Introduction 

As any real estate professional knows, the industry is highly susceptible to changes in the market. Inflation, mortgage and insurance rates, cost of materials, and more all have an impact on the success of commercial real estate firms. New government regulations and ESG mandates in the commercial real estate space also mean property owners and managers must reevaluate their workflows to minimize environmental impact. 

The industry relies on the efficiency and accuracy of documentation. But the overwhelming amount of paperwork and lack of integration between technologies can create complexities, cause errors, and lead to confusion. According to a report by JLL, reducing operating costs is a top priority for 86% of CRE leaders, as firms strive to maximize their ROI by investing in their people, places, processes, and technologies.

To navigate these pain points, it’s important to use solutions that streamline operations, reduce costs, contribute to ESG goals, and speed decision making to enhance tenant satisfaction. Investing in integrated technologies will enable firms to elevate the client experience through enhanced productivity and drive revenue growth. 

 

Streamlining Document-Heavy Workflows  

Traditionally, the real estate industry has been slow to adopt new technology, including document-management solutions. Sensitive documents are often still shared on paper, and firms still use manual processes for collecting and sharing documents because their technologies aren’t integrated. Manual document preparation is notoriously prone to human error and often gets in the way of a firm’s ability to deliver consistent, positive client interactions. 

Manual processes and siloed tools also create inefficiencies, slow the search and transaction process, and make it difficult to monitor transactions properly and comply with regulations. 

With the right technology, firms can automate these routine tasks to minimize errors, streamline employees’ daily tasks, and, ultimately, increase profitability. Affordable housing provider Edgewater Group LLC turned to ShareFile for a more efficient technology, taking the place of their manual file management solution. After implementation, the team was able to secure thousands of highly sensitive documents easily and efficiently, while also saving hours spent on file duplication and manually sending alerts. Properly managing data and documents can improve the visibility and efficiency of the property search, due diligence, and transaction workflows. This can, in turn, improve the client experience and build loyalty.

 

Improving CX and ROI 

Technology can help CRE leaders gain a competitive advantage. Efficient document handling can speed the transaction process and ensure that buyers or renters receive, understand, and properly complete necessary documents that are crucial for success. 

Interactions between real estate firms and potential buyers or renters today are document-heavy and filled with manual, error-prone processes that can have a negative impact on the business. From quick responses to accurate information sharing, clients want firms that can provide them with enough information to make decisions quickly, confidently, and securely.  

Technology advancements emerging in the real estate industry are changing the ways firms can create positive customer experiences. According to PwC, the industry is exploring automation and other new AI technologies to enhance the property search and analysis process, transform how investors assess potential investments, improve the client experience, and streamline due diligence and fraud detection in real estate transactions. In an industry where every touchpoint with a client has the potential to increase trust, loyalty, and word-of-mouth referrals, technology investments can have a direct impact on customer satisfaction.

Streamlining interactions and servicing will help firms deliver a simple, frictionless buyer-seller experience that builds trust and improves client relationships. It can also help create new efficiencies to speed the execution of transactions, in a way that satisfies all involved. 

 

Achieving Sustainability Benefits 

The shift from manual document preparation to streamlined workflows also has a hidden benefit in terms of environmental impact. Sustainability has become a key goal for many in the real estate industry, with firms moving toward a more environmentally conscious and resilient future. New government regulations and ESG mandates in CRE markets mean property owners and managers have more reason than ever to make ESG a priority. One way to do this is with more efficient document management. 

By reducing the volume of paper files printed and stored, firms can meet their ESG goals – all while encouraging improved accessibility and security. 

 

Conclusion

As CRE firms aim to tackle inefficient document workflows, they must consider technology tools that can streamline operations. Simplifying and modernizing workflows can help them better support clients and protect their personal information. Through the power of automation and a customer-first approach, ShareFile partners with real estate professionals to build efficiencies so they can focus on the work that matters most to them and their clients. 

Learn how ShareFile can help commercial real estate firms enhance client interactions through secure, collaborative technology.