09/01/2000

You've Got the Whole World In Your Hands

By Todd Zeldin

ACG Professionals, Inc.

Keeping up with technology is challenging even for those of us who are dedicated professionals in the field. There are so many new gadgets and devices that surface and an insufficient number of resources to evaluate and then implement solutions. We are frequently reminded that to stay competitive we must balance today's demands with tomorrow's promise of improved efficiencies. Well, the playing field of available and usable tools has expanded even further with the improvement of wireless technology.

Earlier this year IBM and AT&T formed a new alliance to enable businesses to provide traveling employees with wireless access to corporate networks and databases with mobile phones and other handheld devices. Brokerage firms like Charles Schwab and E*Trade are offering customers wireless access to their accounts. Online heavyweight Amazon.com is integrating wireless strategies to expand market share and provide customers with information and purchasing opportunities right at their palm. And of course providers of wireless services like Nextel Communications have seen their shares balloon this year given the expectation that we have only begun to realize the market opportunities for this technology. All of this adds up to one thing: the $4 trillion real estate industry is about to embrace wireless technology in a huge way.

Whether you are responding to maintenance requests from tenants, performing due diligence for a possible acquisition or simply accessing and updating property, tenant or transaction-level information, you now have the ability to perform all of these tasks remotely using wireless devices. Companies like Atlanta-based Wireless Onramp, Inc. are helping real estate firms leverage the power of emerging wireless Internet technologies.

"The lessons learned in deploying traditional dialup remote access solutions enable us to simplify the process of developing, deploying and supporting wireless remote access projects. We are helping our customers to quickly capitalize on the promise of wireless computing for their mobile users," says Ken Brandeis, President of Sales for Wireless Onramp.

Just at a time when the real estate industry is strongly embracing web-based solutions, hand-held devices provide another means to access information when and where you want it. Today, the primary use of devices such as the Palm VII is for remote access to e-mail; however, we will soon see leasing agents, investment property brokers and asset and property managers replacing their mobile phones, pagers, portable computers and digital diaries with a single wireless device.

Imagine being on the road performing due diligence on a property you are considering for purchase. You have been assigned the task to inspect the building, review the site and building plans and authenticate the property rent roll to lease documents. After you complete these tasks you must report your findings to your home office. Your wireless project manager allows you to update the status of your work while your contact manager allows you to leave an e-mail message for your boss that everything is checking out nicely on the project. You can even call your spouse and leave her a voice mail message that you will be taking an earlier flight than you originally had anticipated. And finally your wireless lease administrator provides you with a current rent roll that has been synchronized with your back office accounting system so that you may confirm the accuracy of the key financial information against copies of the leases.

"The transaction market is becoming more volatile, protracted and dependent on public market fluctuations. To minimize any erosion in value, sellers and their intermediaries need to employ a "speed to closing' mentality", says Gary Saykaly, Managing Director of CB's Southeast Retail Investment Team.

"While technology will not eliminate the requirement for intermediaries, it will surely help the intermediary compress the deal cycle and spend more time on value added activities" add Saykaly.

Integrated web-based applications with wireless access will soon hit the shelves and be available to the commercial real estate industry. Better yet, they promise to be both affordable and easy to use. With devices like the Palm VII becoming industry standard, you will soon have the whole world in your hands.

Todd Zeldin is founder and President of ACG Professionals, Inc., a real estate consulting firm and Transtopia.com, a provider of web-based software and wireless solutions to the real estate industry. You may contact Mr. Zeldin at tzeldin@acgpro.com or via www.acgprofessionals.com