Technology is revolutionizing commercial real estate and changing the way commercial real estate brokers work. What are the top technology trends the real estate industry will want to keep its eye on?
Here are our thoughts on real estate tech trends that will make waves in 2016. From 3D technology to the Cloud and even all-in-one systems like RealNex, these tech trends are something that brokers will need to adopt in order to be successful in the commercial real estate industry in the future.
Big Data
The commercial real estate business is booming and large companies and investors are searching for the best locations to put their money to work. By combining vast arrays of hard data and the more nuanced crowd sourced social media content, Big Data is enabling better decision making for these clients and their brokers.
New technology in Big Data is allowing real estate investors to make real-time decisions based on business intelligence and analytics. While many brokers are still stuck spending great lengths of time collating and gathering information regarding prospects and properties on spreadsheets or even paper, the most sophisticated are using Big Data to vastly improve portfolio performance.
No longer is it good enough to simply know the availabilities and the comps to provide pro forma analyses, with incredible volumes of data now readily available and accessible it is learning how to mine, analyze and present information in a concise way that will separate market winners and losers..
3D Technologies
3D technology will completely change commercial real estate, as it’s already starting to do. Investors from overseas looking to dive into a new market, for example, will no longer have to travel to the property because 3D technology allows them to tour the property, saving both the broker and the investor time and money.
More than just the ability to take virtual tours, this technology enables fully immersive experiences. From being able to get a point of view from a penthouse office, to opening up floor plans or running “test-fits” to optimize workflow, multi-user, interactive 3D technology is sure to streamline and improve the efficient marketing and utilization of property.
The Cloud
We live in a mobile world, thus making offices more connected now than ever before. Cloud computing can house company information that can be accessed from any mobile device or computer, creating one central place for businesses with a multitude of locations across the globe to access their data and interact with their customers.
Not only does the cloud change the volume of information users can access but it changes the dynamics of the workplace. With virtually all the power you need to run your business in the palm of your hand, the new office or shop is wherever you happen to be. The need for physical space will continue to be reduced to places to more flexible workspaces for interaction, collaboration and sharing experiences.
End to End Solutions
All encompassing systems like RealNex are changing the game in all sectors of commercial real estate because they provide a hub for information that is easy to access, easy to use and can save money. From property listings and marketing to financial analysis and customer relationship management tools, you can access it all using the all-in-one system RealNex.
These unique systems that allow for deal automation, consolidation and product integration are making life quite a bit easier for the commercial real estate professional – streamlining their processes and eliminating the need for multiple CRE-based systems.
What tech trends are you watching as we quickly approach 2016? Share your thoughts with us on Facebook.
