It’s no surprise that the commercial real estate industry has not always been at the forefront of adopting new technologies. It’s ironic too since our industry involves a huge amount of information, systems and processes in order to successfully operate. This data intensive, often disconnected environment, is ripe for transformation and presents an endless opportunity to enhance how it does business.
From integrated property management systems that fix a tenant’s AC faster, to new financial applications that provide dynamic lending alternatives, over the past decade we have seen a slew of new innovative solutions being adopted in the industry.
Below we outline the most recent, and transformative, technology trends that ultimately will allow commercial real estate Brokers and clients the opportunities to seamlessly and efficiently operate their business.
4 Technology Trends Shaping Commercial Real Estate
Commercial real estate Brokers wear many hats, and have many responsibilities. In order to function at a high rate of production it is necessary that we learn to automate and innovate through the use of new technology platforms and applications.
Below find four trends that are aiming to reduce the number of steps needed to finalize tasks, integrate data (where appropriate), and create one version of the story allowing those in the industry to make accurate and timely decisions.
Long a platform used in residential real estate, lending marketplaces have become increasingly popular in the commercial realm. Drastically cutting down on the financing process, these platforms and applications provide investors with quick and efficient access to funding option. Those looking to borrow for commercial real estate ventures are connected to lenders that align with the type funding they need.
Mobile Applications (Apps)
Show me a commercial real estate Broker who is at his/her office all day and I will show you a Broker who must not be producing. Today’s Brokers and investors are constantly on the go, they live “in the cloud” and need to be able to effectively run a business while out of the office.
Today’s mobile applications (apps) are the tools necessary to accomplish this goal. From apps to help navigate traffic, which gets you to the meeting on time, to cloud-based project management platforms that keep your team on the same page…no matter where they are located.
Here’s a great list of commercial real estate cloud-based apps for busy CRE professional from inmotion. It includes applications enhancing everything from property and lease management to marketing and listing platforms.
Virtual Reality (VR)
Talk about being on the go, in today’s world investors not only acquire commercial real estate assets without physically seeing them, they expect to be able to do so on every purchase. First drones were the “brand new” way to visually inform and market a property, but now virtual realty (VR) has become the buzzword. Beyond flat images and videos, with virtual reality technology a client can walk through a space without ever stepping a foot on location.
A recent tool hitting the CRE market with a splash is Matterport, an all-in-one reality capture system that provides a realistic, interactive 3D experience that, “feels as real as being there.” If you can’t stomach the price tag, there is a less expensive option making a wave among commercial real estate professionals. It’s called Giroptix iO and it is a 360-camera that attaches to your iPhone allowing you to easily take high-resolution 3D photos, videos and live streamed videos. It’s easy to use, portable at $249 it’s a no-brainer.
Beyond new methods of accessing lending, commercial real estate professionals have begun using non-traditional forms of financing. Over the past few years the popularity of crowdfunding and alternative funding among investors has skyrocketed. These new investment marketplaces seamlessly, and virtually, connect lenders and CRE borrowers.
Using Commercial Real Estate Technology in Metropolitan Milwaukee
As part of the SVN platform, we at SVN | Hintze Commercial Real Estate have access to the most cutting-edge and innovative technology platforms that enhance our ability to market and service our clients investments and business needs. If you are seeking to value, lease, manage, acquire or dispose of a commercial real estate asset in metropolitan Milwaukee markets then give us a shout.