Technology is constantly transforming the way we live, and the commercial real estate industry is no exception. The latest technological advancements have helped us all to function more effectively and efficiently.
These are five of the biggest ways technology is transforming commercial real estate businesses today.
1. Virtual Reality Headsets For Walkthroughs
Many people associate VR with gaming, but it has a multitude of practical uses and has made its way into many professional fields, including real estate. It gives potential renters and buyers the chance to view a property any time, anywhere. While photos and video can lack the feeling of an authentic property tour, VR is remarkably lifelike and detailed, not to mention completely immersive.
Virtual reality was already starting to take off before Covid-19 hit. However, social distancing has made the adoption of VR not just smart but essential. Landlords are using VR to showcase commercial spaces to potential tenants, and real estate agents are using it to give buyers an interactive view of available properties — all while keeping a safe distance.
2. Environmentally-Friendly Construction
One of the many ways technology has transformed construction is by making it more environmentally friendly. For example, many people want solar panels installed on their homes or businesses so they can gain energy independence. Energy-efficient appliances aren’t anything new, but their popularity in the U.S. is on the rise.
Smart Grid appliances — including dishwashers, ovens and refrigerators — are becoming the new standard in high-end developments. These appliances can actually determine the best times to run based on when they can use the lowest amount of energy. This is great for the environment and the property owner.
Appliances aren’t the only things getting a makeover in the construction process. Contractors have also been increasing their use of green insulation and biodegradable materials to reduce the construction industry’s carbon footprint.
3. Automation For Managing Repetitive Tasks
Realtors, landlords, property managers and other real estate professionals often get weighed down by performing repetitive tasks day in and day out. All too often, they have to fill out the same paperwork for every property. It’s also difficult to store all your information in one place and glean helpful insights from your data. The traditional way of managing real estate data is time-consuming and inefficient.
But fortunately, there are tech solutions designed to help handle these repetitive tasks more efficiently. There are a variety of software options out there to help manage marketing campaigns, appointments, your real estate portfolio and more.
4. Smart Home Technology Integration
Homes are changing for the better thanks to smart home technologies. It’s not just that homeowners are adopting smart devices like the Amazon Echo or Google Home — homes and multifamily developments are now being built with smart home technology in mind. Some of the most popular built-in smart home technologies include:
- Security systems
- Speaker systems
As it becomes the standard for new constructions, buyers will be more likely to choose a space that has these features. While you might guess these kinds of features are only popular with a younger crowd, that isn’t actually true. Many middle-aged buyers are eager to own a home that’s fully equipped with smart technologies to help them save time and live a more convenient lifestyle.
5. Cloud Integration
The cloud has been one of the most significant technological advancements in recent years. Right now, it’s being used in a number of ways in real estate, including lending and closing. Since the start of the pandemic, cloud technology has been used for remote closings and other processes that used to be conducted in person. After the danger of the pandemic has lifted, who knows — we might continue to see remote closings and an increase in electronic document signing.
No matter what it’s being used for, the cloud is popular because it makes processes easier and more efficient, whether you are conducting internal business or renewing a lease with a tenant. It’s also often faster and more secure than the alternatives.
The Future Of Real Estate Technology Is Bright
With these technology integrations already being used in the real estate industry, it’s exciting to see what the future will hold. If you’re in the industry, you’ll no doubt continue to see technology that makes your job easier, more efficient and more cost-effective.