The Sundance Company

Automation is unquestionably changing the many moving parts of commercial real estate (CRE). A notable sector being positively impacted by innovative technology is Real Estate Valuation. While a very specialized sector of commercial real estate, valuation relies heavily on technologies to become increasingly efficient and produce quality appraisals in a timely fashion for financial institutional clients. By automating data inputs, appraisers can interpret and analyze information that impacts property value conclusions at ever increasing, market-demanded speeds.

In comparison to other CRE professionals, appraisers execute an exceptionally high volume of assignments monthly and are expected to produce final reports in a short timeframe. This fast turnaround, combined with the high volume, has increased the focus on one-click downloads and automation to increase productivity while maintaining quality and consistency.

DEMOGRAPHICS WITH THE CLICK OF A BUTTON
While a relatively standard component, demographics can tell an important story about the immediate market area in a valuation report. Historically, appraisers spent anywhere from 10 to 30 minutes tracking down relevant data to prepare a comprehensive report regarding the market. Colliers Valuation worked to automate the process so that with an address only, the click of a button results in a wide range of demographic information that auto-populates into the report. In under 30 seconds, demographic information within a 1, 3, and 5-mile radius of any given property can be compiled in a clear-cut, easily transferable way. Doug Stafford, Colliers Valuation and Advisory Services’ Director of Business Innovation, indicated this streamlined process “ultimately equates to at least 2,000 work hours saved in a year.” This time can now be better filled with analysis and advising clients instead of basic data entry.

RAPID MAPPING
Another integral part of the appraisal process is mapping. In an appraisal report, maps are essential to understanding the surrounding market, submarket and competitive properties. Not too long ago, an appraiser would print out a hard copy of a map and place stickers on the spaces where all similar properties were located, along with detailed information for each. The map was then scanned back into the printer. Over the years, this process slowly became more automated, eliminating manual steps and digitalizing certain aspects. Now, it takes just a few seconds to generate a complete competitive property map with the click of a button.

UNDERWRITING IN FEWER STEPS
As an organization who values service excellence and a client-centric mindset, Colliers looks to not only streamline the process for appraisers but for our clients as well. Throughout the entirety of an appraisal, most clients need to utilize the data obtained for their own underwriting purposes. Before automation, data shared between appraisers and their clients was an inefficient process at best, with data input happening at many phases on both sides of the process, leading to a greater risk of manual input error as well as more time spent manipulating the data itself. With automation, appraisers can now near-instantly compile all of the raw data obtained and share it directly with the client via system-to-system communication, eliminating all the unnecessary back-and-forth. This seamless data integration allows clients to complete their underwriting processes much quicker, making automation a win-win for appraisers and clients alike.

WILL AUTOMATION HELP TO BRING YOUNGER TALENT TO VALUATION?
In today’s climate, innovative technology is a must for attracting new talent to an industry, and crucial to sustaining a healthy and robust workforce. According to Forbes, to attract and retain talent, businesses must adapt to accommodate millennials’ tech-driven approach and stave-off costly turnover.  With that said, the appraisal industry does not currently have a large influx of young professionals entering the field, with more than 60% of appraisal professionals over the age of 50. However, with the incorporation of technologies such as the ones outlined above, Colliers Valuation is looking toward the future of the industry and attracting fresh faces in the business. Only time will tell, but it’s likely that adopting new technology will continue to mean positive changes for the valuation side of commercial real estate.

This article originally appeared on the Collier’s website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

 

 

How did your 2018 resolutions shape up? Did you mean to adopt a new CRM this year, revisit your marketing tactics, or rethink your prospecting workflow? Whatever your goals, there’s CRE technology that can help you reach them.

And if you haven’t gotten around to those resolutions yet, it’s not too late! Now is the perfect time to invest in a new CRM and new tools to improve your workflow. Use the momentum and energy of the New Year to set your future self-up for success. Not only will you be able to hit the ground running in 2019, but you even get tax benefits by making the purchase in 2018. Most businesses can claim a deduction for the entire cost of technology and other equipment during the same year they make their purchases.

Let’s take a look at a few of the ways CRE tech can help you fulfill your resolutions in the New Year.

Resolution: I want to be better about prospecting consistently.

Successful brokers know that when you increase the number of calls you make, you add more potential clients to your pipeline. You need to stay top of mind with the people who matter, and that takes consistent outreach.

Maybe you tried to be better about prospecting this year. You organized an Excel spreadsheet, you even blocked time on your calendar every morning. But did that blocked time really motivate you? Did it still take a while to prepare for each call?

What you really need are tools to make the whole process easier. You need automated reminders on who to reach out to and when. You need tools to prioritize your lists for you. There’s tech out there that can do this for you.

