For real estate companies with a leasing or brokerage division, commission management can be a complex, multistage accounting process that consumes a lot of staff time and resources. If you’re involved in brokerage and consolidated financial activities and looking to make these processes more straightforward and efficient, consider combining those operations with property management on one platform.

Inefficiencies With Separate Platforms

Historically, property management and brokerage operations have been performed on separate operating systems. This scenario can produce several inefficiencies. For example, calculating complex agent commissions for each deal requires much manual data entry into the property management and accounting system, with agents moving across split plan tiers and different tier structures within a deal.

Invoice processing and commission splits often are entered into the property management and accounting system long after the fact. Yardi clients have reported that up to 25% of commissions they calculated manually were incorrect.

Additional complexities include:

• Commission variations due to the type of transaction, such as a lease, sale or fee.
• Brokers’ custom commission structuring can vary by region.
• Cash vs. accrual accounting methods.
• Commission invoicing and receipt.
• Distribution calculations and payments to agents.

Executing all these operations accurately and keeping detailed accounting records is crucial not just for staying compliant with tax regulations and monitoring a company’s financial performance but also for providing transparency to the agents.

Handling property management and broker activities separately also prevents executives from obtaining a complete, real-time financial picture of what’s happening across the business.

When a broker transaction generates an invoice, for example, that invoice wouldn’t be visible for months until the tenant moved into the building. An open receivables report would show upcoming property management fees and rent payments to be collected from tenants but not brokerage activity or what agents were owed from that income.

CommercialEdge Commissions: Simple and Sophisticated

Is it possible to manage property management and brokerage activities from a single platform? One that synchronizes accounting and property management to deliver a consolidated financial image more accurately and with less staff labor? Yes, and that is where CommercialEdge Commissions comes in.

The CRE solution, part of CommercialEdge and fully integrated with Voyager Commercial and Yardi Elevate, connects agents, operations and accounting processes by centralizing all deal data, documents, invoice dates and commission splits. It tracks invoices, monitors due dates and automates even the most complex commission distributions.

CommercialEdge Commissions provides complete commission and back-office solutions for brokerages and leasing teams by streamlining operations, elevating productivity and boosting revenue with automated workflows powered by real-time business analytics.

Equally important, Commissions brings property management, brokerage and commission generation into one system. All activity is recorded in Voyager in real-time and can be configured to support cash or accrual basis transactions.

This centralization is much more efficient than tracking brokerage transactions with spreadsheets outside Voyager, then repeating those transactions to keep Voyager up to date. There is no more unnecessary manual data entry and manual calculation of complex commission splits among agents and brokerages.

Yardi clients find Commissions simple enough for busy brokers yet sophisticated enough for small, medium or large enterprises, as Susan Olinsky, senior VP of finance for Colliers Philadelphia, notes:

“CommercialEdge Commissions has automated what we were doing manually, which was prone to error. It can handle all transaction types, so to me, that’s the highest recommendation you can get — that it can handle your business needs.”

Susan Olinsky, Senior VP, Finance, Colliers Philadelphia

Managers can view commissions, rent, property management, receivables and more and gain a real-time, consolidated view of the enterprise in Voyager, with the added convenience of being able to pull the data into Yardi Forecast Manager. Commissions can also accommodate the accrual accounting favored by most brokerages.

CommercialEdge Commissions eliminates siloed data, provides a deal data repository, generates custom-branded invoices, calculates broker distributions, provides transparency to agents on their earnings and commission calculations and supports accrual, cash and hybrid accounting methods. The complete integration with Voyager provides consolidated financials for a real-time understanding of business health and broker performance.

Conclusions

Real estate business operators are discovering they can standardize operations on a single connected solution, with Voyager and Elevate on the property and asset management platforms and CommercialEdge for revenue lifecycle and brokerage operations.

With tools for marketing, listings and syndication, pipeline and deal management, legal and research and market data, the CRE software is a one-stop solution that saves time, costs and staff labor.

The post Key Tools for Simplifying Brokerage and Financial Management appeared first on CommercialEdge.

Enabling brokers to send information quickly and ensuring that their messaging and branding are standardized can be challenging. But leveraging a marketing platform that provides email automation tools empowers brokerages to help their team send key information promptly to clients and prospects while providing assurance that all communication is on brand.

Below are six examples of commercial real estate email marketing messages that can be optimized through automation. The list is organized based on specific examples for listing and tenant brokers.

FOR LISTING REPS 

1. Sending Availability Updates

Listing reps can send vacant properties and spaces to tenant reps via newsletter-like emails that keep potential clients up to date about availabilities. An effective marketing tool streamlines the process through automation and leverages a centralized database to ensure consistency across listing data, marketing collateral, branding and contact details. 

For instance, a listing broker working with CommercialEdge Marketing is notified of spaces soon to become available. Before these spaces are listed, the marketing team reviews all space and property information to make sure everything is up-to-date and accurate. Then, using the email marketing tool, the listing rep can easily pull the listings into an email — even before the spaces are listed — and send it out to a pre-built list of tenant reps to let them know of spaces coming on the market. 

