As technology continues to take a greater stance in everyday life, the real estate industry is taking major steps to embrace technology solutions in trading. An increasing number of real estate companies are integrating technology services into their operations, and real estate professionals continue to see the benefits.
Before 2020, the commercial real estate industry was already experiencing major changes, but since COVID-19 hit, the industry has practically been forced to take things online. Now, with an extreme emphasis on sanitation and safety, the need for technology to create more flexible and efficient work experiences has intensified.
Rob Finlay, founder and CEO of Thirty Capital, understands this need to bring commercial real estate investing to the next level. At Thirty Capital, Finlay combines innovative technology and experience to help commercial real estate companies grow profits.
- Communication Between Buyers and Sellers
A few years ago, buyers and sellers would typically communicate through face-to-face meetings, phone calls, or emails. But today, a more direct and immediate form of communication is needed. The idea of “try before you buy” has even emerged, and in commercial real estate, this means using virtual reality (VR) to conduct virtual tours or showcase 360-degree high-quality photography.
Even at a distance, brokers and sellers can communicate with investors like never before.
“Before the pandemic, investors and prospective buyers had the luxury of walking the grounds, physically seeing the property, analyzing the electrical system up close, and observing each nook and cranny of the building,” explains Finlay.
“But now, using drone footage and VR, you can place your virtual feet in the vicinity of a potential investment opportunity. This alone has massively changed the way commercial real estate investing is done.”
This type of technology offers the advantage of virtual planning and organization. So, even if a building is distressed or empty, VR lets investors furnish it or add amenities. This allows buyers and investors to obtain a more accurate visualization of property and its potential.
- Saves Time and Money
Advancing technologies similar to VR have helped spread head commercial real estate agents investing, and it’s this kind of technology that saves time and money.
Additionally, commercial real estate agents have been learning how to use technology to track market changes and leasing activity. This enables them to be better prepared for market trends. By purchasing access to those technological platforms, real estate companies can incorporate them into their daily operations.
Even amongst families today, technology has made it easier to work and do school from home. With tools like Zoom, Go to Meeting, Podio, FaceTime, and other recourses, virtual collaboration is being facilitated now more than ever.
According to a Gallup survey, 43 percent of working Americans spend a portion of their work hours operating remotely. The same survey also shows an increase in the number of Americans working from home, going from 24 percent to approximately 31 percent. This sudden growth is due to an increase in employee satisfaction and productivity when people work from home, as well as decreases employer costs.
“Many might see this as a disruption for the commercial real estate industry, but it gives us more of a challenge. While the demand for actual office space is decreasing, the demand for more working space within the home is increasing. Now, people want to purchase houses that include a separate room which they can turn into their very own ‘office,’” says Finlay.
“Real estate investing now becomes more accessible, and this enables us to look for opportunities that we otherwise would have glossed over.”
- Streamlines Operations
It seems as though everything has been moved online. From buying clothing to ordering groceries, companies who are shifting operations to online are experiencing a much more streamlined experience.
A few years ago, people thought the use of drones to deliver Amazon packages right to your doorstep was revolutionary, but now, the use of article intelligence (AI) is on the horizon.
Companies like Thirty Capital are looking to utilize such unique technological solutions. “It’s this kind of revolutionary technology that our team of professionals at Thirty Capital could take advantage of to streamline operations,” Finlay explains.
“Some of our services include asset & portfolio management software, entity management solutions, and more, and using technology helps us better assist and serve our clients to grow their profits.”
While AI is still an evolving field, the commercial real estate industry can start implementing technology into its operations now. Whether it’s tracking new leads, automating repetitive and time-consuming takes, or streamlining daily workflow, AI allows employees to focus solely on bigger picture tasks.
- Increases Digital Presence and Availability
With advanced technology, real estate investment companies have all the tools they need to sell. Expanding their digital presence, working to become more available, and connecting with customers to create personalized tours and experiences are just a few ways these companies can improve their services.
When it comes to communications and purchasing, technology can open the door for more secure business transactions. Using smart contracts and digital signatures can make investing in real estate more efficient without the unnecessary risk.
Buyers can also make better and quicker investment decisions with fewer middlemen in the sales process. Using online resources, deals can be processed much faster with far fewer expenses and a reduced chance for fraud. This also gives buyers greater peace of mind with higher transparency and understanding.
The Future of CRE With Technology
Digital transformation and advancement are happening all around us, and the potential benefits for companies using this technology are massive. In the real estate industry, many people tend to hold onto the “some things never change” way of thinking. But as we’ve entered the age of innovation, real estate transactions can be even faster, safer, and more accessible.
A business owner doesn’t have to dive in headfirst to see these benefits …
Taking small steps to implement more tech-forward strategies and embracing this new thought process can help fulfill the acquisition of technology in the commercial real estate industry.