• Use of the latest selection of technology in project management to automate work and make it remote. 

• Office spaces will change due to the pandemic and remote work, but they will not shut down. 

• Retail shopping has not fully recovered, but e-commerce has raised the demand for warehouses. 

• Focus on sustainable real estate to reduce the carbon footprint of this global industry.  

Here are some top tips to help you make more sales and get ahead of your competitive brands. 

1. Humanize your company 

Real estate sales are all about human contact. Even if it is commercial real estate and not residential, you need to connect with your customers regularly and make them feel valued to get their business. Why? Hubspot stats say that more than 90% of Americans depend on their decision on the quality of customer service to decide if they will repeat their business with a company. 

The customers you deal with may be one of these 90% people, so make sure you up your customer relations and stay directly connected with them to amp up your sales. Sending them customized offers and exclusive benefits and talking to them in detail about their real estate needs can be a few of the things you can do to get ahead.  

2. Define your target audience 

Every business should have a target audience in mind. Experts say that if you believe the whole world is your customer, then you are wrong. You need to cater to a specific group of audiences to customize your marketing and sales plan based on your audience. How does it work?  

Understand which social media your target audience spends the most time in. What is your competitive brand doing to communicate with this audience? Are you doing anything to provoke the thoughts of your target audience? Find the answers to these, and you are good to go.  

3. Minimize site visits and speed up sales 

Minimizing your site visits, be it construction sites or property tours, will help reduce your carbon footprint. It will help you cater to CRE trends and also create a USP for your business. You can also use virtual tours and drone views of properties to get a competitive edge.  

4. Do competition analysis 

What is your competition doing in business, be it social media, business strategy and leadership, or daily back office work? Do a thorough competition analysis to get a clearer picture of the market trends and what is going on around you. Do not let your potential customers tell you that a said brand is offering more than you have clear responses to such queries.  

5. Attend industry-related events to build network 

Your vendors, investors, developers, agents, competitors and customers make up your network in the real estate industry. So no matter who your competition is, you need to stay connected with every stakeholder in the real estate market to stay aware and grow your outreach. Attend industry-related events like conferences, seminars, etc., to build up your knowledge about the latest trends and accordingly plan strategy.  

6. Always cater to your local audience 

CRE businesses are mostly huge in size and have national and international dealings, but never forget to cater to your local audience. Why? You have a chance to communicate with them directly. Also, local people always tend to look for property buying or renting options within their known areas. Never forget to tap into this market in between your plans to grow and hit the national market.  

7. Your online presence is a must 

According to NAR reports, more than 97% of customers looked for properties online during the pandemic. More than 76% of them used mobile or tablet devices to conduct these searches. This is enough reason to strengthen your online presence. If you still live in the pamphlet and word-of-mouth phase of business, then you are already losing business that you don’t even realise.  

The number of millennial homebuyers is increasing by the day and they are here to change the way you see the industry. Millennials check everything online before they set their hands on a product, be it a property or a toothbrush. So, build your website and your social media presence before anything else.  

8. Always have competing property listings  

It is not possible that the same company owns all the real estate listings in one complex, mall or property. So it is important that you know everything about the competitive listings inside the same building to help better your negotiations with your clients. Make sure to do your homework! 

Every real estate business knows that client referrals are crucial to making it big. A customer who is satisfied with your company is sure to use your service again. They are also highly likely to recommend you to friends and family.  

Research shows that over a whopping 82% of all real estate transactions are referrals. This data highlights the importance of satisfying the client in a real estate business. Without exaggeration, one can say that it could make or break your business.  

The onboarding process is crucial because it is your client's introduction to your business. They may have arrived at a friend's recommendation and may have expectations of you.  

Therefore, the onboarding process sets the tone for all your future interactions with the tenant. It is crucial to start things on a warm note as a landlord. It is your responsibility to be both professional and friendly. Being aware of the importance of this practice, you can proceed onto the steps required of the onboarding process, including:

1. Tenant Application Review 

All property managers know how tedious and expensive evictions can be. Installing software like Yardi and MRI can help prevent such hassles so that you admit only the lowest risk tenants. It comes equipped with customizable filters that allow you to choose your client by specific categories.  

Besides this, with Yardi ScreenWorks, you get access to many rental data. You can use this information to verify the real estate history of your tenant. An efficient partner will help you optimize your tenant onboarding process by ensuring the following details are in order. 