2. Responding to Space Inquiries 

When a lead comes in, it’s imperative to promptly get in touch with potential clients to move deals forward. After a phone call to review options and availabilities, the prospect or tenant rep generally requires more information and will request an email summary from the listing rep.  

That is when, instead of having to pull together different brochures and ask someone to update them, the listing rep just clicks a few buttons in CommercialEdge Marketing, selects the spaces they want to share and quickly sends out the email. These messages can include brochures, virtual tours and other engaging marketing collateral.  

And, since the marketing tool is connected to the listing database, all listing data is synced, up-to-date and on-brand, ensuring that the broker only sends out the most accurate information. 

3. Qualifying and Nurturing Leads

Sending follow-up messages is key for qualifying and nurturing leads. Using a comprehensive email marketing platform to send follow-up emails with specific questions is a great way to filter leads and eliminate poor-quality ones. Depending on asset type, questions can pertain to the intended start date of the lease, business specifics, number of people in the company, space preferences, specific requirements and more.   

Consider sending follow-ups to keep prospects engaged during periods of slow activity or after important milestones such as tours or client meetings. Staying in touch with prospects is not only essential for keeping them motivated but also a great way to demonstrate your commitment and willingness to assist.

FOR TENANT REPS 

4. Prospecting for New Clients

A targeted, research-driven process helps tenant reps narrow the prospect pool when prospecting for new business. Tailor-made emails are more likely to engage and prompt action, so it’s essential to communicate based on the specific needs and interests of potential clients.  

Certain factors can help identify the most qualified person when deciding whom to contact with this top-of-the-funnel message type. Contact the right people directly and personally considering: 

• Role and seniority within the organization 
• Level of authority (e.g., they can make budget-related decisions) 
• Prior positive experience/familiarity with your services 

For example, a tenant rep specializing in retail and restaurant space in a specific market puts together a curated list of restaurant operators in that area. Using the CommercialEdge email marketing tool, with just a few clicks, the broker creates a bespoke, branded email that introduces themselves and highlights their market knowledge. This is a great way for listing reps to present their unique perspective in a specific real estate sector and offer their services to potential clients who might be looking to open a new location, relocate or renegotiate their current lease and so on.

5. “Tenants in the Market” Mailing Lists

When working with a tenant with very specific space requirements, tenant reps can use various tools to serve their clients better. For instance, a tenant rep has researched listing marketplaces and has gotten in touch with listing rep brokers but has exhausted all availabilities without finding a space that would meet their client’s requirements. 

A solution, in this case, is using marketing tools that bring this information to the market and uncover space opportunities that cannot be found through typical means. With the CommercialEdge email marketing tool, brokers can create emails encompassing their clients’ needs, and with just a few clicks, send them out to a list of owners and landlord rep-focused brokers in their client’s target market to uncover unlisted availability that meets a unique client requirement.

FOR LISTING AND TENANT REPS 

6. Nurturing Client Relationships

Once a deal is closed, broker-client relationships may not require frequent communication. Still, a proactive approach and occasional check-ins can benefit the parties involved and contribute to building a long-term partnership.  

As a listing rep, consider sending recurring informative emails to a mailing list of existing tenants in the properties you represent. Relevant information can include building-, space- or area-related updates, industry news, market trends and so on. 

As a tenant rep, keep in touch with clients to develop long-term relationships and ensure future collaboration. Consider sending emails in the early stages of the lease term to let tenants know of your availability to assist. Later, send a reminder before lease expiration and offer to discuss the next steps, such as potential lease renewal, extension or finding new space options.

• As a general best practice, we always suggest including a compelling call-to-action and ensuring that your contact details are visible and accessible. In addition, consider including a headshot, which adds a personal touch and contributes to ensuring a brand-consistent experience across your messaging. 

How Commercial Real Estate Email Marketing Tools Help 

Whether you are a listing rep or a tenant rep, an effective marketing plan coupled with a powerful CRE solution can maximize your email marketing strategy — CommercialEdge Marketing optimizes communications through powerful automation. Powered by a single database of real-time property and space information, the marketing solution ensures consistency across your marketing collateral, branding and contact details. 

The CRE solution syncs email marketing processes with your CRM for seamless access to your contact database. And, since segmenting contact lists is an essential step in any commercial real estate email marketing strategy, the CommercialEdge tool allows you to build custom contact lists and group relationships by specific criteria such as market, asset type, lease term and more. This makes it easy to craft more targeted, prospect- and client-facing emails. 

The CommercialEdge Marketing email tools empower you to: 

• Auto-populate email templates and brochures 
• Customize content with an intuitive drag-and-drop editor 
• Automate email sending and scheduling 
• Track and assess performance with real-time email analytics 

What’s more, email and brochure templates are optimized for different devices, from mobile to web browsers, ensuring your content is adapted to and visually appealing on every platform.   

CommercialEdge Marketing is available standalone or fully integrated with Yardi property management software. For Yardi clients, property and space information is in sync with Voyager Commercial to ensure that only the most accurate and up-to-date information is marketed to prospects and clients. 

