Stone emphasizes the importance of testing new software before fully integrating it into business operations. He acknowledges that while adopting new technology can be challenging, it ultimately saves time and provides a competitive edge. He encourages early adoption of technology to drive the evolution of commercial real estate brokerages.
Key takeaways:
- Technology is significantly transforming the commercial real estate industry, particularly in investment sales, with tools for underwriting, databases, analytics, offering packages, and social media.
- AI is being used in underwriting to perform initial work that would historically take hours, including pulling financial data from operating statements, categorizing it, and populating it within its own model.
- Customer relationship management systems (CRMs) are helping brokers manage tasks more effectively by tracking interactions, investor preferences, and transaction history.
- Adopting new technology can be challenging but it saves time in the long run and provides a competitive advantage, especially for early adopters in the commercial real estate brokerage industry.