Features to look for in CRE tech:

• Set up reminders for prospecting follow-up, tasks, and events
• Segment contacts into call lists for targeted outreach
• See a list of likely buyers to prioritize prospecting for listings

Resolution: I want to get my data together and actually use it!

If you’re worried about losing a phone number or working off the wrong Excel spreadsheet, it’s time to switch to a better system.

Unlike spreadsheets, a CRM can work wonders for your productivity and your peace of mind. It keeps all your data in one place, so you can’t lose it, and it can help you actually put that data to work and give you insights into your business. And since CRMs are largely cloud-based with customizable permission settings, you can share information your team and take your data with you wherever you go.

Features to look for:

• See your data connected in one place so you can gain insight and see meaningful connections
• Workflow tools that use your data to drive action
• Enjoy mobile access where you can work on a smaller screen on the go

Resolution: Better manage your deals from pitch to close.

They say time kills all deals, and in CRE, you know it to be true. If only there were a way to stay on top of the endless paperwork and tasks so that you could feel more confident in putting the pieces together and keeping momentum and control on every transaction…

There are CRE tools out there that can help you better manage your deals by giving you task playbooks and visual workflow tools to help you keep each piece moving forward. And since you’re keeping all transaction details in one place, you can be sure nothing slips through the cracks.

Features to look for in CRE tech:

• Tools to help you manage tasks and store documents
• Connection to your other data so information continues through each stage
• Reports and dashboards to show your progress at a glance

Don’t put it off another year. Invest in a new CRM and new CRE tools now for a better 2019.

This article originally appeared on the Apto website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

 

 

 

 

 

 

 

 

Nowadays, businesses and employees can do just about anything virtually. Unparalleled advances in messaging and video software have empowered more than 40 percent of American workers to work remotely at least some of the time—and one in three employees now spend a whopping 80 percent of their work hours outside the office. Companies that employ thousands have abandoned their physical flagships for virtual offices connecting employees around the globe.

Yet for all those advances, research shows time and again there’s simply no substitute for meeting face to face. More than eight in ten executives prefer in-person meetings to virtual contact, noting they create space for tough, timely business decisions and foster more complex strategic thinking. Bringing teams together is also a boon to the economy. In 2016 alone, U. S. companies held 1.9 million meetings that sustained 5.9 million jobs and generated more than $100 billion in local, state, and federal taxes.

But successful meetings are about more than that. It’s the intangibles that matter—a new relationship forged over a drink, a relaxing yoga class after a long day of panels or a level of trust from a casual conversation and a handshake.

“In-person meetings provide a sense of intimacy, connection and empathy that is difficult to replicate via video,” said Paul Axtell, corporate trainer and author of the book “Meetings Matter.” “It’s much easier to ask for attentive listening and presence, which creates the psychological safety that people need to sense in order to engage and participate fully.”

The power of face-to-face time

How important is it for existing colleagues and potential business partners to spend time together in the same space? Research shows face-to-face requests are 34 times more effective than those sent by email, and that a physical handshake promotes cooperation and influences negotiation outcomes for the better.

MIT’s Human Dynamics Lab spent hundreds of hours tracking performance drivers across industries by collecting data from electronic badges that covered everything from tone of voice to body language. The results showed unequivocally that the most valuable communication is done in-person, and that typically 35 percent of the variation in a given team’s performance was explained by the number of times team members actually spoke face-to-face.

Anecdotal evidence paints a similar picture. Organizational behavior experts argue that face-to-face meetings are the best way to capture a person’s full attention, cutting through the multi-task tendency that focuses on too many things at once.

René Siegel, a professor of public relations at San Jose State University and founder and chief executive officer of Connext, a Silicon Valley marketing and communications agency, said it all comes down to the fact that no matter the industry, everyone is ultimately in the people business. And she clarifies a fundamental difference between business conversations and deeper, more meaningful business relationships. Such bonds are forged only when people spend time talking about things that matter to them, whether that’s a particular innovation, their favorite sports team or recipe.

 

Making meetings count

Ask any employee who’s ever been stuck for hours in a drab conference room and they’ll tell you: not all meetings or events are created equal. That’s where planners and venues come in.

“Meetings are not about the four walls of a ballroom, but the ability to imagine the experience to ensure attendees feel welcomed and engaged,” said Frank Passanante, senior vice president of Group Sales and Industry Relations for Hilton, which hosts gatherings for anywhere from 10 to 20,000 attendees at more than 5,200 hotels around the world.

At Hilton, that means offering programs that go non-traditional by incorporating wellness and sustainability elements into their regular format, Passanante said. One example is Hilton’s Meet with Purpose offerings, ranging from a “Yoga and Yogurt” package that taps into the latest research on how mindfulness can recharge the brain to an interactive dining experience where seated guests clip fresh greens directly to their plates with a “Cut & Create” salad offering.