The post 6 Ways Brokers Benefit from Commercial Real Estate Email Marketing appeared first on CommercialEdge.

Walkable urban spaces are known as well-connected, mixed-use areas, including different real estate products from multifamily and single-family housing to retail and office spaces, as well as recreational areas, such as museums or sports venues, located within a half-mile radius. 

The 2023 Foot Traffic Ahead report, released by Smart Growth America and produced in collaboration with Places Platform LLC, takes an extensive look at walkable urbanism in the U.S. by ranking the top 35 metros based on what percent of their real estate inventory (by square footage) is in walkable areas. The report focuses on four asset types: office, multifamily, retail and for-sale housing. 

Across the 35 metros ranked, around 16% of all four real estate products are in walkable urban places, the report reveals. However, the proportions between these product types in walkable spaces differ significantly. Overall, 42.1% of all office spaces in the top 35 metro areas are in walkable urban spaces. Multifamily makes up 30.4%, retail 18.5%, whereas for-sale housing accounts for 11.6%.  

To rank the metros, the study draws on data from Yardi Matrix, Rocktop Partners, the American Enterprise Institute Housing Center and other publicly available data.

Coastal Metros Take the Lead in Walkability 

Looking at all four property types, the highest-ranking metro regions for walkability are New York City, Boston, Washington, D.C., Seattle, Portland, San Francisco, Chicago and Los Angeles. On the other end of the spectrum, the lowest-scoring regions include Orlando, San Antonio and Las Vegas.  

Unsurprisingly, the most walkable urban metros tend to be on the coast, with historic rail transit networks and a history of more compact urbanism predating 1940. However, the lowest-scoring metros — mostly in the Sunbelt — are just undertaking the effort to introduce walkable urbanism for the first time in generations, the study notes. 

While the percentage share of different product types varies across the metros, office and multifamily products are the most concentrated in walkable urban places, followed by retail. New York City stands out with 73.2% of its office, 70.3% of its multifamily and a significant 59.1% of its retail space in walkable areas.  

At the same time, Boston has 47.3% of its office, 44.4% of its multifamily and only 11.2% of its retail inventory in walkable urban spaces. The lowest ranking metro, Las Vegas, has only 6.5% of all office, 4.4% of all multifamily and 7.4% of all retail in walkable areas.  

Walkable Urbanism Puts Upward Pressure on Real Estate Prices 

The walkability scores have a notable economic impact on metropolitan regions and the overall U.S. economy. Although walkable urbanism accounts for roughly 1.2% of the land within the largest 35 metros, it accounts for 19.1% of all U.S. real GDP. Evidently, this means that walkable hubs account for a large amount of the region’s tax revenues from land values and other sales taxes. However, this also resulted in a price premium for office and multifamily products in these areas.   

While the percent change in premiums has decreased since 2018 in almost every metro region largely due to the pandemic, real estate in walkable urban spaces is by no means more affordable now. For instance, in New York City, the price for office product premium decreased by 52% from 2018 to 2021, but still stood at 105%. At the same time, the premium in Boston was positioned at 83%, down only 5% over the same period.  

Conclusions 

The high demand for walkable urbanism and the lack of supply is expected to continue to drive up price premiums in the near future. According to the report, the imbalance between supply and demand underscores the urgency of policy and zoning reforms regarding the development of well-connected mixed-use communities to promote social equity, drive economic activity and boost overall health and resident satisfaction.  

The post Walkable Urbanism to Drive Future Real Estate Development in the U.S.  appeared first on CommercialEdge.

However, maximizing listing exposure can be challenging without the right technology. Relying on outdated or manual processes to sync information across marketing channels can hinder lead opportunities. Thus, it’s crucial to centralize property information in a single, connected system that allows for automation and eliminates inconsistencies for a seamless experience for prospective tenants. 

Utilizing multiple listing services feeds (MLSs) and listing syndication services is one of the primary methods of ensuring heightened listing visibility and an increased lead flow. A single content distribution platform allows you to keep all your listings up to date on all marketplaces where they have been syndicated. For example, as soon as lease information is updated on a property, the listing will disappear from all listing services without the need to manually remove the space from different marketplaces. 

Maximize Leads on Your Listings  

By leveraging the CommercialEdge Listing Network, part of the Yardi commercial marketplaces, you can automatically distribute to the rapidly expanding network of marketing channels, which includes CommercialCafe, CommercialSearch, PropertyShark, Point2 Commercial and 42Floors.  

These marketplaces rank on the first page of Google, bring in more than 2 million visits per month and generate over 300,000 qualified commercial real estate leads annually. The CommercialEdge Listing Network ranks in the top 10 spots on Google with more than 1,500 keywords and hundreds of those claim the top three positions. Some of the search phrases with high rankings are “New York City office space for rent,” “Los Angeles commercial real estate,” “Chicago commercial real estate,” “Austin commercial real estate” and more. 

Commercial real estate professionals can publish their listings on the network by creating a free account on the CommercialEdge Marketing platform. This allows agents and brokers to post unlimited free commercial real estate listings (covering all asset classes), with the option to syndicate to the entire CommercialEdge Listing Network.  

