Technology on hand: The symbolic relationship with commercial real estate and development - by Ron Koenigsberg

Technology has become ever-present throughout every aspect of our daily lives and is advancing at an unfathomable pace. It benefits us at work, at home and at play, seamlessly integrating into our everyday lives. Technology enables us to have an immediate stream of information, knowledge and communication, whenever and wherever we want. However, when it comes to the relationship between technology and real estate, you may not initially assume that technology would greatly impact the real estate industry.  With the U.S. commercial real estate market worth roughly $15 trillion, there is no wonder that an ever-growing industry like technology has created a symbiotic relationship with commercial real estate investing and development. There are many digital resources and tools that have made commercial real estate investing and managing easier than ever. Technology has made management simpler and more efficient by streamlining rent rolls and automated notices with software that makes collecting rent and monitoring payments much less work. In this article, we outline our favorite digital tools that have been created to perform as highly efficient systems for commercial real estate. • AppFolio: A wildly successful mobile app used for property management functions, has the ability to email work orders, owner statements, and keep record of communications.  AppFolio makes property management quick, easy and always in reach. • RentMonitor: The absolute easiest way to send rent invoices to your tenants and to collect rent.  This tool includes a hassle-free portal that tenants can log into online to pay their rent using a checking account. • Visual Lease: A comprehensive, powerful and easy-to-use web-based lease management and lease administration system. It enables real estate professionals to control, report and make decisions efficiently regarding their leases and properties. This app is accessible anywhere using Wi-Fi through your iPad, iPhone, or Android device or online at visuallease.com. • CoStarGo: A powerful iPad app that allows commercial real estate professionals to access CoStar’s extensive property and market data, sales comparables and tenant information in a dynamic interface.  This app is available to CoStar subscribers at no charge. • Property Capsule: A cloud-based technology platform that helps you manage and present your CRE portfolio in real-time to potential investors or tenants using your iPad or other smartphone mobile device.  Property Capsule offers many specialized tools that can be tailored to your specific needs. • LoopNet Commercial Real Estate Search: The first CRE search app made for on-the-go devices. It is free with most listings available to view at no charge. To view all listings, a premium searcher subscription is required. You can filter results by price, size, property type, and/or location.  There is also a maps feature, which allows you to plot properties or email directions to the specific property. The LoopNet app also contains property records, owner and tenant information, mortgage and lender history and more. Utilizing apps such as the ones listed above enables you to increase your productivity and stay up-to-date with the latest real estate technology.  By having these tools on hand you can stay constantly connected and more efficient than ever. Stay updated in the commercial real estate world by checking back monthly for our articles. Ron Koenigsberg is the president of American Investment Properties, Garden City, N.Y.