As the global leader in hospitality, Hilton team members are expertly qualified to help plan the perfect meeting or event in top destinations around the world, from New York City to Singapore. With properties in 105 countries and territories, and a dedicated team committed to providing a best-in-class experience, Hilton can help planners provide meaningful gatherings that ensure attendees feel welcomed and engaged.

“A spirit of innovation is at the heart of everything we do, from the services and technologies that we offer to our venues themselves, which are designed to spark creativity and inventive thinking,” Passanante said. “Many of our meeting and event spaces are seamlessly equipped with technology that is integrated into walls and furniture, giving attendees the latest, state-of-the-art technology they desire, in an environment that still feels warm and residential.”

And Hilton clients say they see a difference.

“Events are a platform to translate our business strategy into bold, immersive experiences that accelerate engagement with audiences,” said Nancy Neipp, senior director of global events at Cisco, who has hosted events at Hilton properties. She handles planning for Cisco Live, the company’s flagship customer conference, which draws 28,000 attendees and offers more than 1,000 educational sessions. It’s a massive gathering that sets the tone for the company’s entire year.

Despite the size or the innovative character of the event, however, what matters most is fostering those priceless moments of one-on-one connection.

“You see someone in the hall, you have a conversation. Or you follow-up with a speaker—you have an actual face-to-face—right after a session,” said Kati Quigley, senior director of marketing, business applications and industry for Microsoft, who has always worked with Hilton.

In her years on the job, Quigley has seen a partner from Europe connect with one from Arizona while simply hanging out in a common area at an event, forging a partnership that otherwise never would have come about. In an elevator ride after a breakout session, a colleague told her he secured a million-dollar deal he never would have made had he not been there.

“You want to get [people] out of their normal environment, because it makes them think differently,” Quigley said. “You build this engaging experience that shakes up their normal view of the world and gets them to look up from their computers or away from their phones.”

This article originally appeared on the Washington Post  website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

 

You spend a lot of time building your network in commercial real estate. You’re busy prospecting for new business, establishing rapport with clients, asking for referrals, going to conferences, and so on.

And if we’re being honest, you’re not going to get along with all those people. There will be plenty of folks along the way who will be challenging to work with for one reason or another. We’ve known some brokers who are established enough to choose who they work with, but for many brokers, you just have to push through the more difficult personalities.

And when it’s with a client, it can be especially important to make sure they stay happy.

5 strategies for working with just about anyone

There could be many ways for a client to be “difficult”: they’re unavailable, they’re too available, they have unrealistic expectations, they have a giant ego, or maybe the deal itself is just complex and hard to navigate. Whatever the reason, when you’re working with a personality that’s not the easiest to handle, there are a few ways to stay focused on the big picture.

Discern the client’s decision-making process, and adapt to that. The best way to get any deal done is to start by reading how your client makes decisions, and adapt accordingly. If they are constantly busy, you need to get to the point in every communication. Give your top recommendation from the start, and then work down the list from there. Alternatively, if they like a high-level overview and a lot of information, provide the details they want but always suggest the next move.

Focus on what you can control. Think about the actual steps you alone need to take to get the deal done. Conduct financial analysis to give your clients perspective on points of the deal. Make tours happen. Send out marketing flyers. This helps you stay centered on the work itself, rather than your client.

Stay organized and keep the little things moving. Keeping your information as organized as possible ensures you can be as responsive and helpful as your client may need you to be at any given moment. Take care of the little things you can on your own, and always be ready to respond by pulling the information you need. Having the right information communicated in the right way for your client is essential to getting the deal done.

Keep them focused on the big goal. Commercial real estate transactions take a long time, sometimes years. They can get seemingly lost in paperwork and regulation, indecisiveness, and more. If your client is getting bogged down in some way, make sure to keep them focused on the light at the end of the tunnel. That’s one of your main jobs as a broker—keep the focus on the transaction by doing your job and maintaining momentum. Bonus: focusing on your end goal helps YOU stay motivated as well.

Make sure there are no surprises. Maybe there’s some issue with the property your client is looking at, but issues can be managed. What can hurt a deal, and your relationship with your client, is a surprise. As long as you understand any existing issues and communicate effectively, then you can avoid further issues that could disrupt the deal.

It’s not personal, it’s business

The most important thing to remember when confronting a challenging personality is that you’re simply doing your job and working toward a paycheck. So whatever the issue is—remember that you’re there to get the deal done and that’s that.

This article originally appeared on the Apto website.

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

 

About The Sundance Company                                                      
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.