change (Management)

Change is inevitable. Below is an article about change management, which is “The practice of applying a structured approach to transition an organization from a current state to a future state to achieve expected benefits.” It is a strategy to help the employees in the organization embrace inevitable change.  The article focuses on the reasons to embrace Change Management, but also describes why change is something that can be positive for businesses. Below are some of my favorite benefits to change and change management: Resource Efficiency Improved Morale Fostering Stability Increased ROI If you are interested, please read more below.  Charlie Coppola [email protected]    8 Reasons to Embrace Change Management Continual evolution is the key ingredient for meaningful growth in the business world. At the same time, it can be…

5 Ways to Improve Technology Adoption in Your Organization

Have you ever had trouble getting employees to adopt new technologies? So have many others, for various reasons. Below is an article outlining the different reasons employees are reluctant to adopt new tech, as well as a few strategies to change their minds. Technology is not going anywhere, and it’s important to get employees on board with the change.  Ideally, your company should be near 100% on the technology adoption curve. A few ways to get there are: Clearly communicate the change and its benefits to employees Ask employees about their needs Consider the user experience for new solutions Take change management one step at a time Provide world-class IT support to your employees At OneSource, we provide hands-on training for all employees and have our Customer Success team available…

How to Build High Performance Teams

Building High-Performance Teams I realized pretty early on that no man or woman is an island in the world of business. We all need a team around us to support us, grow with us, and take us further than our own limitations. When we began building up OneSource, we knew early on that we needed a high-performance team to help the business grow.  Actually building that team, however, was a whole different ball game.  Long-Term Commitment It’s easy to make mistakes when building a team. Oftentimes we bring on the wrong people who fizzle out quickly, or we hold onto the wrong people for too long, not realizing until it was too late that they were holding the business back. But building the perfect team doesn’t happen overnight. Our team…

Office Zero

The office has changed forever. No longer is it the center of company life. Now, the center of a company is its people. As Zoom rooms replace conference rooms, and bedrooms replace cubicles, people and work are the only constants in the business world.  The article below discusses the concept of Office Zero, the hybrid model that allows people to work from wherever they want. Some benefits to this model include mental health, reduced carbon footprint, reduced rent for office space, and increased access to talent.  Whether you like it or not, the hybrid model is here to stay. If you are interested, please read more below.  Charlie Coppola [email protected]  Office Zero: The Future of Work Is Not About the Office  Joshua Peskay: May 16, 2022, 1:19:03 PM The rise…

Building Relationships

CRE OneSource CEO, Craig Coppola talks about tracking his time over the past 2 decades with his son and CRE OneSource COO, Charlie Coppola. Craig shares the mistakes he’s made and lessons he’s learned over his 30+ years in the industry. [embedyt] https://www.youtube.com/watch?v=f9VTOy321Z0[/embedyt]

Why Does Culture Matter?

Often understated in the bottom line of a company is the importance of solid company culture. Being the COO of a startup in 2022 has not only shown me how a strong culture can carry a company but also how a weak culture can ruin one. At OneSource, we recognize that our culture is the foundation of everything we do. Our investors and customers have decided to work with us because of our culture and their interactions with our team. Below is an article on the topic of team building, and why it should be a priority for every company. My favorite reasons are that it: Fosters Creativity Promotes Healthy Competition Resolves Conflicts What do you want people to say when they see how your team interacts? How do you…

Respond Mode vs. React Mode

Anyone who works in the Commercial Real Estate industry is familiar with react mode. It’s a vicious cycle that keeps you one step behind, unable to get ahead. You work through the weekend, catching up on emails and updating your to-do list, but when Monday morning rolls around, you get a call at 8 am that completely changes your day. Now, you’re spending the rest of the week being pulled in multiple directions, falling behind on all the tasks you had intended to accomplish.  But that’s part of the business, right?  Yes and no.  The unexpected will always happen, but how you approach those distractions determines your success. Are you approaching your work in react mode or in respond mode?  React Mode vs. Respond Mode Reacting is guided by emotion,…

