Using Tech Tools, Designed for Ease

“Anyone who's ever touched an office leasing deal has the scars to prove it. Using tech tools designed for ease of use across the web enables and empowers each of the constituents to seamlessly collaborate—as a team,” says Dan Mihalovich, founder and CEO of San Francisco-based Griddig. “It's always a team effort which produces the highest quality transactions.”

Mihalovich tells GlobeSt.com that “sharing information openly and transparently helps to expedite the process and outcome in a way that ensures fewer mistakes, higher level consensus decision-making, and a higher volume of transactions never before achievable.” 

According to Mihalovich, “CRE industry participants who embrace these new technologies now will find themselves more revenue-positive, with far fewer headaches, and the admiration of clients who've long been frustrated with the status quo.”

And using tech to one's advantage is endearing to all, he explains. “Clients—no matter which constituent group—flock to a winner, and everyone wins when each party to a transaction is well and timely informed; progress is continuous and rapid; there are no “gotchas” or similar oversights which kill deals; and the entire process is easily visible at the outset so that the parties utilize their respective team members for their distinct knowledge and advice and speed to closure (parties can fully execute the LOI on our platform) with complete confidence.”

Walter Conn, president of brokerage services at the Downtown L.A. office of Charles Dunn Co., tells GlobeSt.com that software and information technology have evolved tremendously over the past 15 years, although in terms of practical application, he says that commercial real estate professionals are extremely late adapters of new technology.

“The true benefit for our profession is the ease of access to information via industry-specific software programs and internet-based applications. Having comprehensive data at one's fingertips when researching has taken some of the speculation out of valuations, market intelligence, and other areas of due diligence,” he says. “Property database software such as CoStar and Loopnet allow agents to access a wealth of comparable data, while access to articles and information through online media like GlobeSt.com has enhanced the ability for not just our salespeople and property managers, but also owners and tenants, to seek out, identify, and increase their knowledge and opportunities.”

He adds that “Software such as Argus has greatly improved the efficiency of detailed financial analysis, while software such as Docusign has enabled our professionals to quickly execute the volumes of documents required for each transaction and exchange them with clients conveniently and securely.”

Customer Relationship Management platforms have evolved dramatically as well, he adds, “allowing the salespeople that use them to store and use information more efficiently and easily. They're also now able to more easily integrate it into multiple communication channels and weave it into daily routines.”

Conn says that “while all of these tools are vital to how we do our work, our business is still about relationships, something no amount of technology can give you.”