Additionally, for heightened exposure and maximized lead opportunities, CRE professionals can strategically promote listings with premium ads, ensuring they are on the top of search pages across the entire network. 

The CommercialEdge Listing Network 

• CommercialCafe 

CommercialCafe markets commercial offerings across multiple asset types. Tenants can search for commercial and coworking spaces across the country, with the possibility to compare listings and contact brokers who list their spaces on our network. 

• CommercialSearch 

CommercialSearch is updated daily and tailored for all commercial asset types. This marketplace encompasses properties listed for sale and lease, and easily connects tenants with brokers for a seamless experience. The internet listing site provides CRE brokers the opportunity to market their properties and manage their portfolio of listings while increasing exposure across the entire CommercialEdge network of marketplaces.    

• PropertyShark 

PropertyShark provides entry-level research and data on residential and commercial real estate properties across the U.S., offering insights into sales, ownership and distressed assets to a wide range of real estate professionals from brokers to investors. Beyond this, PropertyShark also provides residential, commercial real estate and coworking listing services, allowing real estate professionals to find and research investment opportunities across the country. 

• Point2  

Point2 is another site within the CommercialEdge Listing Network with a reliable and up-to-date listings inventory that includes all commercial property types, as well as single-family homes and residential communities marketed by major brokerages, attracting an active and engaged audience. Tenants can search hundreds of thousands of listings and easily connect with a broker through our intuitive platform. Point2 is available in the U.S. and Canada.     

• 42Floors 

The most recent addition to the CommercialEdge network, 42Floors can bring your property in front of a growing audience to help you maximize exposure and boost your business’ growth. The recently redesigned website provides access to a high-quality commercial property search engine, including more than 320,000 listings across the country.    

The Yardi network of listing platforms also includes CoworkingCafe and the recently acquired CoworkingMag. Both websites consistently rank high in Google searches, helping operators and commercial brokers boost exposure for flexible office spaces. 

A Complete Solution to Power Effective Marketing 

CommercialEdge Marketing, part of the CommercialEdge complete software solution for CRE brokerages, provides a streamlined way to maximize leads on CRE listings. Through centralized and automated listing management, CommercialEdge Marketing allows for an easy and optimized publication of listings, ranking your properties high in search results. The marketing module also ensures effortless syndication to leading third-party marketplaces as well as your own website to boost exposure. 

Additionally, the CommercialEdge marketing platform can be synced with Yardi property management software to automatically update data on spaces and properties regarding key lease information, such as expiration dates. This data can be used to automatically publish and unpublish listings as spaces become available or occupied. 

Other tools for optimized marketing available through the CommercialEdge platform include automated emails and brochures. The platform automatically pulls in property and listing data and sends emails to a contact or list of contacts, eliminating any manual processes. Similarly, it’s possible to create brochures using branded templates and real-time listing information — these brochures are efficient in email marketing or listing websites. 

• • • 

With continuously changing CRE market dynamics, leasing professionals who draw on finely tuned marketing strategies will capture the most opportunities to elevate business growth. Leveraging the power of a strong listing network in one centralized system can help you boost your lead pipeline with less effort and more efficiency. CommercialEdge Marketing offers a streamlined solution for powerful lead generation and listing syndication.   

The post Capture Leads with the 2^nd Largest Commercial Listing Network in the U.S.   appeared first on CommercialEdge.

This approach boosts efficiency and allows each team member to leverage their own specific skill set in a CRE environment that encourages professionals to share best practices, implement better strategies for clients and develop innovative solutions to common challenges. 

Collaboration Fuels Team Productivity 

By expanding the concept of teams to a regional and national level, the same benefits can be achieved on a wider scale, which helps promote greater accountability and provide a stronger support system for brokers and agents. Through regional and national teams, CRE brokerages can create a more diverse and collaborative environment that can lead to greater success and enhanced revenue. 

The utilization of a team approach can contribute to higher employee retention by ensuring a productive work environment where each broker’s individual strength contributes to a collective expertise that can lead to greater employee satisfaction and performance.  

The importance of a skilled workforce is evident in the most recent Fortune/Deloitte CEO survey as well. According to the study, many CEOs expect that one of the main external factors impacting their business strategy over the next year will be finding and retaining skilled workers. More specifically, most respondents (71%) believe that the overall talent shortage will continue.  

Technology Drives Further Growth 

Encouraging team members to stay connected through various platforms that are specifically designed for seamless collaboration can also increase efficiency. Enhanced internal communication helps better shape common goals, while team productivity-based rewards incentivize brokers to seek more business opportunities.  

What’s more, brokerage workflows can be further optimized with technology that provides valuable functionalities such as automated and transparent CRE commission tracking, invoicing and distribution. 

How CommercialEdge Commissions Empowers Teams 

CommercialEdge Commissions, a complete back-office and commission management solution, makes it easy to track everything from a single location by centralizing all deal data, paperwork, invoice due dates and commission splits.  