The Long Term Perspective

CRE OneSource CEO, Craig Coppola talks about tracking his time over the past 2 decades with his son and CRE OneSource COO, Charlie Coppola. Craig shares the mistakes he’s made and lessons he’s learned over his 30+ years in the industry. [embedyt] https://www.youtube.com/watch?v=HFxWkw7y3zs[/embedyt]

Mining for Data

June's SIOR Report magazine had a nice article on data mining for commercial real estate professionals. We found it insightful, not just because we are in the CRE data business, but because we are seeing the value this data provides our clients. Data is everywhere, but on its own it’s useless. Turning that data into actionable reports that provide insight is where the true value is. Thankfully, the CRE industry is headed in that direction. When SIORs need solutions, creating their tracking software is not always viable, and spending money on collecting additional data. However, the tide is turning, and more tools are quickly becoming available to all CRE professionals.  If you are interested, please read more below.  Charlie Coppola [email protected]  Mining for Data Jun 17, 2022 SIOR Report  Advanced…

The Benefits of Automation

Most businesses today are automated to some extent. Everything from banking to marketing, even running a restaurant uses tools that automate certain aspects. And yet, Commercial Real Estate professionals are way behind the game when it comes to automation.  While a decent portion of the CRE industry is adopting some automation, the majority is not. That means the teams who automate have an immediate leg up on the competition. Starting now means you’re late.  What tasks can be automated? Start with administrative tasks. Emails, meetings, and paperwork automate these tedious tasks so that you can spend more time building relationships and closing deals.  Below is a short article on three ways you can start automating your business today. CRE OneSource can provide all three, giving you up to 25% of…

The Cost Of Manual, Repetitive Tasks In CRE

Our mission at CRE OneSource is to automate the mundane and complex processes of CRE transactions. Our goal is to give you back 25% of your week so you can focus on the truly important tasks.  Forbes wrote a great article below and that perfectly explains the need driving our strategy.   Here are some key takeaways: It’s not just time that is wasted on repetitive tasks, it’s money too. With your time freed up, you’ll be better able to focus on chasing new business, expanding your network, and closing lucrative deals. Our technology saves you time by automating the most minuscule parts of any transaction.   The value of relationships is not going away, but the value of technology increases every day. The value of our technology allows you to get…

These Business Tasks Are Taking Years Off Your Life

The article below was eye-opening, explaining how mundane tasks, such as inputting passwords, can eat up months of your life.  So what’s the solution? Technology.  Automation is already here. Services that store and deploy passwords, automatic email filters, apps that correct your spelling and grammar — these tools are available, and the ones who don’t take advantage will quickly fall behind.  Human error is a huge source of wasted time. Technology removes many of those mistakes from the equation, giving you back the time it takes to manually correct them.     That’s why we built CRE OneSource — to give commercial real estate professionals 25% of their time back. Schedule a demo with us here! What technologies are you ignoring that could save you years of your life? Charlie Coppola [email protected]   …

The Biggest Workplace Time-Wasters

Most of us can pinpoint the biggest time wasters in our lives. Social media, television, these distractions can eat up hours, even days of our lives.  But what about in the office? What hidden time-wasters are disguising themselves as productive tasks in your day?  The below article from Forbes lists the 7 biggest workplace time wasters. Here they are, with my thoughts attached.  Unnecessary meetings. Only have scheduled meetings when necessary, and use OBC (Objective-Based Communication) to help keep meetings organized and focused. Multitasking. Only 2.5% of people can multitask effectively. Stop trying to do it.  Micromanaging employees. Put in the time to hire the right people the first time. Then, let them operate in their Unique Ability. Disorganization. Constantly looking for emails or sifting through folders? It’s time to…

Where do Brokers Spend Their Time?

