Commercial Real Estate Technology and App Review: Dropbox

I have achieved mobile status and have a paperless, virtual Commercial Real Estate office.  I will be reviewing and sharing with you the technologies and apps that make this possible.

Dropbox

Dropbox is my first review for one reason only:  I love it!

I was in an airport a couple of months ago.  I received a call from a client that needed a copy of their lease ASAP.  I was able to access their lease from our files through Dropbox on my phone.  I emailed it to my client from my phone walking from the gate to the plane.  It took less than 30 seconds, and I was a hero to my client.  That is the power of Dropbox.  It makes you more efficient and more valuable.  To start using Dropbox – click here.

4 Uses of Dropbox

1.  Dropbox acts like the “my documents” on a PC or ‘finder’ on a Mac.  The files are actually on your computer.  This is key so that when you are on your laptop or desktop, you don’t need an internet connection to access or work on your files.

2.  Dropbox syncs up with other computers, smartphones, tablets, etc.  I have Dropbox on my PC, my Macbook Air, my iPhone 4S, and my iPad2.  When a document is created, edited, or changed in any way on one of these machines, it is synced with all the others.  That is the magic of the cloud.  When I have my virtual assistant draft a lease, she saves it to Dropbox for my review.  Any changes that I make are synced, and she has instant access.  This makes Dropbox great for collaborations.  It is also a great way to never have to go back to the office (if you have one!) for a file again.

3.  Dropbox allows you to share folders with anyone you would like to invite.  Simply send them an email invite, and that person has access to the folder.  It is that simple.  My entire paperless office is on Dropbox.  My assistant has access to pretty much everything.  Any advisors working with me have access to just what they need.  It is a beautiful thing.  This is how I collaborate with all of my coaching clients.  Drafts of their prospecting letters and marketing materials are all in their shared dropbox folders.

4.  Dropbox is accessible from anywhere with an internet connection.  I shared with you that a file syncs up with any machine/smart-phone/tablet.  If you happen to not have one of these devices on you, then you can get to all your files by logging on to www.dropbox.com.  My wife likes to joke that if I have forgotten my phone then I’ve forgotten my pants as well, but it can happen!  (The phone – not the pants).

A Word of Caution

Dropbox has some limitations.  I had a conversation with a friend recently who is in the Information Security business.  His comment on Dropbox was that it was not the most secure platform in the world.  I asked him if I should be worried, and he said no.  There is a trade-off between security and usability.

Another limitation is the user has little functionality when sharing folders.  Maybe I want to invite someone to a folder, but I don’t want them to be able to edit, change, or delete.  The ability to limit users is not there.  If you invite someone to a folder, be aware that they have free reigns on those documents.

Conclusion

Despite the caution, Dropbox is an invaluable part of my business.  It allows me to be mobile and efficient.  It makes me more valuable to my clients.  It allows me to easily collaborate with my virtual team.  It is easy.  And it is free (to a point)!  It can be all these things to you as well!

I know many of you are already using Dropbox.  What ways do you use it?  How has it simplified your life?  What are some of the benefits that I failed to mention?  Join the conversation!

 

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