• A history of debt, mortgage information, credit scores within a moderate range 

• References from old landlords and real estate businesses 

• Payment history 

• Identity verification including Social Security Number, Driving License, and other govt-issued identification 

• Insurance details are crucial and should always be verified before the onboarding process.  

• Employment details including past work history with paycheck stubs, employer data, and more 

• Personal information like full name, contact, and current housing details. 

• A pro tip would be to inquire about pets. Your building may be a no pet zone and this minute detail cause friction between you and the tenant later on.  

2. Lease Details 

A lease should cover all loopholes regarding the tenant's stay. It should also protect the rights of the tenant and landlord. The issue of practices like standard area management fees often causes disputes later on in the business relationship.  

Your contract should be concise about which responsibilities you and the tenants have to avoid future misunderstandings. Typically, leases contain information like 

• Complete legal names 

• Date of lease 

• Rent details include but are not limited to yearly maintenance fees, the expense for the use of common amenities, rent values, security deposit information, and more. 

• Fees for late rent payment, penalties on property damage,

• Details on pets  

Leases are usually long and difficult to read because they include the factors mentioned above. It also takes time to add these clauses to the contract. But a lease abstraction software can help you with this. It distills all the crucial points of the agreement and produces it in writing, which is straightforward. 

A tenant management software can help you achieve this by centralizing all management processes under one roof. Here are the main features of this software. 

1. Tenant Onboarding 

A tenant onboarding service helps landlords run a background check on applicants. The system collects data like past housing history, criminal history, if any, credit scores, and more. Armed with this information, the landlords onboard only those who pose the least risk. 

2. Effortless Transactions 

A tenant management software allows tenants to make payments, pay fines under one system. As soon as they pay rent, both the landlord and the lease-holder receive notifications about the transaction's success. Moreover, the system stores and categorizes these records to avoid future bill confusion. 

3. Disseminate Information 

The dedicated tenants portal on the software lets them log in to the system to access vital information about the property. Alerts about building meetings and CAM fees are also sent to their tenant account via this system. 

There are several tenant management software for a real estate business owner to choose from. But when doing so, it is necessary to select a service that fulfills a firm set of criteria. This list includes:

1. Cloud Storage 

Property managers collect a significant amount of data on the tenant when signing leases. From credit scores to salary information, they come to know a lot about their tenants.  

A cloud-based helps store this private information in a safe place. The property manager must store the files in a secure, centralized, and well-categorized platform for future use. Digital storage helps keep the data from hazards like fires and floods.  

Cloud storages also come with high-grade security with solid authentication protocols. Since not everyone can access this information, it makes your business a lot less worrying. 

2. Easy Interface for Tenants 

With any tenant management software, the ease of the tenant must be a central priority. Built-in client portals help collect vital information under one roof. A simple, easy-to-navigate front page can help users get easier access to crucial information on the site. 

Such a system helps them be up to date with notifications and relevant news about the building. Clients also share their views and recommendations with the management via such portals. This system facilitates better communications between the tenant and the landlord, resulting in a healthier relationship. 

3. Must Use AI technology 

An automated system is a must for every tenant management system. Artificial Intelligence (AI) can help save a lot of energy and time because it can process tenant requests without human help. 

The Fair Housing Act is another necessary act you must know as a property manager. This law works to prohibit discrimination in housing on the following grounds. 

• Discrimination based upon race or color 

• Discrimination based upon religion 

• Discrimination based upon sex (this includes all forms of sexual harassment) 

• Discrimination based upon national origin 

• Discrimination based upon familial status (meaning denial of housing to families with children) 

• Discrimination based upon disability 

Higher credit scores do not always translate to on-time payments, and in the same way, a low credit score does not mean that the renter will not make payments on time. Think about students, or new immigrants, or other young people who haven’t had a chance to build a good credit score yet. Don’t disqualify anyone with a low credit score. They might turn out to be a great tenant down the line 

Ideally, you should request a complete credit report yourself about any potential tenants rather than allow them to hand you one of their own. While unlikely, people do use old or fake credit reports to fool landlords into renting out to them. 

To automate the process of getting credit reports for each potential tenant, you can use the MRI Real Estate Software. There are on-staff investigators that will look into background and credit checks for all interviewees, saving you both time and money in the process.