Commercial Real Estate Companies Can Establish Post-Pandemic Success Through Digital Modernization
By ANTHONY ROMANO a.romano@cretelligent.com
THE NETWORK / JULY/AUGUST 2021 The commercial real estate (CRE) industry has rapidly adapted to the ever-changing conditions of the past year’s pandemic by updating business operations and adopting emerging technology platforms to help streamline operations. Now, as recovery begins to take hold and industry professionals prepare to move forward, there is growing recognition that adaptions to emerging technology to complete daily projects, quickly access data insights, complete due-diligence workflows, and transform to more efficient processes is now required to stay competitive post-pandemic.
While many new technologies have been adopted over the past year, expediting property due diligence may prove to be one of the most strategically beneficial practices amid a commercial real estate environment presenting shifting and rapid opportunities. Instead of manual spreadsheets and elongated reviews of opportunities, commercial real estate professionals who utilize advanced due diligence platforms can determine essential environmental risks in minutes, manage total risk longer-term, and save time and money.
CRE companies must invest in platforms that simplify and accelerate the due diligence process. Platforms are available that provide streamlined access to property information and enable investors to order third-party opinions for property value, all with one press of a button. “Pre-screen” assessments and full-scale reporting with quick and immediate capabilities, in a one-stop-shop, will save investors time and money, and enable them to navigate potential roadblocks. Previously, this process could take weeks. Now CRE professionals can move from worksheets to streamlined workflows; they can search and receive nearly instantaneous environmental reports and support fast-moving transactions.
What does the future of the CRE industry look like?
Companies using emerging digital innovations will be well positioned to not only survive the next cycle in the market, but also take advantage of investment opportunities that are sure to come out of the pandemic. As CRE professionals prepare for the future, they should be ready for new challenges and opportunities. This last year’s sudden transition from in-person to remote interactions is a prime example of how CRE professionals need to be prepared for new and often unforeseen changes.
As some businesses decide to keep employees working remotely or adopt a hybrid model, there is less need for office space. According to a Forbes article, CRE professionals around the country should consider repurposing vacant office spaces to apartments or smaller office spaces.
For example, as the boost of e-commerce rapidly took hold of the marketplace, investors needed to find new uses for underutilized spaces, such as re-purposed warehouses to support growing demand, or brands finding new opportunities to expand into regions where they seek to grow a presence. The complexity continues with certain regions experiencing transformations amid an uneven rebound that is reflective of new patterns and expectations set during the year-long pandemic.
Regardless of the best strategy, time is of the essence when executing strategically important real estate transactions. By speeding up all the due diligence processes, CRE professionals can then move on an asset – or move on to their next prospective investment. Whether its updating outdated processes, finding new ways to revitalize currently underused workspaces post-pandemic, or ushering in faster and more accurate access to the ‘whole product’, now more than ever, CRE professionals have the technology to streamline the whole due diligence process more efficiently. Implementing end-to-end due diligence platforms will ensure businesses are poised to respond to current and future opportunities and be involved in the predicted economic boom of 2021.
About CREtelligent.com. Commercial Real Estate. Simplified.
CREtelligent opened its doors more than six-years-ago as eScreenLogic, a Commercial Real Estate (CRE) environmental due diligence firm focused on desktop RSRA, Phase I, and Phase II site assessments and reporting for commercial lenders, insurance companies, and brokers. The company has grown quickly and market demand for a “one-stop” CRE due diligence platform that offers more than environmental expertise for lenders and corporate entities has become clear. As a result, we’ve expanded to offer not only our full-service Environmental reporting but Valuation, Flood, Full Portfolio Asset Risk Monitoring and a number of other “Platform-as-a-Service” offerings too.
Commercial Real Estate Due Diligence, Simplified isn’t just a tagline, it’s become our product development mantra.
We are building the tools that you need to face the new markets we all find ourselves in today. This unique innovation-based approach enables our clients to make fast, accurate, and intelligent commercial real estate transaction decisions faster and simpler than ever before.
Media Contact: Jim Bonfield, CMO CREtelligent.com e | 916.332.7801 ext.705 | 309620@email4pr.com
