Technology is constantly evolving and challenging industries such as real estate to stay current. If you want to enter or advance in property management or real estate investing, you cannot overlook modern technology as well. Here's a look at changes in commercial real estate technology that are making a difference.
Now that many people have been exposed to modern technological advances such as AI and virtual reality, travelers expect to see more of it in public places like airports and hotels. This demand now has an impact on a commercial property's value.
Real estate agents and brokers have always worked remotely, but the Internet makes their work much easier. Sending and receiving documents is seamless with a strong, reliable internet connection. If you want to sell or manage commercial property these days, it's advantageous if it's set up for internet connectivity. Telecommuting became huge during the pandemic, but it's not going away soon.
Smart tools and machine learning software have led to more productive changes in commercial real estate technology. Property managers can use AI to quickly detect HVAC and other equipment problems. Machine learning has empowered managers to scan vast amounts of data to make more accurate data forecasts.
Each year real estate investors and tenants expect more of their surroundings to become more digital. The popularity of Internet of Things (IoT) devices is making society more data-centric. Due to these expectations, commercial property managers must keep up with evolving technology to stay relevant with tenants.
The shift in consumer purchasing behavior to e-commerce websites has dramatically impacted the commercial real estate industry. Many new online retailers don't require physical retail outlets, although they must still deal with warehousing.
Since the commercial real estate industry deals with confidential digital files, it's imperative to make sure the data does not get into the hands of hackers. Property managers and investors must place a high priority on cybersecurity to avoid data leaks and cyber breach lawsuits.
It's difficult for a modern business to avoid social media since it's such a powerful, low-cost marketing tool. Real estate professionals are all about communication with new prospects and the most efficient way to do that is via social media platforms such as Facebook and Instagram. Social media helps companies build marketing lists, which is essential in commercial real estate.
Energy efficiency has been a top concern in recent years for commercial real estate investors. From this view, the growing concept of sustainable technologies has emerged to help cut costs and dependence on traditional energy sources. Solar panels help boost property value as well as cut electricity costs and deliver clean energy.
Despite the fact that new technology has made life easier for real estate professionals and tenants, it's important not to get too lost in the tech frenzy. Commercial real estate is an industry in which buyers and sellers tend to meet personally and develop a relationship. So you cannot afford to lose track of your personal touch even when machines do more and more work.
Understanding these changes in commercial real estate technology will help you make better decisions involving management and investment properties. Contact us today at Parkwest General Contractors to learn more about your options for venturing into commercial real estate