4 Ways to Streamline Commercial Real Estate Processes
Inefficient processes can hurt productivity by bogging down employees with unnecessary work. Finding ways to streamline company processes can increase morale while boosting profits. Dealing with loans in the commercial real estate industry can be time-consuming, but there are ways to speed up the process.
1. Embrace Technological Advancements
Faster hardware and more powerful software programs can make a huge difference in employees’ speed and accuracy. Keeping up with the latest developments can decrease loan processing times and provide an edge over the competition.
The approval process can be sped up using things like automated valuation models. Using email and file-sharing programs to quickly access, store and compare data can allow workers to quickly spot discrepancies or warning signs.
2. Evaluate Underwriting Procedures
Underwriters are a vital part of the lending process. If the underwriters at a company are not all following the same guidelines, it can lead to problems. Loans that are a good risk may be denied, while high-risk loans get approved. Creating templates and a centralized system can help reduce the risk of mistakes. This can allow underwriters to research and assess loans more efficiently while increasing transparency.
3. Build Relationships
Commercial real estate lending companies do not operate in a vacuum. Lending companies must forge lasting, positive relationships with customers, banks and other lending institutions. If a company deals mainly with two or three lending institutions, then it may be a good idea to focus on ways to make the transactions go more smoothly. Consider altering paperwork or online forms to more easily display important information.
4. Focus on Training
High turnover rates, unclear practices or management changes can leave employees unprepared to efficiently handle daily tasks. While training programs can cut into the workday, they are worth it in the long run. Providing employees with clear expectations and the necessary tools to perform at peak levels helps everyone. Even employees who have been with the company for years may benefit from refresher courses. This can keep everyone on the same page and ensure clients receive consistent service from everyone they encounter. Good training programs can also decrease turnover rates, boosting the number of experienced and knowledgeable employees at the company.
Working in the commercial real estate industry can be an enjoyable and lucrative endeavor. As long as the company is open to changes, fosters positive relationships and focuses on employee development, it can increase its chances of success.
