Technology is transforming the investment sales process.
Ten-X Commercial Division Managing Director Yan Khamish said though technology can never replace brokers in the investment sales process, it can cast a wider net and help investment brokers, buyers and sellers close more deals faster.
“Technology is a tool that can benefit you to do more business, embrace it. It is the future at the end of the day and it’s not going away. Figure out how to use tech to drive your business forward, [and] don’t look at it like a replacement to you, because that’s never going to happen,” Khamish, who is speaking at NAIOP’s Office Evolution conference Nov. 9 and 10, said.
One of the major tech offerings transforming commercial real estate is the use of cloud-based technology. By using the cloudto exchange information, players can streamline and share documents with multiple parties, eliminating the need to send countless emails and evaluate numerous spreadsheets to keep track of pertinent information.
“[If] the seller, buyer or broker is involved in the process of documentation, they’re wasting their time,” Khamish said. “You don’t need to send 200 emails with the same information to different people, they should be able to go into a vault and look at it. You don’t need to run around town all day and get 10 signatures, people should be able to go on through Ten-X or Docusign and sign that document.”
Ten-X is an online transaction marketplace with a database of 250,000 vetted buyers, which sellers can use to offload assets quickly and efficiently. The company recently partnered with financier Money360 to pre-arrange loans for qualifying properties for sale through its platform. This allows buyers using the virtual auction platform to know ahead of time whether the properties they are interested in bidding on qualify for financing.
Khadish said there are four major components that every investment broker, seller and buyer is involved in when it comes to property trades: customer engagement, advisement, documentation and review. Technology can accelerate the final three, leaving brokers more time to handle customer engagement in person.
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