During Covid 19, commercial real estate was forced to adopt creative technological
practices in order to continue conducting business. These technology adoption practices have continued in the
post-Covid world to catch up to obligations and remotely service clients. Almost two years later,
it is still pertinent that agencies and brokers alike stay on top of these recently implemented
technological trends. These new technologies range everywhere from new ways to store data, to
virtual touring of properties. Utilizing these newly introduced practices can keep brokers and
agents competitive in the evolving industry. Additionally, technology adoption can increase revenues
while decreasing workloads.
Detailed Business Databases
Today more than ever, agents in commercial real estate need access to in-depth
information about their prospects. This can help them to decide which projects they are willing to
pursue, and save agents both time and money. These online databases hold vital information
about commercial buildings and possible business partners. Some details databases can supply
are as follows:
- A business’ cash flow and profits
- Number of employees the business has
- Size and features of a property
- The status of whether the current tenant owns or leases the property
- Contact information of property managers or decision-makers
These databases are an affordable way to learn about properties near or far, and keep an agent
open to all available properties.
In addition to the before mentions databases, predictive analytics is an effective way for
agents to stay on top of their game. Predictive analytics can give agents insight on how the state
of the economy is affecting tenants or property managers. Being able to predict the downturn of
commercial property value can give insight into when property managers are going to be forced
to sell a building. This can create an opening for a commercial real estate agent to offer the
property manager or owner a deal.
Predictive Analytics has been developed through AI, and can provide more information
than is capable of a human brain. It can assist an agent in deciding the value of a piece of
commercial real estate, if a property owner is likely to sell, and possible buyers of said property.
This algorithm can provide extremely useful to commercial real estate agents, and help them to
pursue once risky looking deals.
Virtual tours were a very important part of keeping the commercial real estate market
running during the pandemic. They allowed agents to show commercial spaces and offices to
clients stationed remotely. This decreased the risk of spreading the Covid 19 virus. Today, these
tours are still a valuable asset of technology to the industry.
First, providing virtual tours can attract clientele from different areas of the world, that
would normally not travel just to tour a property. Additionally, virtual tours are an easier way for
clients to filter out properties that they might not be interested in.
Hosting virtual tours can be as simple as using a smartphone’s camera and audio. There
are more advanced technologies, like 360-degree cameras, that can be purchased to set an agent
apart from the competition. However, simply offering online property tours can increase an
agent’s clientele while requiring a rather minimal effort.
Attracting new tenants
Post-Covid, the commercial real estate business has started to add new technologies to its
buildings in order to appeal to the new, more health-conscious generation of property buyers.
Some of the additions are automatic doors, touchless elevators, and plumbing fixtures. These
help reduce the number of high touch surfaces and give buyers a sense of comfort when looking
at properties. Sustainability technologies are also being implemented, to improve the way
properties use resources, which will be very important to buyers in the coming years.
Technology Adoption in Commercial Real Estate
The commercial real estate industry has been notoriously slow to adopt technology. While most industries adopted and incorporated software decades ago, many commercial real estate companies are still doing business the old-fashioned way. For many people, change is difficult and even frightening. After all, if they’ve been successful for many years without digitizing their operations or trying the latest technologies. What these companies don’t realize is that their failure to embrace innovation can lead to inefficiencies that could prove harmful in the long run. Longstanding companies might be unable to compete with the real estate startups that are embracing and pioneering new technologies.
Right now, there’s no time to waste. To stay competitive, real estate businesses must adopt new strategies and practices.
Most economists agree that the United States is officially in a recession. It’s apparent that many American companies are experiencing economic hard times. The real estate industry must prepare itself for a slowdown.
To learn more about how ID Plans technology can help you manage your properties, please contact us today to schedule a demo.