The traditional client-broker relationship can be fraught with potential friction points. Frankly, a client that is looking to sell a property and the broker they have hired to represent them are not always on the same page. A classic example of that is an owner that hires broker after broker when a property is slow to sell. B+E is turning that old stereotype on its head with its online marketplace. The seller’s personal dashboard provides transparency into a property’s marketing performance and brings greater efficiency to the entire sale process.
Whereas most brokerage websites advertise for-sale property listings much like an online billboard, B+E provides a truly interactive marketing and sales platform. B+E’s online marketplace is aimed at bringing more efficiency to net lease property transactions for both buyers and sellers. The B+E platform functions much the same as any other e-commerce site. A registered user can view property listings, submit an offer online and track the progress of the sale from their own personal dashboard. The online platform streamlines the sale process, helping it to move forward more quickly and efficiently.
The seller’s dashboard provides a clear view into activity surrounding a property listing. Once a property listing goes live, a seller can log on to their dashboard to get real-time updates on all activity associated with that listing, such as phone calls, emails, NDA downloads, and any pending offers. The seller also can create a PDF of that dashboard report to share with members of their team or bring into a meeting with their investment committee. Once a property is under contract, the dashboard generates a task list of items that need to be completed to move the sale forward, such as property condition reports or environment surveys. What needs to be done? Who is the responsible party, and when is the deadline date for completion?
Key highlights of the seller’s dashboard include:
- Prospect Insights button: The seller’s dashboard provides a transparent look at the list of prospective buyers and their feedback. A seller can see key stats and metrics associated with the marketing performance of the property as well as detailed commentary that summarizes individual buyer feedback. B+E tracks and organizes this information into easily digestible charts and graphs.
- Share information: Buyers can easily keep business partners and team members in the loop with the ability to share and forward key information. A user can “invite” other people to see information, such as an attorney or company CFO. B+E creates a group of team members that gives everyone access to the dashboard and allows team members to make notes and access the message board to leave comments.
- Portfolio Functionality: The seller dashboard is equipped to handle both single asset and portfolio listings. It enables the seller to track marketing performance and offers against some, all or just one property in a portfolio.
- Automated tools: The seller dashboard includes an online tool to calculate closing costs, as well as an option to automatically add “to do” task items to the user’s calendar.
Traditionally, a seller has had to really on the word of the broker who might be telling them there are no offers because a property is priced too high. Sellers are often left to wonder, is that really the case, or is the broker not doing their job? A seller on the B+E platform can see all of the activity related to that property and quickly assess what’s going on. For example, if there are three dozen phone calls and emails, 20 downloads of NDAs – and no offers – there is a good chance that the property may be priced too high. Giving the seller all of the data removes any doubt on whether the broker is or isn’t doing his or her job. Another benefit of giving the seller that information is that it gives them more information to make a data-driven decision when it comes to selecting an offer.
These types of tech tools are what investors often see in other asset classes, but it has been slow to come to the commercial real estate investment market. B+E is leveraging technology to build stronger broker-client relationships through data and through a more seamless, transparent process. B+E is the only net lease brokerage company that provides its own technology. As such, it is uniquely equipped to bring the confidentiality, privacy, and fiduciary requirements associated with brokerage to a tech-enabled online sales platform.