Reports for current and previous receivables are automatically generated, streamlining day-to-day operations. The CRE solution allows brokers to generate their own reports at their own time and pace, without having to put in requests and then wait for someone to be available to compile and distribute reports. 

Commissions streamlines the entire process of setting up teams, managing and expanding them, while team managers can access data across the entire group. At the same time, the CRE solution includes flexible permission settings that allow companies to be highly specific about who can see and do what. Commissions also provides options for various levels of hierarchy. 

For larger regional and national brokerages, some organizations using Commissions have set up teams by market, while others have seen success when organizing single market brokerages by unit. 

CommercialEdge Commissions is a CRE solution tailored for pure brokerages and the brokerage divisions of full-service real estate companies. The CRE tool streamlines operations and enables effective team collaboration by leveraging powerful automation and real-time business analytics. 

The post Leverage Team Collaboration Across Your Brokerage to Boost Efficiency and Revenue  appeared first on CommercialEdge.

Many CRE property owners have discovered that optimizing occupancy requires shortening the lead-to-lease cycle. Achieving that goal calls for technology that eliminates manual processes and integrates marketing with the entire leasing workflow in a single connected solution. So, where to start? 

Maximized Listing Exposure for Effective Marketing 

Effective online marketing begins with assembling the right information in a single, connected system. This system should then power as many marketing channels as possible, like property and company websites, listing sites, brochures, email content and so on.  

Managing all marketing content in a single system makes for easy publication on listing portals, with the goal of displaying your availabilities as high in search results as possible. The CommercialEdge marketing module does just that, with centralized and automated listing management and effortless syndication that maximizes listing exposure. 

With CommercialEdge Marketing, listings are not only published on your website but also on leading marketplaces and the rapidly growing CommercialEdge Listing Network, which includes CommercialCafe, CommercialSearch, PropertyShark, Point2 Commercial and 42Floors. These listing sites rank on the first page of Google and generate hundreds of thousands of qualified leads annually. 

What’s more, users of Yardi property management software can sync spaces, properties and key lease information, including expiration dates, directly with CommercialEdge Marketing. Those key lease dates can then be used to notify the marketing and leasing teams of space coming available, an automated process that saves brokers the manual effort involved in updating websites and listing services. 

CommercialEdge also forges the link between listings and deals, with leads from client- and public-facing sites pushed directly to CommercialEdge Marketing and Deal Manager for further negotiations. 

Email, a Key Component of Optimized Marketing 

Email is another popular marketing medium that can be simplified with the right tools. Email marketing is a powerful resource for advancing CRE timelines through professional and responsive email campaigns and automated email and brochure creation. 

CommercialEdge Marketing is an example of a platform that automatically pulls in property and listing information and transmits emails to a contact or a list of contacts — without having to update the information through different fields and filters manually.  

Ready-to-use email templates can easily be saved for later use, enabling information to be displayed for as many properties and future leasing cycles as desired. When a template is applied for a property or space, it pulls in tags that map to various data points, including the property type, size and pricing information. Email templates are then automatically populated with current property and listing information. When emails are ready to send, they can be distributed to individual contacts or curated contact lists directly from the CommercialEdge CRM in Deal Manager. By using dynamic templates, the whole team is enabled with email automation that stays on brand and provides accurate information.  

Customized brochures can be created, updated and dispatched in a similar fashion. CommercialEdge Marketing allows for easy brochure generation, with branded templates that can be applied for any property and automatically populated with real-time listing information. Once created, brochures are always ready to use, either in email marketing or on listing websites. Furthermore, any changes made to the listing details in the CommercialEdge Marketing tool are automatically shown in any saved brochures or emails generated in connection with the respective space or property. 

CommercialEdge Marketing provides a comprehensive database for storing published, unpublished, off-market spaces and so on, making it easy to select specific spaces from a certain property and market them to prospects based on their exact needs. For instance, in case a property owner isn’t marketing all availabilities but would like to show a “pocket listing” to a prospect, having a system that stores all marketing content across spaces and provides easy access to data in one place is imperative. That way, an effective email marketing tool streamlines the entire process by enabling the user to email out spaces that may not be marketed publicly with minimal effort. 

Complete Portfolio Visibility and Real-Time Availability 

Desired marketing outcomes are most easily attained when marketing and leasing are not only integrated but also connected to the property management and accounting system used to manage the properties. That lets agents list properties as soon as they’re available and avoid late and inaccurate listings. 

CommercialEdge Marketing helps market commercial spaces by automating listings based on actual availability through integration with property management and accounting systems. With all marketing elements managed in one place, the platform provides complete visibility into every managed space, organized by lease expiration and the spaces marketed. 

Moreover, the platform can distribute listings to other marketplaces, saving the time and inconvenience of manual entry and data transfer, and automates the change of each stage from off-market to unpublished to published.  

So, if you’re looking for a CRE solution that reduces leasing cycle times and boosts revenue at the same time, consider moving your business forward with a full-service marketing platform such as CommercialEdge Marketing. 

