For most real estate owners, understanding how leverage the Internet to create value in their real estate portfolio is something of a "black box". This is understandable because there are so many ways for so many purposes to implement and use technology. If not careful, one can fall into the trap of information overload and simply put the topic in abeyance until the next Real Estate mixer or seminar and get back tot the business of managing a portfolio.
However, the challenge in today's economy is that Owners are working twice as hard with nearly half the staff just to maintain a stablized level of operations and break-even NOI. Most Proformas of the last five years did not account for such a sharp decline in occupancy levels and rental rates. Therefore, the hill we owners climb to just break even can be steep.
Yet, none of us are immune from having to redefine ourselves, learn new skills and create new strategies so we can thrive in this real estate downturn. That is why is critical to today's success to have a technology strategy impacts three critical areas in your business:
1. Asset Management
2. Property Management
3. Creating New Buying Opportunities
In the next few posts of "Defining the Problem" I'll be writing about what a technology strategy really is - no fluff - and how best to implement that strategy. There are many other factors to consider but for now, this is the best way to go.
In the meantime, post your comments and questions and I'll answer them as quickly as possible.
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