There’s no denying that advances in commercial real estate technology have revolutionized the industry. In fact, nearly every aspect of the business —from the way we market properties to the way we close deals— has been made better and more efficient.
We recently wrote a blog covering some of the top commercial real estate technologies to watch in 2017, here are just a few of the ways that those technologies are truly impacting the way we do business:
#1. The Way We Market Properties
As recently as five years ago, our main methods for communicating property details to potential clients were via photos and video. Today, drones and virtual reality are on the cutting edge of commercial real estate technology —allowing us to provide unparalleled property insights to potential buyers or investors no matter their location. 3D imagery also plays into this trend, which allows for truly exceptional renderings of floor plans that give potential buyers a bird’s eye view of what is possible in a commercial real estate space.
#2. The Way We Add Value to Properties
The Internet of Things, which allows objects with network connectivity to send and receive data, now enables us to add remarkable value to our buildings. Machine-to-machine technology, made possible by IoT, for example, can monitor energy usage, predict adverse events and send appropriate, real-time responses. This type of technology can help companies see significant savings in building maintenance and support.
#3. The Way We Perform Site Selection
Sensor technology is also leading the way in terms of site selection. Sensors can, for example, monitor pedestrian counts or vehicle traffic data. These insights can help companies determine if a particular space is right for their business. Just a few short years ago, commercial real estate agents had to rely on transit data or third-party analytics companies that could gather this data.
#4. The Way We Handle the Business of Doing Business
Think back to just a few years ago when commercial real estate agents operated their entire business via spreadsheet or little black book. It really wasn’t that long ago when CRMs hit the real estate space. Today, most agents would tell you they don’t know how to run their business without one. From managing their database of prospects to handling email marketing campaigns and more, today’s robust CRMs are making the business of doing business easier for agents.
#5. The Way We Carry Deals to the Closing Table
Transaction management is another technology that has transformed deal flows. Today, transaction management systems are helping agents and brokers take clients from initial contact to the closing table, and beyond. And, many of these systems are transparent —allowing the client to have a front-row seat to where they are in the real estate process. These platforms keep all parties involved and communicating, and they keep deals moving towards closing.