Are you ready to be a part of a digital transformation in commercial real estate (CRE)? If your answer is yes, then great! It’s important to be aware of the latest CRE technologies so that you can decide what’s best for your business and discover tools to give you an edge over the competition. A pen and paper or a spreadsheet will only get you so far. Today’s technologies will help you stay on top of things as you grow and scale your CRE business.
If you’re not sure whether you want to get involved in new and ever-changing technologies, we get it — change is hard! We understand that you’ve been successfully running your commercial real estate business using the technology you already have. However, as new CRE technologies develop, there’s a whole new set of tools at your disposal. We strongly encourage you to give newer technologies a chance. Here’s why:
1. Cloud-based software makes information easily accessible
Do you ever struggle to access necessary information? Maybe one of your investors needs to know how their investments are performing, but you can’t find the documents you need in order to crunch the numbers for them. Or maybe you need to know the terms of a lease on the spot, but the lease is sitting in your desk drawer in your office on the other side of town. Whether it’s a misplaced file folder, a disappearing document or excessive reliance on a team member to remember certain information, we’ve all been there:
With today’s technology, it’s easier than ever to keep all your crucial information centralized in one place. You can organize and access your portfolio data, tenant information, budgets and lease terms all in one place. With cloud-based technologies, you can even access documents and information from any device.
Having your information easily accessible can save time, which is important when tenants and stakeholders are waiting on you. It also helps with collaboration, because everyone on your team can access information when they need it without having to rely on others.
To get started using cloud-based software, you simply have to find one that meets your needs and import your data. Set it up so that you can reach it from your various devices (e.g., your work computer for when you’re in the office and your phone for when you’re out and about).
2. You can keep communication organized
Have you ever been in this scenario? Someone from your team speaks with a tenant — let’s say the tenant is discussing whether or not they intend to renew their lease in the coming months. Your team member goes on vacation the next week, and you’re wondering whether the tenant is happy in their current lease or not, but you can’t easily find out without repeating the conversation with the tenant.
Now, there are easy-to-use programs that can help you manage tenant relationships in a variety of ways. Your team can quickly and easily record conversations with tenants in a centralized tenant management platform. When combined with friendly and caring management, these types of tools can help your business build better relationships and increase renewal rates and tenant retention.
There are many options for tenant management software, and a simple online search should give you a great place to start. If you have a lot of tenants, this can be a game-changer.
3. You can get automated alerts when something requires your attention
When you’re managing several commercial real estate properties, it’s easy to miss things. Whether it’s a missed rent escalation payment or an imbalance in your real estate portfolio, you need to stay on top of all the small and large issues that require your attention — no matter how many properties you manage.
With today’s technology, you can receive timely, helpful alerts and reminders. With systems like this, you’ll never have to wonder when lease escalations are due or loans are coming up for renewal. This technology allows you to stay in control of your fast-moving business without stressing about the tasks you may have forgotten.
When researching real estate analytics tools, make sure you settle on a solution that provides automated alerts and reminders.
4. You can easily collect and view data to make future predictions
In the past, many landlords had their important information stored either on paper or in disconnected files, making it hard to look at all their data as a whole. And even today, with QuickBooks and other accounting software, most landlords lack the specific algorithms and tools that they need to glean valuable data that would help them make predictions and plans for the future of their CRE business.
Along with keeping your data in a cloud-based centralized location, you should look for CRE analytics software that will let you look at all your data as a whole. When doing your research, we suggest that you schedule a demo (if possible) to see just how your data can be visualized. Is the data organized in a helpful, informative way? If so, that may be the tool you need to better your business.
5. You can focus on growing your CRE business
Today’s software can keep you organized and efficient. It can make it quicker and easier for you to access the necessary documents and data. It can make team collaboration easier. It’ll automatically alert you when there’s an issue that needs your attention, whether that’s a lease renewal, a problem with your portfolio or anything else. In short, CRE software can automatically take care of things that you used to have to manually take care of.
When you automate certain tasks, you can keep your mind and energy focused on what really matters to your business. You won’t get bogged down by the details. You won’t get distracted by the mundane day-to-day tasks. You can keep your sights set on scaling your CRE business.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
