Technology
The commercial real estate industry is finally beginning to embrace new technologies. These technologies can improve efficiency, reduce costs, and enhance the tenant and investor experience. Some examples of these technologies include:
- Virtual reality (VR) and augmented reality (AR):
Immersive experiences for potential tenants are enabling them to virtually tour properties and visualize the working or living environment. - Building management systems:
These technologies include sensors and smart controls to monitor and manage a building’s systems. Lighting, heating, cooling, security, and many other building components can be automated. - Property management software:
This type of software manages the day-to-day operations of a property, including tenant communication, rent collection, maintenance, and accounting. - 3D printing:
This technology can be used to create physical models of buildings and other real estate projects. Architects and developers can more accurately visualize and plan projects. Now even entire homes and buildings are being constructed with on-site 3D printers. - Drones:
Drones are inspecting and surveying real estate properties, providing a cost-effective and efficient way to gather data. - Blockchain:
This technology facilitates secure and transparent records for real estate transactions, such as property titles and deeds. - Smart cities:
Progressive cities are using technology to create connected and sustainable urban environments. Sensors and the Internet of Things (IoT) can optimize energy use and improve the quality of life for residents and workers. - Platform tools:
Pulling ideas from examples like Expedia, Airbnb, Uber, and Zillow, companies in the commercial real estate space, like CREtelligent and Blue222, are making it easier to access aggregated data and networks of service providers to access important due diligence and property data and automate the process of managing your property inspections.
Artificial intelligence (AI)
What about Artificial Intelligence (AI)? AI is increasingly improving the commercial real estate industry in a variety of ways. These include:
- Property valuations:
AI algorithms can analyze large amounts of data, such as property sales records and market trends, to provide more accurate valuations of commercial properties. - Leasing:
AI predicts demand for commercial space and assists landlords and tenants in making more informed leasing decisions. - Property management:
AI can automate tasks such as rent collection and maintenance requests, freeing up property management staff to focus on more complex tasks. - Market analysis:
AI can analyze market trends and data to help investors make more informed decisions about which properties to buy or sell. - Tenant experience:
AI could create personalized experiences for tenants, such as providing recommendations for local amenities or personalized building services. - Energy efficiency:
AI algorithms may optimize energy use in commercial buildings by analyzing data from sensors and other sources to identify patterns and inefficiencies.
Companies like CREtelligent.com and Blue222.com are leading the way in improving technology for the commercial real estate industry. Technology will help your company get more work done with fewer people (a.k.a., more profitably). So your best bet is to embrace new technologies and use them to enhance the skills and capabilities of your employees. Nothing will make you more competitive than to use the right technologies to stay ahead of your competition.