Technology trends are highly influential in the commercial real estate industry and are changing how agents, brokers, investors, and property managers operate. This industry is constantly changing, making it the perfect sector to utilize artificial intelligence and automation technologies to increase workflow, reduce costs, and minimize errors. Take a look at the ways that new technology is changing the commercial real estate industry.
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Property Development
Commercial Real Estate (CRE) professionals are always seeking new ways to design and develop properties faster, efficiently, and cost-effectively. Thanks to new technology such as 3D printing, pre-fabrication, and modular construction processes, building components can be constructed in a controlled environment without unpredictable forces, like the weather, getting in the way.
Data Management
The more a company grows, the more datasets of lease abstractions, property appraisal reports, memorandums, legal documents, tax reports, ownership history records, and zoning regulations it is responsible for. New technology helps CRE professionals organize and store documents securely while enabling them to quickly analyze large amounts of data and tag useful meta-data for property-related documents.
CapLinked offers businesses a secure platform with user-intuitive tools for capital raises, asset sales, mergers & acquisitions, real estate transactions, investor and board reporting, and business development negotiations. Their trusted virtual data room allows you to securely manage documents, M&A transactions, perform due diligence, and contract negotiations. Financial institutions, investment bankers, life sciences, venture capital firms, legal firms, and private equity firms rely on the virtual data room provider to safeguard confidential information and improve workflow.
Users can upload individual documents or thousands of confidential documents and spreadsheets from Dropbox, Google Drive, and desktops into a secure folder. Control who can store, edit, and download documents, send Q&A assignments and instantly communicate updates to confidential documents in the online data room.
Virtual data room software provides a place for performing the due diligence process, informing potential buyers, and the ability to grant third parties secure access to sensitive information. The collaboration tool provides a comprehensive audit trail of all sensitive documents accessed by investors, consultants, and employees. The virtual data room solution also features dynamic watermarks and propriety digital rights management in compliance with intellectual property to keep your confidential files secure.
Marketing and Sales
New technology is changing the way potential buyers interact with properties. Advancements in virtual and augmented reality allow potential buyers to dynamically view and analyze properties remotely. Such technology takes potential buyers through the entire design concept by allowing CRE professionals to create VR tours of properties in all building stages, from breaking ground to renovations.
Buyers and sellers are connecting in new ways on real estate portals. Personalization technologies turn simple databases into personalized search experiences. CRE businesses can use artificial intelligence to display personalized promotions and messages that speak to potential buyers. Algorithms can be used to analyze customer interactions to understand what matters most about a specific zip code and what unique features they look for in listings. Including AI-powered chatbots on real estate portals is a useful feature that helps potential buyers receive quick answers to their questions as they view listings and it’s a great way to make personalized offerings based on user preferences.
2020 has been a year of adaptation and flexibility as the worldwide pandemic has forced a range of industries to reconsider how business is organized and conducted. According to Alastair Barnes, the key to maintaining a customer base and competing in a post-pandemic world is to offer differentiated services and greater flexibility.
Many businesses have made the indefinite switch to remote teams while consumers have shifted their spending habits to online marketplaces. The more the world is shifting to remote, socially-distanced lifestyles, industries need to meet consumers where they are and adopt new technologies that maintain their relevance and competitiveness.
From more efficient property development and secure data management to create more personalized marketing and sales efforts, new technologies are changing the CRE sector for the better.