CRE OneSource CEO, Craig Coppola talks about tracking his time over the past 2 decades with his son and CRE OneSource COO, Charlie Coppola. Craig shares the mistakes he's made and lessons he's learned over his 30+ years in the industry. [embedyt] https://www.youtube.com/watch?v=osazI3YCvRM[/embedyt]

How to Hack Your Conversations to be More Productive – OBC

Communication is the glue that holds teams and businesses together. Without an effective communication strategy, you’re at risk of falling into a few common traps. From meandering meetings that run way too long to pointless check-ins, lost emails and tasks that slip between the cracks, leaving the important things up to chance is a risky way to run a business. Years ago, I was introduced to the concept of Objective Based Communication or OBC, and it has forever altered the way our team communicates, both internally and externally. This one simple system is the key to our productivity success (and a core value at CRE OneSource). Objective Based Communication OBC is a direct and focused approach to all conversations — in person, emails, sales presentations, written letters, product demos, onboarding…

Stop Wasting Time at Work

If you were to track every minute of your work day, where would all that time go? You might think it’s going to productive work, with a few coffee breaks and meetings in between. The reality, however, is more surprising. The below infographic does a great job of showing where your time goes when you’re at work. You’d be surprised how little real work gets accomplished in the average 8-hour work day. For example: The average employee checks their email 36 times an hour. Annually, a single employee can lose up to $1,800 on unnecessary emails. Half of all meetings are considered time wasted — in fact, employees spend 31 hours in unproductive meetings each month. The average employee faces 56 interruptions a day, and spends around 2 hours a…

Spend Less Time on Emails

For many of us, Inbox Zero is a mythical creature far outside our reach. As emails flood our inboxes every day, we’re faced with the monumental task of sorting through spam, junk, meeting reminders, follow-ups, and important communications.  On average, we spend 28% of our time on emails. Not only is that time better served elsewhere, but when you’re faced with an overflowing inbox, how likely are you to miss out on the truly important communications?  The below article is from 2019 but has some incredibly interesting facts and suggestions for cutting this time-waster down. If you don’t want to read the whole thing, here are a few key strategies to try.  Use keywords. Searching for key words or setting up your inbox settings to flag emails with certain keywords…

The Different Roles of Transaction Coordinators, Assistants, Virtual Assistants, Automation

CRE OneSource CEO, Craig Coppola shares the mistakes he's made and lessons he's learned over his 30+ years in the industry. [embedyt] https://www.youtube.com/watch?v=rts32_plH7o[/embedyt]

Fascinating Read on the Digital Trend in Mortgage

Reaching the eNote tipping point: Why mortgage lenders should embrace end-to-end digital capabilities

The Intention And Action Gap: How Commercial Real Estate Firms Can Start Adopting Technology

While the industry mindset is slowly shifting, the if-it-isn't broken-don't-fix-it culture prevails, especially with CRE veterans. https://www.forbes.com/sites/forbesbusinesscouncil/2022/03/23/the-intention-and-action-gap-how-commercial-real-estate-firms-can-start-adopting-technology/?sh=47e9ab9e7a30

How Technology is Driving a Competitive Advantage in Financial Services

Read EY's thoughts on how technology is driving a competitive advantage in financial services

Happy Memorial Day

Today and everyday we honor those who have fallen in the line of service defending our country.

Automate Your CRE Transactions and Earn More

Learn how automation can help increase your bandwidth and help you earn more. Schedule a demo with us here! https://theclose.com/real-estate-statistics/

Middle Market CRE Investment is Ripe with Opportunity

We work with all types of businesses from 1 & 2 person teams to enterprise-level businesses, and everything in between. Our software is customizable to provide value no matter what size team you have. https://www.globest.com/2022/01/07/middle-market-cre-investment-is-ripe-with-opportunity/?slreturn=20220526135023

Several Reasons to be Optimistic About 2022 and Beyond

https://www.commercialsearch.com/news/market-confident-about-cre-performance-in-2022/?utm_source=WhatCountsEmail&utm_medium=CPE%20Weekly&utm_campaign=NEW%20CPE%20Weekly

2022 Commercial Real Estate Outlook

Most firms continue to depend on legacy technology systems, which could hamper progress and their ability to innovate. Eight in 10 respondents do not have a fully modernized core system that could easily incorporate emerging technologies. Click Here to Read Deloitte's 2022 Commercial Real Estate Outlook

The Benefits (And Limits) of Fintech in Commercial Real Estate

“Technology can be used to help speed up the due diligence and closing process.” If you’re looking for a modern solution, check out OneSource! Fintech in CRE

11 Stats that Show How SaaS is Really Doing

Technology is changing rapidly, and businesses are adopting new technologies at a record pace. The companies left relying on servers, spreadsheets, and emails will continue to get further behind. Check out these statistics!

