What do you do if your commercial real estate operations need to integrate new technology?

1 Assess Needs

Before diving into the sea of tech possibilities, take a step back to assess your commercial real estate operations' specific needs. Identify the gaps in your current systems and processes that technology could fill. Perhaps you need better data analysis to inform your investment decisions, or maybe your property management could be more efficient with automation. By understanding your unique challenges and goals, you can pinpoint the types of technology that will bring the most value to your business.

2 Plan Thoroughly

Once you've identified the right technology for your operations, create a detailed implementation plan. This should include a timeline, budget, and resource allocation. Consider the training your staff will need and any potential disruptions to your operations. Planning also involves ensuring compatibility with existing systems and preparing for data migration. A thorough plan is your roadmap to a smooth transition, minimizing risks and unexpected complications.

3 Engage Stakeholders

For technology integration to be successful, you need buy-in from all stakeholders, including employees, tenants, and investors. Communicate the benefits of the new technology and how it will improve operations, enhance property value, or provide better service. Listen to their concerns and feedback, and involve them in the process. Their support will be crucial in overcoming resistance to change and ensuring the technology is embraced and utilized effectively.

4 Train Your Team

Training is critical to ensure your team is ready to use the new technology effectively. Invest in comprehensive training programs that cater to different learning styles and skill levels. Make sure everyone understands not only how to use the technology but also why it's beneficial. Ongoing support and refreshers may be necessary as everyone gets accustomed to the new systems.

5 Test and Adjust

Before rolling out the technology across your entire portfolio, start with a pilot program. Test the technology in a controlled environment to identify any issues and make necessary adjustments. This step allows you to refine processes and training materials based on real-world usage. It's also an opportunity to gather feedback from early users and demonstrate the positive impact of the technology, which can help build momentum for a wider rollout.

6 Monitor Progress

After implementation, continuously monitor the performance of the new technology. Are you seeing the expected improvements in efficiency or cost savings? Is the technology being used to its full potential? Use key performance indicators (KPIs) to measure success and identify areas for improvement. Regular monitoring ensures that you're getting the return on investment you anticipated and that the technology continues to meet your commercial real estate operations' evolving needs.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?