The post Put CRE Marketing on Autopilot with CommercialEdge  appeared first on CommercialEdge.

Property data comes from a single, consistent source — a centralized database of property and listing information that supports all the marketing and dealmaking needs of CRE professionals. This single source of truth automatically updates all marketing materials, as well as syndicated listings across marketing channels, property sites and company websites. By leveraging a single database to drive listings and marketing automation, listing information is always up-to-date and your company’s branding is consistent across all channels. 

Powered by a user-friendly email builder, the marketing tool allows CRE professionals to design and send custom and branded email campaigns. For branding consistency across marketing and leasing teams, email campaigns can be saved as templates for company-wide use. And if any changes occur on a property down the line, any saved templates are automatically updated with the newest information. 

Emails are fully customizable using the intuitive drag-and-drop editor, which enables users to easily insert essential listing elements. This way, email content can be populated with details such as property name, floorplans, lease rates, space availability, broker contact information, high-resolution photos and more. What’s more, users can also include attachments as well as links to property brochures and availability reports. 

The preview tool provides a real-time view of the email design, which is optimized for different types of devices, from mobile to web browsers, ensuring that email campaigns are adapted to and are visually appealing on every platform.  

Once the email campaign is ready to be sent or scheduled, users can send it to a lead or a list of contacts from Deal Manager CRM. In addition, as a campaign performance assessment tool, the easy-to-use interface provides a range of valuable metrics, including open rates, unique opens, click rates, unique clicks and more. 

CommercialEdge Marketing comes standalone or fully synchronized with Yardi property management software. For Yardi clients, property and space information is in sync with Yardi Voyager to ensure that only the latest and most accurate information is marketed to prospects and clients.  

Powered by up-to-date property information, the CommercialEdge email marketing tool empowers CRE professionals to bolster their marketing and dealmaking processes and provide prospects and clients with a brand-consistent experience. 

The post CommercialEdge Enhances Solution Suite With Powerful Email Marketing Tool appeared first on CommercialEdge.

Friction in the leasing process, however, can arise from the need for more efficient, timely data sharing. To illustrate this point, let’s consider a lease opportunity scenario.  

How Resource Discrepancies Stall Leasing Flows 

A leasing team pursuing an opportunity uses market leasing data, budgets, historical leases, comps and more. But it’s difficult to reach that information when it is stored in folders on multiple desktops or in a file cabinet. With vital details not coming together quickly enough, a prospective tenant might elect to lease space elsewhere. That means a lost commission or a smaller year-end bonus for the leasing agent, while the asset manager is left with vacant space and a missed chance to secure a rent-paying tenant.   

Going a step up from a single transaction, we can see similar issues when an asset manager compiles data for a budgeting and forecasting cycle. Brokers often track their deals and pipelines on separate spreadsheets. In pipeline reviews with the leasing teams, the asset manager must understand each spreadsheet and analyze the data. There is no easy way to compile each team’s update into one standardized view without manual effort from the asset manager. This makes it challenging to get real-time budgeting and forecasting pipeline information.   

One Platform for the Entire Lead-to-Lease Lifecycle  

How can the scenario of a missed leasing opportunity or delayed budgeting and forecasting be preempted? By avoiding siloed information systems and manual data imports that produce inconsistencies throughout the deal cycle. And by relying on technology platforms that house all deal information in a single connected solution.  

This approach avoids error-prone, time-intensive data transfers and relieves staff of manually tracking leads and tours. It also provides a reliable system for tracking activity at the top of the funnel, such as leads or property tours, giving leasing teams and executives complete pipeline visibility. They can see if there are sufficient quality leads downstream to maximize revenue on the property and compare a deal to the annual or underwriting budget in real-time.  

Property management technology providers are making deal management more accessible and efficient with platforms that house all deal entry, tracking and approval. If you’re in search of a deal management system, look for one that:  

• Ensures a consistent process for gathering, managing and reporting deal information.  
• Encompasses NER calculators, LOIs, deal sheets and lease documents. 
• Allows automatic comparison to budgets, prior leases, and other relevant benchmarks 
• Provides access to all parties needing to see detailed tenant information and expiring rent.  
• Automatically imports expense information.  
• Enables a lease to be automatically abstracted directly into the property management system.  
• Includes a sophisticated approval workflow that avoids email tracking or printing deal sheets for signature.  
• Offers access from any device.  

One advanced system is Deal Manager, part of the CommercialEdge suite of revenue-focused solutions. Deal Manager transforms real-time data from the Yardi property management and accounting platform — which has complete data on upcoming lease expirations, tenant options and encumbrances — into complete deal pipeline visibility. It also enables full deal oversight, approval functionality and comparison of proposals against the approved budget. Furthermore, it makes revenue assumptions more accurate by seamlessly adding deals to Yardi Forecast Manager. 

“Deal Manager’s holistic tie back to Voyager was the biggest selling point; rent rolls are always up to date, which means deal metrics are always up to date. Document transfer as well from Deal Manager to Voyager was huge — it allows us to efficiently aggregate info from essentially pre-leasing to translate to tenant files in one fell swoop which saves leasing and property management time,” Kelli Walter, partner of asset management for Partners, explained.

