Technology is changing the way we live, work and play. The innovative advancements in technology is reshaping the commercial real estate sector. The new developments and tools are helping in cutting costs, boost productivity and improve decision making. Here are 4 tech trends that are bringing the much desired change in the sector:
1. Virtual Reality (VR)
Straight out of the sci-fi films, VR is now a reality in real estate sector. Industry professionals agree that VR’s time has finally arrived: virtual reality sales are predicted to reach pretty high, according to SuperData Research Inc.
VR provides the investors with the opportunity to view their property without consuming much of their time and expensive travel between locations. It also lets them explore spaces still under construction or even on the drawing board. Besides touring properties, builders can now utilise VR for tenant improvement process.
2. Artificial Intelligence (AI)
AI enables computer programs to perform tasks that normally require human intelligence, allowing computers to sense, comprehend, take action and self-improve. AI is already making CRE more profitable. AI can help CRE experts close more leads by providing valuable financial and market data. AI also provides a precision factor when utilising search engines; the search becomes more precise and accurate. This recognition provides a more accurate, detailed and relevant response when searching for a specific property.
3. Internet of Things (IoT)
IoT, or as we know it as Internet of Things has been referred to as the next industrial revolution. IoT is a massive network that enables everyday objects to collect and share data. It is changing the way we interact with goods, services and our environment. With the advent of smart phones, we could do much more than just make & receive calls. IoT has the same effect on buildings as well.
Owners or tents, with the help of technology can have a wholesome experience. The availability of broadband Internet, smart sensors has the potential to lower a building’s energy use. Sensors provide real-time monitoring and direct building managers to maintenance and repair issues even before a problem is reported. According to Deloitte Center for Financial Services, the data provided by IoT-enabled buildings has the potential to be as valuable as physical location.
4. Big Data
NASA first used this term in 1997. Today, big data is gathering of all things occurring in a building or space. It is the quality of the data, rather than quantity that is to be noted. Whether used real time or not, big data is becoming synonymous to the ability to transact in the CRE. Brokers, builders or agents can build a strong relation with the customers, as platforms such as tablets and laptops help in getting the data to be delivered immediately after any financial transaction.