Top 10 Issues Affecting the Real Estate Industry

https://cre.org/external-affairs/2021-22-top-ten-issues-affecting-real-estate/

80 SaaS Statistics and Trends

The world is moving towards technology. Don’t be left behind! Check out these statistics!

Key Trends in Software

The biggest challenge companies face with SaaS today is security. Not with OneSource. All your data is encrypted and communication is secure.

CRE Professionals Plan to Increase Their Client Experience-Related Technology Investments

Commercial real estate professionals all over the world are using OneSource to improve their clients’ experience.

Promising Signs Ahead for the Banking Industry

Here are the promising signs ahead for the banking industry in 2022. https://azbigmedia.com/business/here-are-the-promising-signs-ahead-for-banking-industry-in-2022/

Competing Without Software

"Competing without software is like competing without electricity." – Naval Ravikant https://twitter.com/naval/status/773746225845710848?lang=en

The Next Great Disruption is Hybrid Work

Are you ready for the trend towards hybrid work? CRE OneSource can help you with this transition.

Businesses Will Need to Adopt Technology to Keep Up With High Demand

Businesses will need to adopt technology to keep up with high demand. Schedule a demo with us here!

Inflation Is Here

Inflation is here - 7% over the past 12 months, and automation is one way to offset the costs. OneSource saves you time AND money. https://www.bls.gov/news.release/cpi.nr0.htm

Commercial Real Estate Software

Commercial real estate software is a type of software designed to help businesses, landlords, and others involved in the commercial real estate industry manage their operations. This type of software typically includes features such as property management, leasing, accounting, and financial reporting. It may also include features related to marketing and customer service. Commercial real estate software is used to help streamline the day-to-day operations of businesses involved in a variety of commercial real estate activities. This includes everything from finding and developing properties to managing tenants and leases. With the right software, businesses can get a better understanding of the financial performance of their properties, as well as the current market conditions in their area. The most common type of commercial real estate software is property management software. This…

Commercial Real Estate CRMs

A Commercial Real Estate Customer Relationship Management (CRM) system is a software program designed to help businesses in the commercial real estate industry manage customer relationships, track customer and transaction data, and optimize sales processes. It is used to streamline and automate customer management, sales tracking, marketing, and analytics. The CRM includes features such as contact management, lead tracking, sales pipeline management, deal management, analytics and reporting, and marketing automation. The CRM can be integrated with other business systems and services such as email, accounting, and website builders. The main purpose of the CRM is to provide a centralized platform for businesses to manage customer data, track sales opportunities, and optimize customer relationships. This helps businesses to focus on their core business functions and maximize their sales efforts. It also…

How to value a Commercial Real Estate property?

Valuing commercial real estate properties can be a complex process due to the numerous factors that must be taken into consideration. First, the location of the property should be evaluated as this will impact its value. Factors to consider include nearby businesses, infrastructure, population density, and local economic conditions. Also, the condition of the property must be assessed in order to determine its market value. This includes examining the building’s age, condition, and any necessary renovations or repairs. The next step in the valuation process is to consider the income potential of the property. This includes analyzing any existing income from tenants, such as rent, leases, or other sources. In addition, potential income from any planned development should be estimated. After assessing the property’s income potential, its expenses should be…

How to get a Commercial Real Estate license?