Immediate Pipeline and Productivity Improvements 

Such systems centralize prospect files for easy reference, eliminate duplicate data entry with full integration with the property management and accounting system, enable side-by-side deal comparisons and automatically populate forecasts with deal data. They can also accommodate complex commission structures and provide full details in approval emails, with approval or rejection done within the email. As a result, brokers can spend their time engaging prospects instead of entering data.  

“Technology like Deal Manager gets folks out of email, organizes deals and data exceptionally well, simplifies the credit underwriting process for leasing, which makes it faster to get deals done, and provides extremely valuable transparency into the deal curation process that can be used to analyze the effectiveness of your leasing and asset management teams,” Walter added.

Team members who need to know about a deal’s progression are automatically notified, letting all team members see each step’s impact on the forecast immediately, rather than days later. In addition, the degree of data capture possible with such a system offers a clear look into revenue potential. 

Deal management capabilities are enhanced with a mobile app that enables fast entry of leads and tours, ensuring those crucial details are always up to date. Brokers can scan a QR code and log a tour. Users can smoothly manage prospects and oversee each stage of the deal flow while automatically comparing deal economics to approved budgets and prior leases.  

“With all information at hand in real-time, our team can evaluate and approve without back-and-forth phone calls and emails,” said Richard Hickson, executive vice president of operations for Cousins Properties, an Atlanta-based REIT. “Our leasing, asset management and legal teams communicate more efficiently with Deal Manager, and that makes us quicker. That’s the largest impact of Deal Manager for us.”  

Consider also the advantages of having all these capabilities in a single connected system instead of pulling together information from disparate systems. That’s a formula for getting deals done and never missing an opportunity.  

The post Eliminate Siloed Data and Streamline the Leasing Process  appeared first on CommercialEdge.

Sentry Commercial, a real estate services company focused on data-driven solutions, has provided commercial brokerage, advisory, as well as property and construction management services since 1991. The firm generated value for three decades by relying on team collaboration, well-established strategies and technology. With a sharp focus on innovation and efficiency, Sentry Commercial implemented CommercialEdge Commissions, a complete back-office and commission management solution.  

The Challenge: Fragmented Data Sources  

Using multiple spreadsheets to track deals and commissions meant Sentry Commercial was working with a significant amount of disparate data, as their CRM and data were detached from the accounting division of the business. In addition, this process involved significant manual effort and the risk of duplicate data entry. It also didn’t provide a complete picture of the firm’s financial status.  

Sentry Commercial President & Co-Founder Mark Duclos faced challenges when trying to get an at-a-glance view of the firm’s revenue per month, as well as the status and age of receivables, along with agent projections and their year-to-date gross, among other key performance metrics.  

Melissa Fernance, in charge of operations at Sentry Commercial’s Hartford office, experienced the disconnect first-hand. Her role entails providing support and assistance for the firm’s brokerage, advisory and construction management teams. Whenever Duclos asked for a comprehensive report or team members inquired about deal and commission specifics, Fernance was required to go through a time-intensive and error-prone process, checking a host of sources to generate necessary data points.  

The Solution: One Connected Commissions and Back-Office Hub   

Sentry Commercial was searching for a solution compatible with their CRM, enabling a streamlined process from the deal pipeline to the firm’s operations and financial management workflows. Consequently, the company implemented Commissions, and according to Fernance, the intuitive software makes “a world of difference.”  

“I can’t say that enough, that it’s all right there. It’s a huge deal. Even the home screen (dashboard, Ed.) is perfect; it’s exactly what Mark (Duclos, Ed.) wants. We didn’t have anything like this; we used spreadsheets that I put together over the years.”

Melissa Fernance, Office Manager, Corporate Services, Sentry Commercial  

The Story: Increased Brokerage Productivity and Profitability  

Since using Commissions, the Sentry Commercial team has taken a more profitable and productive approach to managing their brokerage. Centralized data and automated workflows enable team members to access data in one place and pull reports directly. With all transactions digitally organized in a connected hub, invoices can be automatically generated and sent out using customizable templates.  

Duclos can now better assess his company’s operations, including which receivables require attention, which revenue streams are most reliable, and which employees are the most effective. In addition, the real-time business analytics and the comprehensive global dashboard available in Commissions allow for stronger decision-making and more accurate forecasting and budgeting.  

When asked what the number one result was since implementing Commissions, Fernance highlighted “the time saved by having this.” Now, Fernance can effortlessly enter a deposit by accessing a single system and see the Commission Credits automatically posted without any calculations or manual work on her part. What’s more, she can generate reports with different focuses and angles to meet the needs of every specialist at Sentry.  

“I love the reports — everybody’s report is different based on what they need. So, Mark (Duclos, Ed.) is going to want a Future Revenue Receivables report. And it’s a click of a button; it’s all right there. I don’t have to do any extra work. Maybe one of the agents will ask, ‘where am I in my splits?’ and with just a click, it’s all right here at my fingertips.”

