Technology Only Goes So Far in Redefining the Modern Day Property Tour

Birmingham, AL—The property tour is one of the most crucial steps in the search for leased space by both brokers and tenants. Brokers get the opportunity to communicate the various differentiators of the property in a face-to-face setting with their clients. Tenants can experience first-hand what their new office building will offer.

Increasingly, a third player has emerged: technology.

Advancements in virtual reality and other tools have redefined the property tour experience. Indeed the use of technology is expected because tenants almost surely are using advanced tech in some part of their own operation. “Clients are seeking modern aesthetics that reflect the progressive nature of today’s marketplace. They are seeking buildings with updated amenities and walkability/accessibility to restaurants, attractions, etc.,” Philip Currie, president, J.H. Berry & Gilbert, tells GlobeSt.com. “It’s accurate to assume that, as a general rule, most clients are interested in investing in technology. Because tech continues to revolutionize the way business is done, more and more of our clients are realizing the importance of making technology a priority in their spaces and are making that known.”

Yet Currie is quick to note that while technology has produced amazing tools, “it will never replace the effectiveness of a solid broker-client relationship.”

“The truth is, we could spend hours touring spaces and discussing each of its differentiators—its square footage, its room for growth, etc. While these are important factors, clients are coming into a property tour with a few top priorities in mind. We should identify those priorities before ever stepping foot into a prospective building,” says Currie.

To give as simple example, if a client has identified a certain submarket or type of building that they desire, brokers should focus tours only on properties that fit the criteria. Knowing the market backwards and forwards also allows the broker to give their client the best property tour possible.

After the broker has shown the client several properties, the days and weeks after a property tour are about providing specific follow up to the differentiators and key factors that seemed to stand out to clients when they were visiting the space. Clients will likely have additional questions after the tour and it’s important for brokers to be prepared by having their technical research done and plus be prepared to easily communicate the numbers to them, Currie says.

“Once a client has narrowed down their list to a few properties, we like to send Request for Proposals, which allows us to compare apples to apples of what each property is willing to offer in the way of a deal. This is a good first step to see where you stand with each property,” says Currie.

At the end of the day, accessibility is key, so brokers should try to make themselves as available as possible to clients as they walk through the crucial steps of identifying and—hopefully—signing a lease with them and their firm.