The Top Commercial Real Estate Books and Software
New technologies continue to change the way we live and work. Thanks to a range of commercial real estate technologies, investors and their agents & brokers have access to more information than ever before.
Agents and brokers should take advantage of these 20 tools and 5 books so they can work smarter and provide their clients with the most accurate and up-to-date information possible.
At Lumicre, we use the latest commercial real estate research tools to help our clients find the perfect commercial properties.
20 Commercial Real Estate Tools for 2020
1. Manage customer relationships with ClientLook
Topping the list is the commercial real estate research tool no commercial broker or agent should be without.
Customer Relationship Management (CRM) tools like ClientLook let you manage prospects, clients, and your pipeline, while also offering back-office functions. With this mobile-friendly CRM, you can take your office with you.
2. Research and analyze Data with REIS
Analytic systems make commercial real estate research, vacancy research, and a host of other tasks much easier.
As a result, commercial real estate research analysts can benefit from systems like Reonomy and REIS that provide essential insight into your investments and the CRE market.
3. Collect geographic data with Esri GIS
GIS (Geographic Information Systems) hold useful geographic and spatial data. By using a GIS like ESRI, commercial real estate researchers can offer better advice to clients by using important geographic data to select sites, attract tenants and maximize returns.
4. Research buildings with Reonomy
It is essential to know as much as possible about properties and buildings. This is one of the main reasons to find good real estate market research tools. For example, a commercial real estate research tool like Reonomy offers data on 99% of all U.S. commercial real estate assets.
Reonomy’s “one stop shop” for commercial real estate data is essential for identifying opportunities that meet your investment needs and finding out everything there is to know about the properties you’re interested in.
5. Generate Documents with MarketEdge
Missing docs delay deals, and few things are more embarrassing for a professional commercial real estate agent than being without the necessary paperwork. Because of this, a reliable document generation tool keeps you from missing anything.
RealNex’s MarketEdge tool allows you to keep track of and generate all the documents you need, while customizing them with your company’s branding or letter-head.
6. Manage assets and leases with Visual Lease
Tools like Visual Lease allow commercial real estate professionals to market, manage, and lease an entire portfolio of assets.
This software combines lease accounting and administration into one easy-to-use tool that integrates with your ERP.
7. Market your properties and services with Matterport
Numerous marketing tools exist for commercial real estate. Some automate certain processes to make agents’ jobs easier.
Others, like Matterport, are specialized marketing tools which produce virtual walk-throughs of properties, allowing potential buyers and leasers to explore your property from the comfort of their own home or office
8. Valuate properties with Bowery
Knowing what a property is worth is invaluable to real estate investors. Tools like Bowery let agents quickly and easily determine the value of a property with accurate and detailed appraisal reports.
9. Find properties with LandVision mapping technology
There are lots of tools and platforms, like Zillow, that help home buyers find houses. However, commercial real estate requires more robust real estate research tools.
More powerful and strategic mapping programs like LandVision let brokers find properties quicker, see detailed property information, and even contact property owners directly.
10. Manage properties with Aquicore
Commercial real estate research tools like Aquicore help property managers track tenants and properties in order to reduce their operating expenses, improve tenant satisfaction and manage projects. Aquicore even provides real-time analytics for energy usage.
11. Find benchmarks with RealBench
Data like debt coverage ratio and gross rent multipliers are important benchmarks for commercial real estate investing.
With RealBench and other benchmark tools, all you need to do is enter property info and the tool evaluates all of this data and more while also letting you compare several properties at once.
12. Keep up with payroll with Brokermint or ComissionTrac
Paying brokers and agents is an essential part of doing commercial real estate business. Since commercial real estate is typically paid by commissions, special payroll tools like Brokermint and CommissionTrac are necessary.
13. Track comparables with CompStak
Comparables (or comps) are a cornerstone of commercial real estate. Accurate information about comps from platforms like CompStak offer a solid idea of how much your clients should pay to lease or purchase properties.
