Technology trends impacting the commercial real estate industry

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Technology trends impacting the commercial real estate industry

Post by Admin on Wed Feb 28, 2018 2:00 pm

If you haven’t been living under a rock, then you have surely noticed that technology has invaded our lives. The impact of machinery and devices is most visible in industries like manufacturing, travel, education, and real estate. Speaking of real estate industry, it’s worth mentioning that it has gone through a considerable transformation. Market conditions, as well as consumer behaviors, have changed and all this is due to computers. And the Internet. Advancements in technology have made it possible to cut costs, improve productivity, and make better decisions. While the commercial real estate industry wasn’t always eager to adopt high tech, now it’s the first one to adopt it, making life easier for real estate professionals. If you don’t know what are the technology trends impacting the commercial real estate industry, then you should better keep on reading.

Mobile technology

When somebody says mobile technology, the first things that come to mind are laptop, tablets, and smartphones. Devices of this kind use Wi-Fi, Bluetooth, 3G, GSM, and VPN. The matter of the fact is that mobile technology has become indispensable for real estate professionals. Realtors have quickly understood that they need to use mobile technology if they want to be successful. They use portable devices to manage transactions, communicate with clients, or obtain information about the like kind exchange. While only a few years ago experts wouldn’t have imagined using tech tools, now they can’t work if they don’t have the necessary devices at their disposal.

Mobile technology has developed tremendously over the years and it’s expected that this ascension will continue considering that cloud computing is experiencing a fast growth. It’s impossible to talk about mobile technology without mentioning mobile apps. These kinds of software have many tools and easy-to-use features, which explains why they are so popular among realtors. At present, many professionals in the commercial real estate industry have their own mobile applications. They create apps so as to improve client communication and customer service. What is more, experts know that mobile applications pay for themselves forever.

Drones

Commercial real estate transactions are all about are all about interpersonal relationships. This means that if you want to generate leads, you have to know how to market the listings. At present, real estate professionals don’t resort to traditional methods of marketing. As surprising as it may seem, when they want to sell a listing, realtors choose drone technology. Unmanned aircraft are used in order to take spectacular photographs and realize video tours. The high-quality photo and video are then posted on online listings. It’s only normal to want to know if using drones makes sense. Taking into account that the commercial real estate market is highly competitive, yes. The thing is that drones aren’t used only for marketing purposes. More often than not, unmanned aircraft are used to collect data. By data, it should be understood information about properties and assets. Investors looking to complete like-kind exchanges need to identify relinquished property fast and, thanks to drones, they can get the data they need.

Virtual reality

Virtual reality refers to computer-generated simulations of the real world. It’s not difficult to understand why virtual reality has become a game changer. Virtual reality provides people the opportunity to experience things that they otherwise couldn’t. Let’s take an example. A client comes to you, wanting to see a specific property. You don’t have to take the buyer to see the home. You provide them a VR headset and the client can walk through the space. The last thing that you’re likely to hear is that “It doesn’t look like the pictures.” The VR headset ensures 90% fidelity, meaning that everything from the design of the walls to the furniture looks realistic. Realtors provide clients the 3D experience and it seems that buyers enjoy it.

The best thing about virtual reality is that it can be modified to personal expectations. Experts working in the commercial real estate industry can sell properties that need work without a complete overhaul. What they do, basically, is help buyers imagine how the home would look like after a renovation project. If, in the beginning, the clients aren’t comfortable with the process, when they see the computer-generated simulation, they immediately change their minds. What about people who want to relocate to another country? Thanks to virtual reality, they can view the home they want to buy without seeing it in person.

Sensor technology

Just so you know, there is such a thing as sensor technology. Smart sensors are used in order to add value to real estate properties. The intelligent devices respond to input from the environment. Generally speaking, sensor technology is used for rental properties, such as multi-family homes. Sensor deployment is expected to grow. Why? The reason why these sensors are installed in smart homes is that they gather data on the state of the home. This in turn allows professionals to improve the building user experience. The data that the smart sensors generate can be used so as to improve, say, the living conditions of people with disabilities.

Maybe you have traded your current rental with an apartment building in a 1031 transaction. Don’t you want to know how tenants are doing? Smart technology of this kind proves handy when it comes to determining the number of visitors to the home. The thing is that it’s no longer necessary to require this information over the phone. The goal of real estate professionals is to be more efficient and keep clients happy. Therefore, it shouldn’t come as a surprise the fact that their listings are equipped with technology that has the role to observe.

Final thoughts

There is no way of knowing what the future has in store for the commercial real estate industry, but one thing is for sure: it will continue to improve. Advancements in technology have made it possible for professionals to do their job in an efficient manner. Let’s not ignore the fact that computers and the Internet have helped the industry to grow. Many argue that tech trends are destroying the commercial real estate industry. We fail to agree. If you pay close attention, you too will see how beneficial their impact is.

Admin
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