Commercial Real Estate Software: Getting Buy-In

After years of using an insufficient system, you’ve found a new commercial real estate software platform. It could dramatically improve operations. Persistent pain points would be reduced. Efficiencies would be gained. Beyond sheer cost savings, the software has cutting edge visualization and analytics that would take reporting to a new level.

Before you go to your CFO with a funding request, take the time to prepare a strategic approach. New software and technologies are some of the largest and most complex budget decisions a company can make. And teams often have just one shot at getting the executive team on board.

Understand the Audience

It’s important to recognize that executives deal with many priorities. Instead of providing a full demonstration and detailed overview of the software, focus on costs and benefits. Think “less is more.”

In terms of what to discuss, important executive themes include the following:

  • Total dollar savings, investment and ROI
  • Capital and operational savings
  • Green and energy savings
  • Client benefits
  • Cross-departmental benefits and efficiencies

You should also look well beyond the first year. Include a realistic time frame for the benefits and financial effects to be fully realized.

Think Holistically and Focus on the Future

Consider your rationale for purchasing new commercial real estate software. Be respectful of existing operations. Don’t focus on the negative aspects of current technologies or dwell on past business decisions.

Instead, focus on process improvements and how new changes can build on what is already established. Consider how other teams or individuals may perceive the new software. Think holistically about the impact the software could have on the whole company. This can be both direct and indirect.

As an extra step, offer multiple platforms for the executive teams with pros and cons for each. Is the commercial real estate software customizable? Do only certain aspects of the software platform drive efficiencies? Can the program be scaled? How is ROI with each option?

Knowing the alternatives saves time during the decision making process. It shows the executive team you have considered all options.

Create a Plan for Implementing Commercial Real Estate Software

Most teams focus on financial and operational impacts associated with commercial real estate software. But having a strategic roadmap for implementation should also be part of the conversation. There’s rarely a doubt that the new technology will help the company. But what’s the detailed plan for implementation? If the software is an enterprise system, what is the technical road map to get the program up and running? If the software is web-based, what is the training process and personnel resourcing?

Be Accountable

If you’re making the recommendation, you’ll ultimately need to be accountable for the project. Your proposal for new commercial real estate software will only get support if you show confidence, leadership and responsibility. Never assume your executive will take the lead on the project. You’re seeking their approval, not their time.

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