Getting a Commercial Real Estate License can be a rewarding and exciting career path. It requires dedication, knowledge, and commitment. The first step in obtaining a Commercial Real Estate License is to complete a pre-licensing course. This course will provide you with the necessary knowledge and skills required to become a successful real estate agent. The course will cover topics such as real estate law, finance, contracts, property management, and marketing. You will also be trained in the principles of real estate investment and the importance of ethical and professional conduct. Once you have completed the pre-licensing course, you will need to pass an exam. This exam is designed to assess your understanding of the material you learned in the pre-licensing course. You will be asked questions related to real…

How to get a Commercial Real Estate loan?

When it comes to obtaining a commercial real estate loan, the process can often be complex and intimidating. But with the right information and preparation, it can be a relatively straightforward process. Here are some tips for obtaining a commercial real estate loan. First, it’s important to know what type of loan you’re looking for. Commercial real estate loans are typically categorized as either conventional or SBA loans. Conventional loans are usually more flexible and have more favorable terms than SBA loans, but they may require more cash up front. It’s important to weigh the pros and cons of each to determine which one is best for you. Once you’ve determined the type of loan you’re looking for, it’s time to start shopping around. Ask lending institutions about their loan…

What is a good cap rate in Commercial Real Estate?

A cap rate, or capitalization rate, is a metric used to measure the rate of return on a real estate investment. It is calculated by dividing the net operating income (NOI) from the property by the current market value of the property. The cap rate is used to determine the potential rate of return for an investor, and is often used as a measure of a property’s risk. Generally speaking, a good cap rate for commercial real estate is one that is higher than the average cap rate for the local market. This is because investors should be looking for properties that offer higher returns than the average in order to maximize their potential return on investment. However, the cap rate alone should not be used as the sole measure…

How much do Commercial Real Estate Brokers make?

Commercial real estate brokers are professionals who help facilitate the sale and purchase of commercial real estate. They typically work with developers, investors, and business owners to identify potential properties and negotiate terms of sale or lease. Brokers are typically paid a commission when a deal is completed, and their income can vary widely depending on the size and complexity of a transaction. The average annual income for commercial real estate brokers varies greatly according to their experience, location, and specialty. According to the Bureau of Labor Statistics, the median income for real estate brokers is around $60,000 per year. However, the top 10 percent of earners make an average of over $166,000 per year while the lowest 10 percent of earners make around $26,000. The size of the commission…

How to Invest in Commercial Real Estate?

Investing in commercial real estate can be a lucrative business. It involves purchasing, leasing, and managing properties for income and capital appreciation. Commercial real estate can provide investors with a steady stream of rental income, tax benefits, and potential appreciation. The first step in investing in commercial real estate is to assess the potential of the property. Consider factors such as the location, size, amenities, and zoning regulations of the property. Assessing these factors will help identify the right type of property to purchase and the right price to pay. Once the right property is identified, it is important to understand the local real estate market. Research current market conditions to understand the pricing of comparable properties, the availability of financing, and the potential for future appreciation. After selecting a…

How to buy Commercial Real Estate?

Buying commercial real estate is a big undertaking and requires careful planning and due diligence. Here are some steps to consider when buying commercial real estate: 1. Research the Market: Researching the local market should be the first step in the process. It is important to understand the trends of the local real estate market and the current rental rates. It is also important to know the zoning laws of the areas you are considering. 2. Financing: Financing is a critical component of buying commercial real estate. It is important to understand the different financing options available and to determine which type of loan would best suit your needs. 3. Analyze Your Needs: It is important to analyze your needs and determine what type of property and size is the…

Can you do both Commercial and Residential Real Estate?

Yes, you can do both commercial and residential real estate. The two markets are very different but can be done together. Commercial real estate refers to buildings and land used for business purposes such as office buildings, retail stores, warehouses, and industrial buildings. Residential real estate refers to homes and other dwellings used as residences. In commercial real estate, investors typically purchase properties that are leased to tenants. This can be a great source of passive income as the tenants pay the rent and the investor receives the profits. Commercial real estate investments can be more lucrative than residential, but they also require more capital and are much more complex and long-term investments. In residential real estate, investors typically purchase properties directly from homeowners or builders, and then rent them…

How to become a Commercial Real Estate Broker?

