Here are 5 CRE tech trends to keep an eye on as we head into the new year.
As 2017 draws near, we often reflect on big events that happened, future opportunities, and upcoming trends to help better understand our professional space. In the commercial real estate sector, technology continues to impact the way real estate professionals do business. Staying current with this tech is more valuable than ever.
#1. Virtual Reality
The use of virtual reality in the commercial real estate space has greatly changed the way professionals work and do business. What used to be a physical visit, sometimes numerous ones, has now become possible with a few clicks. Potential investors or buyers now have the ability to visit properties in the comfort of their own office or home without having to waste hours or even days traveling.
This helps to eliminate the hassle of travel, saving time and money. Think of the benefits that foreign investors have with this type of technology and how this opens up a bigger pool of investment opportunities for them.
#2. Big Data
Big data made its appearance within the commercial real estate space in the last few years. However, many professionals weren’t sure what to do with the information given. As more professionals and companies tap into the real potential of opportunities with the use of big data, the CRE industry will continue to grow and expand.
Take, for instance, the ability of sensors and big data to relay valuable information to retail stores on pedestrian counts and shopper activity.
The use of drones has quickly changed the way brokers, agents, and property owners market their buildings. Drone footage offers a dynamic view that can’t be seen on ground level. Whether the drone captures the very peak of the space, surrounding areas, or even the traffic flow, the information and footage from drones allows potential buyers or investors to really see more than just the property itself.
Watch as drone laws continue to evolve in the coming years, and as drone tech becomes more and more user friendly.
As mentioned above, sensors and iBeacon technology has really made a splash in commercial real estate, especially for retailers. Sensor tech can track everything from foot traffic, temperature, building issues, and much more — allowing building owners and property managers to track these changes and conditions in real time.
This technology is being used for marketing, to help investors and companies find the perfect location for their business, and even to send special announcements or deals to shoppers as they approach and enter the store.
#5. Mobile Apps
The use of mobile applications continues to grow exponentially. It seems that whatever we need, it can be done through the use of a mobile app —ordering coffee from Starbucks, changing the temperature in our buildings, finding the best deals around your office. It’s even as small as keeping us on task in our daily lives! Mobile applications aren’t going anywhere and will continue to be integral in how we do business.
As you can see, each year, technology continues to become a staple in our lives both personally and professionally. While traditionally adoption of new technologies tends to be slow, we’re glad to see that the CRE world is embracing the changes in technology and we’re excited to see what 2017 will bring.
Feel free to connect with us about these predictions and let us show you how the use of data and analytics can increase the number of leads and opportunities for you in 2017.