03/07/2023 | Commercial real estate transactions have slowed due to higher interest rates, inverted cap rates, and asset values that have yet to recalibrate. If you’re a legal firm with CRE clients, you’ve likely felt this market contraction.
With the $30B market for real estate legal services shrinking, regional and national law firms are looking for innovations and technology to differentiate their services to corporate and REIT clients. They’re not just competing with other lawyers on their client’s CRE portfolio acquisition or disposition, but with practice groups from national consulting & advisory firms. Many of these firms have advanced processes for procuring due diligence services, giving them an advantage by getting transactions completed faster and easier.
Inside the largest national law firms, CRE and REIT practice groups spend countless hours chasing compulsory due diligence reports such as ALTA Surveys, Phase I ESA, Zoning Reports, and PCAs. These services come from a myriad of firms with little cohesion or consistency, be it with the quoting and procurement process or with the actual due diligence reports.
They are often ordered, scheduled, delivered, reviewed, and shared via e-mail, phone calls, drop box, or secured FTP. Attorneys need to review these reports and communicate with counterparties including buyers, sellers, counsel, title companies, etc. to release contingencies and get to the closing table.
To better compete, legal firms are looking for ways to collapse the due diligence cycle time and get to the closing table quicker, but not at the expense of sloppy due diligence.
“To better compete, legal firms are looking for ways to collapse the due diligence cycle time and get to the closing table quicker, but not at the expense of sloppy due diligence…”
RADIUS helps legal firms differentiate from competitors
CREtelligent’s order management and workflow platform RADIUS provides a one-stop shop for nationwide market/CRE property insights, end-to-end due diligence services, and on-going asset monitoring. It helps legal firms collapse transaction times, reduce costs, and provide a better experience for their clients.
As law firms are bidding on projects for their corporate clients or REITS, RADIUS’s early insights property screening reports allows them to rank order due diligence risk and recommend appropriate down-stream services. In many cases, this insight helps the law firm win deals for transaction management services.
Furthermore, RADIUS is backed by a 24/7 Customer Success Group that offers concierge service. Our team of experts becomes an extension of your firm’s deal team in what we call “high tech when you want it, high touch when you need it.”
For more info on how RADIUS is helping commercial real estate law firms, download our solution sheet.
To learn how CREtelligent is helping national law firm Honigman with its due diligence, go here.
About CREtelligent.com. Commercial Real Estate Due Diligence. Simplified.
CREtelligent opened its doors more than six years ago as eScreenLogic, a Commercial Real Estate (CRE) environmental due diligence firm focused on desktop RSRA, Phase I, and Phase II site assessments and reporting for commercial lenders, insurance companies, and brokers. The company has grown quickly and market demand for a “one-stop” CRE due diligence platform that offers more than environmental expertise for lenders and corporate entities has become clear. As a result, we’ve expanded to offer not only our full-service Environmental reporting but Valuation, Flood, Full Portfolio Asset Risk Monitoring and a number of other “Platform-as-a-Service” offerings too.
Commercial Real Estate Due Diligence, Simplified isn’t just a tagline, it’s become our product development mantra.
We are building the tools that you need to face the new markets we all find ourselves in today. This unique innovation-based approach enables our clients to make fast, accurate, and intelligent commercial real estate transaction decisions faster and simpler than ever before.
Media Contact: Chris Barry | Executive Vice President | email@example.com