Becoming a commercial real estate broker requires dedication, hard work, and persistence to succeed. Here are a few steps to help you get started in this exciting field. First, you must obtain your real estate license. This can be accomplished by taking an education course and passing the state exam. Most states require at least 60 credit hours of coursework and passing the state exam. Once you have your license, you can begin to develop your skills as a real estate broker. Second, you should take some time to specialize in commercial real estate. You can specialize in working with tenants, landlords, developers, and investors. Take the time to gain experience in the areas that interest you the most. Third, you should create a network within the commercial real estate…

How to get into Commercial Real Estate?

Getting into commercial real estate can be a rewarding and lucrative career path. It requires an understanding of the local real estate market, strong financial knowledge, and the ability to network and build relationships. Here are some steps to take to become a successful commercial real estate agent. First, it’s essential to become educated on the industry: take courses, read books, and join professional organizations. To become a licensed real estate agent, you must complete the necessary training and pass state licensing exams. It’s important to have a strong understanding of the local real estate market, what is selling and at what price. Second, familiarize yourself with the commercial real estate market. This includes researching properties that are available, understanding zoning regulations, and looking at trends in the industry. Third,…

What is Commercial Real Estate?

Commercial real estate is property used solely for business purposes or to provide a workspace rather than a living space. Examples include office buildings, industrial properties, retail centers, apartments, and hotels. Commercial real estate is typically leased to tenants or can be purchased outright. Commercial real estate is often divided into four main categories: office, retail, industrial, and multifamily. Office space includes buildings used for administrative purposes such as offices, medical centers, and government buildings. Retail space includes stores, restaurants, and other retail outlets. Industrial space includes warehouses and manufacturing plants. Multifamily space includes apartments and other living spaces. Commercial real estate is a significant part of the economy, accounting for over 6.2 trillion dollars in the United States alone. It is an important asset class due to its ability…

Commercial Real Estate Deal Management Software

Commercial real estate deal management software is a powerful tool for businesses looking to manage their real estate contracts and transactions. It is a comprehensive tool that allows users to track and manage their real estate deals from start to finish. The software can be used to streamline the entire process from the initial contact of potential buyers or sellers to the final closing of a deal. The software allows users to manage all aspects of the real estate deal from start to finish. It can be used to track and store important information such as contact information, property information, financials, documents, and more. This makes it easier for users to quickly access and review information when needed. Additionally, the software allows users to customize the workflow and processes used…

Commercial Real Estate Transaction Management Software

Commercial real estate transaction management software is one of the most important tools for managing the entire commercial real estate process. It helps to simplify and streamline the process of acquiring and managing commercial real estate by providing an automated, user-friendly platform for recording, tracking and managing all aspects of the process. The software helps to automate the entire process of commercial real estate transactions, from initial inquiry to closing. It provides a comprehensive and detailed view of the entire transaction, including all of the documents, contracts, and financials that are required to complete the transaction. It also helps to track and monitor the progress of the transaction, providing real-time updates and alerts. The software also helps to streamline and simplify the entire process. By automating the collection and analysis…

What is Commercial Real Estate Deal Management?

Commercial real estate deal management is the process of managing the various stages of a commercial real estate transaction. This includes evaluating the property and its potential, negotiating the terms of the deal, coordinating due diligence, overseeing the closing process, and managing the post-closing activities. The term “commercial real estate” refers to any property that is used for business purposes, such as office buildings, retail stores, warehouses, and apartment complexes. Commercial real estate deal management involves a range of activities, from market analysis and appraisal to negotiating leases and financing. It also involves developing marketing plans and managing the project's budget. When managing a commercial real estate deal, the goal is to ensure that the deal is profitable for all parties involved. This involves assessing the potential of the property…

