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How Technology Helps You Accelerate Your Commercial Real Estate Business

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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.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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