Now let’s focus on folks that “Have” available properties for sale needing debt or equity and the “Have Nots” who are looking for those deals.
If we look back at the issues with the space availability, we know that time, accuracy and completeness are issues with the capital market campaigns as well. While these are the same, there are a couple more nuances that we should be aware of:
- Does your system allow you to keep up and track the Have Nots?
- Can your system send out the documents to your list of Have Nots, and also indirectly market to other Have Nots if you want too?
- Does your system allow you to track the different statuses that the Have Nots went to in each campaign?
- Does your system lack a single data entry point?
As I look out at the commercial real estate industry, there are very, very few platforms that have a single data entry point that their leasing team can access to update all of the information needed to lease available space. While some have Excel spread sheets and others have a database, most do not have all of the required fields, and lack the ability to add any type of graphics or brochures or any other documents or video that they would like to show to the Have Nots.
Not only is this an issue inside a company platform, there is definitely no ability to do this, even if you paid a lot of money beyond a single platform. The commercial real estate industry has no place to put in the available space for lease for free and then have the Have Nots look at it for free. Isn’t that what the car and hotel businesses do?
To have a system that can actually get past these issues, we will need to see what a few more of the issues may be:
- Lack of consistent fields to enter the data into different systems.
As you start looking at different reports and different systems, you will see that most of the fields that we use in the commercial real estate business are the same. There are some variances depending on product type, but most are the same. The trick isn’t the name of the field but how those fields accept data and then how they can send that data back out in different formats to update the different services and their own website.
- Lack of a consistent format to send their data to the cloud.
Not only do we have an issue with the fields and their consistency with the data, there is also an issue of how to send the data that has been gathered, and then again when that data is edited. Some of the newer services and most websites use a file called an XML. It is type of file that can be automated by the Haves and sent to the Have Nots automatically. It is often used to update the Have’s own website.
Sadly, a lot of the service providers that accumulate this data, cannot or will not accept these files and ask that the Haves send them PDF files, of course formatted just for them and then they will re-input the data. What a waste of time and money! Some of these providers ask for Excel files and others CSV files. These providers make the Haves spend time and money for all of the different formats to make their systems work instead of focusing on leasing their space!
- Lack of information sharing among the different service providers.
So let’s say you have figured out Number 1 and 2. You still have to deal with the different formatting to the different service providers, right? There is no big surprise in this issue. All of the service providers want to have the latest and best information and charge the Have Nots to look at that information so they will not send the information the Haves send them to the other providers. So if one of the service providers did come up with an easy way to have the Haves send them their information, the Haves would still have to format for the others service providers!
Who works for who?
- How do the car and hotel sectors provide immediate information, but the real estate sector takes weeks to compile and distribute information?
Doesn’t it seem odd that other industries can distribute current and accurate data over several services that market that information to the Have Nots? It seems there needs to be a single CRE site that the Haves can access to upload their information, and then that site sends data to all of the sites that help to market that information for FREE! Then, the Have Nots will have a choice of where they look for that information for FREE!
MYRETA is the only complete marketing site in Commercial Real Estate.
Picture Source: “The Puzzle” by beautyluna.blogspot.com