Simple Mortgage Calculator

Mortgage calculators are a useful tool for any individual looking to purchase real estate, in that it can help them determine how much they can afford to borrow and how much interest they will be charged on a given loan. A simple mortgage calculator can provide a potential borrower with an estimate of their monthly payments, the total amount of interest that will be paid over the life of the loan, and other important information about the loan. The most basic mortgage calculator requires that the user input the loan amount, the interest rate, and the loan term. Once this information is entered, the calculator will then calculate the monthly payment, the total amount of interest paid, the total amount of payments made, the total amount of principal paid, the…

15 Commercial Real Estate Terms You Should Know

Below are 15 Commercial Real Estate terms you should know: Capitalization Rate - The ratio of net operating income (NOI) to current market value of a property. (See our post on Cap Rates here!) Tenant Improvement - Any improvements made to a space to accommodate the tenant’s specific needs. Rent Roll - A list of tenants and their respective rents in a commercial property. Due Diligence - The investigation that a buyer performs to verify the condition of a property before purchase. Net Operating Income (NOI) - The income generated from a property after expenses are deducted. Gross Leasable Area - The total area of a property that is available for tenants to lease. Ground Lease - A lease of land only, without any buildings or improvements, to a tenant.…

How To Calculate Vacancy Space

Vacancy space is an important metric in the real estate industry. It can be used to measure the amount of unoccupied space in a rental property or other real estate asset. Calculating vacancy space is relatively simple, but it can be time-consuming and requires accurate data. Here are the steps for calculating vacancy space. Gather data – The first step in calculating vacancy space is to gather data about the property. This includes the total number of units, the number of units occupied, the size of each unit, and any amenities included in the rental agreement. Calculate total space – The next step is to calculate the total amount of space available in the property. This can be done by multiplying the number of units by the size of each…

How to Calculate Rentable Square Feet

Rentable square feet (RSF) is a measure of area used to determine the amount of rentable space in a building or other property. It is calculated by multiplying the usable square feet (USF) of the property by the load factor, which is a percentage of the USF that can be rented out. This calculation is used to determine the amount of rentable space in a building, which is important for businesses that need to consider rental costs in their budgeting. The first step in calculating RSF is to determine the usable square feet (USF) of the property. This can be done by measuring the length and width of each room or area of the property and then multiplying the two measurements together. This will give you the total USF for…

What is Amortization?

What is amortization? Amortization is the process of spreading out payments on a loan over a period of time. It is often referred to as a repayment plan. The amount of the loan, interest rate, and number of payments are all taken into consideration when calculating the amortization of a loan. Amortization is generally used in consumer loans, business loans, and leases. It is also used to pay for large purchases like cars and homes. In the case of consumer loans, amortization allows the consumer to pay off the loan in small, manageable payments over an extended period of time. Business loans are typically amortized to match the expected cash flows of the business. In amortization, the loan is divided into equal payments, which include principal and interest. The principal…

What Is A Letter of Intent?

What is a Letter of Intent? A Letter of Intent (LOI) is a document commonly used in commercial real estate transactions. It is often used by buyers to communicate their intention to purchase a property, and it is used by sellers to communicate their intention to sell. The LOI is typically an informal agreement that outlines the general terms of the sale. It typically includes information such as the purchase price, payment terms, closing date, and other pertinent information. The LOI is also used to define the parties’ responsibilities and obligations during the transaction. The LOI is not a binding contract, and it is not legally enforceable. However, it is an important step in the process of purchasing commercial real estate. It helps to ensure that both parties are on…

How to Calculate Loan to Value

The Loan to Value Ratio (LTV) is a measure of how much a loan is in comparison to the value of the asset being purchased. It is often used to assess the risk of a loan and to decide how much money a lender is willing to lend. Calculating the LTV ratio is relatively straightforward. First, the loan amount is divided by the purchase price of the asset. The resulting number is the LTV ratio. For example, if a loan is for $50,000 and the asset being purchased is worth $100,000, the LTV ratio is 50%. The higher the ratio, the more risk the lender is taking and the more likely they are to require additional security or a higher interest rate. The LTV ratio is an important consideration for…