14. Social Network with RealConnex
Social media takes networking to an entirely new level. While established platforms like Facebook and Twitter are useful, CRE-specific social networks like RealConnex help professionals and investors network more strategically and build their reputation and credibility.
15. Manage projects with Honest Buildings
Commercial real estate projects are complicated. Thankfully, there are solutions designed to keep track of all the details and help project managers stay organized.
For owners, project management tools like Honest Buildings help them manage their capital projects more efficiently and effectively.
16. Analyze cash flows and financials with PlanEASe
PlanEASe is specifically geared towards analyzing multi-unit residential and office properties. With it, a commercial real estate researcher can easily access cash flow analysis and financial analysis.
17. Track investments with Property Tracker
For commercial real estate investors, there are tools like Property Tracker. This web-based tool helps investors to manage all of their investments online.
Simply input all of your property, mortgage, lease and other data and generate detailed reports & projections.
18. Automate payments with AvidXchange
Keeping track of invoices and payments is crucial to any business’ success. To help manage these and other details, there are great tools like AvidXChange. This tool allows you to automate many processes like responding to vendors and cutting checks.
19. Multi-task with CRE Suite’s multi purpose tools
Some brokers and agents want powerful commercial real estate tools that can multi-task. CRE Suite is one such tool that can analyze, map, and share resources with your team.
CRE Suite offers all of the essentials for real estate analysis, including built-in mapping and demographics, portfolio roll-ups, standardized modelling, PowerPoint compatibility and more.
20. Automate messages with Shape
Sending messages can be both tedious and time-consuming. To save time and effort, automate your messaging with a platform like Shape.
Shape can also sync your email and calendar and integrate with tools like MailChimp, Zillow, and IDX Broker.
Top 5 Commercial Real Estate Books
Having the right tools is important. But without foundational knowledge of commercial real estate, you won’t be able to use these 20 tools as effectively. So to help expand your commercial real estate knowledge and work smarter, here are Lumicre’s top 5 commercial real estate book recommendations.
1. The Real Estate Game: The Intelligent Guide to Decision Making and Investment
by William J. Poorvu and Jeffrey L. Cruikshank
Learn from an expert. In this book, Poorvu offers tips from his 40 years of experience in commercial real estate and 30 years as a Harvard Business School professor.
Throughout the book, you’ll find techniques, tools and case studies which teach you how to evaluate, develop, and operate real estate investments.
2.The Millionaire Real Estate Agent
by Gary Keller
Gary Keller is the Founder and Chairman of the Board of Keller Williams Realty International, the nation’s largest privately held real estate agency.
Keller explains key concepts to help you think like a millionaire agent. But Keller doesn’t merely offer theories; he provides step-by-step instructions for netting a million dollars annually.
3.Value Added: Successful Strategies for Listing & Selling Investment Real Estate
by Brad Umansky
Regardless of what phase your commercial real estate investment career is in, you can always improve. Since 1992, Umansky has worked in commercial real estate and had a hand in 600+ CRE transactions.
In this book, he examines strategies for listing and selling various property types.
4. Good to Great
by Jim Collins
Based on years of research, Jim Collins analyzes 28 companies and examines the keys to each company’s success in this best selling book. Collins presents a few common management strategies and practices that will lead you towards success.
5. Managing Oneself
by Peter F. Drucker
In this book, Drucker helps you to explore yourself and understand your actions. Referred to by many as the founder of modern management, Drucker believed that each individual is responsible for their own career.
As a result, this book encourages you to understand yourself and identify your ‘best strengths and worst weaknesses’.
Choose the Firm with the Top CRE Tools & Resources
These 25 commercial real estate tools and books provide accurate, up-to-date information for brokers and agents and make life easier for a commercial real estate researchers.
As central Texas’ leading firm, Lumicre does the commercial real estate research for you. Not only can Lumicre assist you with office leasing, but we also handle purchases of various commercial properties. In addition, we handle medical offices, land deals, industrial warehouses, retail properties, and others.