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 could be a tool or piece of software that helps them automate their paperwork, streamline their communications, or organize their data. By taking this first small step, brokers can learn the ropes of using technology and build their confidence in its benefits. Our products, Deal View and LendDB are designed to be this small step for CRE Brokers and Mortgage Brokers, respectively. Check them out, or reach out directly to us to schedule a demo!
Make it Simple
Another important consideration when using technology is to make sure that it serves you, not the other way around. Technology should make your work easier and more efficient, not add to your stress and workload. If you find a piece of technology that you love, you’ll be more likely to continue using it and finding other tools that can help your business.
It’s easy to overcomplicate things, but this atmosphere provides the opportunity to be selective when it comes to technology. Take the chance to clean house, delete useless programs, and eliminate time-consuming tasks. When you select a new tool to implement, take the time to really understand it and its myriad benefits, so that when the market picks up again, you have full mastery over the technology. We’ve purposefully designed Deal View and LendDB to be super simple, in order to help people take that first step!
Start Today
You don’t have to wait until the market drops to take the first step. You can start using technology in your business today. You may be hesitant to change your processes or try something new, but the reality is that technology is moving too fast to ignore. By taking the first step and implementing some new tools in your business, you’ll be able to see the benefits and thank yourself when the market starts to recover.
Talk to your friends and colleagues and see what tools they are using and how they are using them to improve their businesses. By sharing information and experiences, you can learn from each other and find the technology that will work best for your business. Set up demos with prospective tools and learn their ins and outs before committing. Sign up for free trials and start exploring how technology can help you.
In conclusion, commercial real estate brokers and commercial mortgage brokers should continue to use technology even in a recessionary market. By automating, streamlining, and increasing their efficiency, they can improve their business and be better prepared for when the market recovers.
Charlie Coppola
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