Real estate technology is a new and developing field still. It’s filled with mix of legacy systems and companies (CoStar, Tririga, Manhattan, Archibus, LeaseHarbor, etc) and a mix of up-and-coming companies that haven’t quite established themselves yet (42floors, HonestBuildings, Qube, CompStack, etc). That’s not to say that the up-and-comers aren’t already successful but they still have a bit to go before they truly become a regular name.
The trouble with CRE technology is that no one really has the same definition of what CRE really is. Some take a very broad view that CRE involves anything around a building: leases, maintenance, energy, seats, occupants, productivity, projects, market conditions, site selection, incentives, fit-out, vendor procurement, the list could continue. Others stay more focused on the “core functions” of real estate: leases, projects and payments. Then of course you have about 95% of businesses that fall somewhere in between from an actual operations perspective.
CRE is not like finance and accounting where most businesses largely do it the same way and there are codified standards in place. Real estate is as much art as science and it is constantly evolving in terms of what clients want. So do you go with a system that does everything you need but you may dictate your organization structure for the next 7 years or do you go with more flexible systems that won’t quite do everything you need or want but at least give you visibility into what you have going on.
CRE Technology is in a state where everything is about the trade-offs which is where the art comes in. Whether you are developing your own system or platform or you are helping a client determine their needs there is often no good answer. The best you can hope for is a balance of cost, functionality and process. Make sure you have someone who understands the balance when you go through the process. Without balance you will be in for a long ride.
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