Benefits of Technology in Commercial Real Estate

Benefits of Technology in Commercial Real EstateResidential real estate has seen a lot of technological advances over the last decade that have greatly improved agent processes and made it easier for users to find homes for sale. Commercial real estate on the other hand has been a little behind the eight ball, however in the last few years there have been an influx of new startups trying to impact commercial real estate Austin with technology. Incorporating technology into commercial real estate processes is important for the future of the industry and there are benefits to brokerage houses, tenants, owner occupiers, and investors. 

Below are a few benefits of incorporating technology in commercial real estate:

Control Over Commercial Property Utility Costs

Changing your incandescent or halogen lights with LED lights can reduce your energy consumption dramatically. They also give off less heat which means your air conditioners don’t have to run as much during the summer. You can also control the HVAC thermostats with a tablet or smartphone so you can operate them from anywhere.

Reduce the Size Space Needed

Using the right technology can help you reduce the amount of commercial space you need, thus saving you on rental costs. Computers take up less footprint. Also with cloud storage and telecommunication advances it’s much easier to work from home more than ever. Letting employees work from home 1 or 2 days per week allows you to incorporate workspace and office sharing thus reducing the need for commercial space.

Expedite Commercial Lease Process

Enhancements in digital documentation and communications make it easier to negotiate and sign leases. With the right software you can review and sign documents from a mobile device. This allows your team to be much more productive and they can focus more on day to day business.

Manage Commercial Real Estate Portfolio

If your business has more than one office or retail location there are software applications that allow you to manage them remotely via web app. This means you don’t have to travel as much to each location which can save on the bottom line.

Access to Better Commercial Real Estate Data

Commercial real estate info that only agents and landlords could once access is now available to tenants and buyers of properties. The online data on sites such as Loopnet, 42floors, etc.  is not always accurate or up to date however can give you some insight. The use of these tools along with the agent that represents you can ensure you get a better deal and are not over charged.

Virtual Realty & Augmented Reality

Virtual reality has been a while for a while and has been used quite a bit for office space design and virtual meetings which decreases the need and cost for travel. Also allows tenants and buyers to view properties remotely without having to physically be there. In a sense it will gamify the entire commercial property selection process even before they are built. The use of this technology will save users money and time.

Augmented reality is still relatively new however is going to revolutionize the commercial real estate industry. Building management & maintenance statuses will be able to be seen by techs as they walk through buildings

Drone Technology

The use of drones to create videos and photos of properties continues to increase and will continue to be an integral part of managing and marketing a commercial building. It allows CRE professionals to gather the data needed to evaluate potential investments as well as inspect buildings and identify problem areas. Also the footage can be used to create a realistic experience for users.

Internet of Things (IoT)

By integrating technology into commercial property management systems owners will be able to improve the building user experience by incorporating sensor-generated data. Smart devices will use algorithms to automate simple tasks, make decisions, eliminate mistakes, and adapt to and learn an environment. Opportunities to automate job function such as marketing automation, customer support, predictive analytics, etc.

Smart Sensors for Building Management

Integrated into a building they will help increase safety & security, as well as reduce management costs. They can sense and gather environmental change and report results in real time such as temperature, humidity, light, etc.

Blockchain to Buy & Sell Commercial Properties

Still a buzzword you will see more commercial properties bought and sold with digital currency.

 

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