Technology has long been a staple of commercial real estate. While that is true, technology has reached a new level of authority within the business of CRE over the last year.
With the onset of the pandemic, commercial real estate was forced to accommodate new social distancing regulations.
The sudden end of in-person deal-making threatened to interrupt the entire industry — but that’s where technology intervened. Commercial real estate workflows migrated online as teams went remote and agents worked from home.
Now that we’re pressing forward into 2021, these digital “new normals” are sticking around within CRE. Not only did they keep the business running during a crisis, but they’ve also introduced substantial benefits to both ends of a commercial deal.
Let’s take a look at some of the CRE tech tools that are helping both agents and consumers get through the pandemic:
At a time when in-person touring was impossible, eye-catching digital alternatives served as a crucial link between prospective clients and an agent’s commercial listing.
While video walk-through tours and HD photography were used to display available assets online, virtual reality tech took these models to an entirely new level.
Virtual reality made it possible to build immersive, hyper-realistic 3D digital models of commercial properties. VR tour-building tech tools provide an unparalleled resource for showing properties, helping clients feel confident about moving forward with a deal.
Thanks to VR integrations, agents and their clients could actually explore a listing from the comfort — and safety — of their own homes.
If you didn’t know what Zoom was before 2020, you certainly do now. This premier video conferencing software was adopted by businesses across the board to keep people connected while everyone was apart.
Commercial real estate leveraged Zoom in a few different ways.
Zoom was used internally by real estate teams that had transitioned to remote processes. Commercial agents and their teams were able to stay in sync despite the distance. Zoom was also used by agents to host virtual meetings with their clients. Whether it was a simple chat or a closing meeting, Zoom made it possible to “get together” with people and collaborate — ultimately pushing the deal forward.
Paperwork is a crucial part of CRE deals. One of the biggest challenges of socially-distant CRE was the inability to meet in person to sign sensitive documents.
This issue was solved by technology. Web-enabled document software lets agents and their clients securely send, sign, and access a deal’s paperwork. Digital documents gave CRE professionals access to the information they needed, whenever they needed it.
All-in-One PropTech Suites
No tech tool better served commercial real estate agents than fully synced all-in-one platforms.
CRE agents who adopted a seamless network of technologies all linked to a single platform enjoyed greater ease and efficiency. End-to end CRE tech suites made it easier for professionals to adapt to the pandemic’s business environment — giving them a leading advantage in the field.
If you’re interested in learning more about RealNex's end-to-end CRE solution, including CRM and VR, visit our website. To learn more about the latest commercial real estate tech trends, explore the posts on the RealNex Blog.