Commercial Real Estate News / Technology / Will the Next Big Deals Take Place on Commercial Real Estate Apps?

Will the Next Big Deals Take Place on Commercial Real Estate Apps?

Published: 01-31-22 Category: Technology

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

a smartphone with a commercial real estate app

Thirty years ago, commercial real estate deals looked completely different. Conducting research meant boots on the ground, subscribing to fax blasts from scouts, and basically word of mouth. The Internet we know today was only a hazy concept.

And yet, deals got done. We’re not saying that it’s impossible to conduct commercial deals without the web, but the Internet really has taken things to the next level. Just when you think that you’ve got a handle on this technical thing, another wave of new technology comes out.

That’s how a lot of people feel as we move from the desktop tools of old to the smartphone apps of the new age. Yet there are plenty of reasons to jump into the commercial real estate app game, and we wanted to talk about that with you.

Putting the Role of Apps into Proper Context

When we start discussing apps, it’s natural for some people to feel skeptical or even downright worried that technology is moving too quickly. However, this just means that we need to stop and put the role of apps into the right context.

We aren’t saying that you’ll have to toss your laptop or forget about the hard copies of documents in your home office. We still use a printer, and we know plenty of folks in the commercial real estate space that still use "old" technology. Some of us even prefer to use the phone instead of sending a text message; imagine that!

If you’re going to expand your role within the industry, it’s time to see how old techniques become new again through the way we use technology.

As we discuss the benefits of working with new apps, keep in mind that we aren’t saying that you have to do it that way. Think of it like this: we’re giving you options to consider. If it isn’t something you want to do, it’s not a problem to stick with your current system.

Benefits of Commercial Real Estate Apps

Going over the different benefits of these commercial real estate apps is key when you’re looking at trying to incorporate them into your own routine. If you’re not up to speed on them, we’re happy to provide the benefits below.

We decided that given how quickly apps come and go, we would focus on the benefits of the commercial real estate app that we offer personally, which is available for free on both iOS and Android platforms.

Portability

When we mention portability, what we’re saying here is that you can take the apps that have the functionality you’re accustomed to everywhere you want to go.

If they have a web interface, what you do on the web is automatically copied over into the mobile app. If you do something on the mobile app, the results are moved over to the website without you having to think about the technical details.

Flexibility

One of the true benefits of these apps is that they’re extremely flexible. App development is moving quickly, and apps aimed at those in the CRE space are built with this in mind. Developers know that business customers want the best of the best, including the ability to have the features that they need at their fingertips.

You’ll find the best apps shift with ease between iPhone, Android, and tablet configurations across the board. This means that you will not have to worry about any difficulties in accessing information.

Security

With so many different threats in the wild, it makes sense that more people are thinking about security than ever before. The top apps play well with the security your smartphone already has, such as biometric access or even physical hardware security keys.

Each app will still ask for a username and a password, and it’s still important to pick strong passwords that are difficult to guess. Encryption runs in the background to ensure that your information is kept safe from intruders.

Potential for the Future

The app development space continues to explode. We’re just getting started seeing where apps can go and how far we can push our own, and commercial real estate fans of all stripes should pay very close attention to this space.

Between the data science opportunities involved with real estate to the overlap with augmented and virtual reality features, one thing is certain: there’s certainly room to grow in the app world.

Sure, right now, some apps are limited. Others are mere prototypes while they scourge up funding, which is a bit frustrating. However, those that end up sticking around will find that there is plenty of potential for the future as long as you are willing to be patient.

Bugs and features that aren’t quite there will pop up, but what will also occur is great development. Developers know that stable apps take time and several iterations, so it’s very important to let the community continue to build great apps and back what projects you can.

Classic Tasks Handled by Applications

Are you still feeling like you’re on shaky ground? No problem. We started thinking about all of the tasks that you probably do on your phone without thinking about it. So if you need a bit more encouragement, think about the tasks that you already handle. We’ve compiled a list below.

Organizing photos into collages to show interested buyers;
Recording quick videos to send to prospects;
Calendar apps with multiple calendars organized by project;
Scanning in documents for safekeeping while out and about;
Building quick presentations on the fly;
Running basic analysis of numerical data.

There are so many tasks that we could talk about, but the point is this: you already have a smartphone, and the chances are good that you’re already using apps to make other tasks more manageable. We’re just talking about adding more functionality, not less.

Use Utility Apps to Streamline More CRE Procedures

Picking quality commercial real estate apps is a matter of looking at what’s working inside your business, what you want to do on the go, and finding apps that line up with those interests.

For instance, if you know that you are going to sign multiple contracts and agreements, going with an online signature management app is also a wise idea.

Can all contracts be handled digitally? No. Following the advice of your legal professional of choice is still a good idea and prudent. However, there are opportunities to add apps to your routine.

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