Few industries have the potential to impact people’s well-being and productivity like commercial real estate (CRE). Now is the time to not only rethink the future of the office, but to shape it. Modern workplace trends have accelerated flexible work models and the need for property owners to create meaningful relationships with the people that work in their buildings. Asset performance will no longer come in the form of a long-term lease, but from earning the loyalty of tenants by providing a great experience to each individual tenant who engages with a given property.
To achieve this goal, property teams need to budget for tenant experience initiatives and feel confident that they’re selecting the right tenant experience provider. This provider should grant you the tools, support, and technology to create exceptional property experiences that will leave a lasting impression for years to come. As the leaders of the tenant experience space, we understand that in today’s CRE market — which has seen an influx in property solutions and vendors — finding a reliable technology provider can be a daunting task. Thus, to get the best results, we recommend that you explore three core areas of diligence when vetting different technologies: technology, service, and stability.
Technology diligence is extremely important to the success of CRE clients. To ensure the best results, tenant experience technology buyers must validate two key points: 1) that potential providers can actually deliver on what they are promising, and 2) that the provider’s technology infrastructure is designed to scale, adapt, and continuously add value as you and your tenants’ needs inevitably evolve.
Based on our experience, here are just some of the types of questions you should ask a potential TeX provider:
- What kind of insights will the provider give me access to?
- Where do these insights come from?
- How does the provider protect my building and tenant data?
- Can the provider handle complexity at my portfolio’s scale?
- Will the provider work with my existing technology systems?
- What is the end-user experience like?
Service diligence will ensure that your provider’s team fully understands the demands of CRE and your unique goals. You should make sure their team goes through extensive training on industry fundamentals and real estate finance to strengthen your business alignment. Additionally, the provider’s team should be able to roll up their sleeves and execute on your behalf to make sure you achieve your goals. A genuine two-way partnership will drive best-in-class tenant engagement to provide you with actionable data to inform business decisions.
Here are a few questions you should ask to make sure your provider can grant the right support and customer service:
- Is the provider well-trained on industry fundamentals?
- Does the provider have an implementation playbook?
- Does the provider have the right team size and flexibility to match your internal skill set?
- How do they keep your building community engaged with your tenant experience solution?
- Do they provide ongoing consultation?
You should screen every TeX provider for stability, as it is crucial to your portfolio’s success. Their longevity in the industry will ensure your portfolio’s longevity. Public support (in the form of investor money, other CRE clients, and notable technology integrations) will enable a provider’s ability to scale and grow with you, as well as to continue providing world-class customer service and support.
To make sure your new technology provider has a promising future in the market, ask them questions like the following:
- How long has the provider been in business?
- What are the provider’s financials?
- What details can you learn from their latest round of funding?
- Is the provider supported by prominent industry leaders and/or investors?
- How does the provider maintain customer success?
To learn more about which questions you should ask while selecting a new technology partner, or how you can navigate the rest of the adoption process for TeX, download our buyer’s guide for CRE today.