Melissa Fernance, Office Manager, Corporate Services, Sentry Commercial 

The post Sentry Commercial Refines Commission Management and Boosts Revenue appeared first on CommercialEdge.

Drawing on the responses of more than 1,200 office space decision-makers and influencers, the report reveals a shifting marketplace as corporate office tenants reevaluate their perceptions of office usage. Along with stabilizing attitudes, another key finding addresses the growing importance placed on in-person office setups — however, these are expected to look notably different compared to pre-pandemic times.  

This third U.S. tenant sentiment study from BOMA International, Yardi and Brightline Strategies aims to provide a comprehensive overview of the pandemic’s wider impact on CRE, tenants’ shifting attitudes regarding the physical work environment and to discover opportunities for commercial operators who are committed to redefining the future of the office.

The Importance of Physical Office Space  

Tenants are placing a higher value on physical office space despite the long-lasting impact of COVID-19 on the sector. A notable 86% of tenants nationwide responded that office space is or will be essential for running a successful business, marking an 8% increase from 2021 figures. The importance of office space was highest among Class A tenants (90%) and those occupying more than 5,000 square feet.  

A recurring theme is having a “home base” community for connection, which includes space for larger group gatherings, as 78% of respondents believe that having a location for client and customer interactions is fairly to very important.  

Lease renewal intensity has returned to pre-pandemic levels in the summer of 2022. While 72% of respondents intend to renew their leases, 54% prefer a shorter lease term of 3 to 5 years rather than the 7-to-10-year pre-pandemic standard.  

Occupancy Shifts and Return-to-Office Trends  

Regarding “go forward” planning and a focus on safety, 76% of respondents said that their coworkers and employees generally favor returning to their physical office spaces. And 78% of coworkers and employees speaking for themselves stated that they are comfortable with going back to the office. This finding indicates a stabilization in health concerns and better alignment on COVID-19 safety attitudes than in earlier surveys.  

On the other hand, 60% said that reacquainting employees with the in-person office setting might be challenging, which slightly tempers the return-to-the-office enthusiasm.  

Remote and Hybrid Work Model Preferences  

While support for the value of in-person office space has grown compared to previous years, positive sentiment toward telework has also increased year-over-year, reaching 55%. Tenants who pay the highest rent per square foot remain the most supportive, while smaller tenants tend to be less supportive of the work model.  

Managers and their employees tend to agree on the ideal hybrid work schedule, with 61% of managers supporting at least three to four days per week in the office, in line with 60% of general office employees. Regarding the idea of 100% remote work, only 16% of employees said they would support it, while another 10% would prefer working closer to home in a company-provided workspace. Of the organizations that responded, 29% said they will move toward mostly or full-time telework in 12 to 19 months, marking a slight uptick from 26% in 2021.  

Family obligations, commute times and costs, and the overall health benefits of remote work are the main reasons employees prefer it. Workers not liking their office buildings or suites, the locations their workplaces are situated in, and inadequate amenities were among the lowest-ranked factors, indicating that convenience is more important here than the quality of the office environment.  

On a regional level, support for remote work has increased considerably in California and the Northeast, while the Southwest has seen the most significant decline.  

Reevaluated Square Footage Needs  

Most of those surveyed (70%) said they will reevaluate their office space needs, while another 14% are still determining their reassessment plans. California, Texas and the Northeast were among the regions where the likelihood of reevaluating space increased significantly, joined by tenants paying the highest rents per square foot and those with the largest footprints.

Respondents revealed that reassessment plans will be based on factors such as pandemic impacts, rising telework trends and decreasing revenues. While more than half (51%) are leaning toward reducing their footprint, 36% are thinking of expanding or maintaining their current office square footage.   

Of those with space reduction intentions, 67% chose increasing remote work/telework as a significant factor. In contrast, the high cost of office space and the overall elevated cost of doing business was a concern for 71% of respondents.   

Amenity-Oriented Tenant Expectations    

In terms of amenities that would incentivize remote and hybrid employees to return to the office, 78% would prefer an approach “beyond the status quo of typical amenities.” Hence, adapting offices for remote and hybrid workers was a top priority for tenants. Professional development events, commuting incentives such as stipends and parking reimbursements, and more social events were among the most popular changes planned. 

And when it comes to the value of office space, 73% of respondents emphasize the importance of social connection. In addition, the majority (75%) stated that having a physical workspace that encourages innovation and new ideas while also providing the necessary space and technology for collaboration is fairly to very important.  

Conclusions  

The 2022 BOMA International COVID-19 Commercial Real Estate Impact Study found that both employers and employees value the physical office environment. In addition, the research has brought new clarity to pandemic-related responses and lease renewal intentions, tenant sentiments regarding COVID-19, its effects on businesses, and their viewpoint on in-person office workspace and office space decisions going forward. The findings pave the way for the reinvention of the office workplace, providing owners and operators with opportunities to transform the office environment in accordance with current tenant preferences and expectations.   

The post BOMA Study: Office Tenants, Owners and Managers Pivot Toward Reimagined Work Environment  appeared first on CommercialEdge.