Technological advances in every industry have the potential to optimize business operations and change industry standards. In the real estate sector, commercial real estate (CRE) technology is rapidly evolving as professionals focus on revolutionizing the current commercial real estate market.
Much of today’s emerging CRE technology uses big data, machine learning and the Internet of things (IoT) to stoke the buying and selling market. Thirteen members of Forbes Real Estate Council each give one example of a newer CRE technology real estate professionals should embrace, and why they believe that tech tool is so important to the industry’s future.
1. Social Media Platforms
Residential is so far ahead of commercial in using social media for thought leadership, awareness and transactions. The best thing someone in commercial real estate can do right now is get educated on using social media platforms for their business. – Carrie Bobb, Carrie Bobb & Co
2. Data Analytical Tools
Technologies that significantly cut down on time spent in evaluating a deal and a submarket at a macro and micro level are emerging right now. Aggregated demographic trends and patterns allow sophisticated investors to make decisions quickly and zoom in on deals that fit their criteria. – Elisa Zhang, EZ Real Estate
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3. TRIMM Software
TRIMM (turns, renovations, inspections and maintenance management) software for maintenance and facilities management is increasingly popular. The demands today are greater than ever before. Thousands of activities, people and third-party vendors must be highly orchestrated to deliver on the promise of frictionless operations and a great resident experience. – Elik Jaeger, SuiteSpot Technology
4. Smart Locks And Access Control
Real estate is the original subscription service. Managing the subscription of who can come and go from the four walls and a roof you manage is the fundamental job of a lock. – Blake Miller, Homebase
5. Process Management Tools
Process management tools are increasingly necessary as they empower and enhance client service and communication. Look for tools that help your commercial brokers be more efficient, track information better, provide clients with better operational data and get more done. This is also useful from a risk-mitigation standpoint, as it ensures that processes and procedures are followed and documented. – Jonathan Keyser, Keyser
6. Apps Equipped With Machine-Learning Algorithms
Emerging real estate apps that use machine-learning algorithms are valuable resources in helping investors discern potential acquisitions. The algorithm is able to determine property specifics, location preferences and return thresholds. These efficiencies allow investors to simplify and expedite the process of acquiring real estate. – David Welch, Robinson Weeks Partners
7. Virtual Tours
Unedited video tours should become an expected part of a property listing. Consumers should not have to rely on enhanced pictures taken from special angles and cameras to get to know the reality of how the property looks. – Rodolfo Delgado, Replay Listings
8. Blockchain Technologies
Blockchain and decentralized finance are already here and will most likely upend traditional industries involved in CRE including brokerage, title, financing, property data, etc. While people may not like change and are concerned about the role they’ll play with newer technologies, DeFi will not remove the need for humans. If anything, it will allow us to focus more on the buyers and their needs. Lean into it. – Charles Argianas, Argianas & Associates, Inc.
9. Green Financing Databases
CRE owners will benefit from green financing databases like EnerYields, which will allow them to identify and apply for government incentives and low-cost financing to carry out green upgrades. Most CRE owners aren’t even aware of the over $1 billion in such financing that is available to them. – Saurabh Shah, InstaLend
10. Automated Data Entry
The CRE industry would benefit tremendously from embracing technology that can make manual data entry more efficient. Using technology to streamline the logging, organization and upkeep of data through machine learning platforms, artificial intelligence or concierge services can empower CRE professionals with a database of market intelligence that is wholly unique, proprietary and actionable. – Oli Farago, Coyote Software
11. Innovation In Other Industries
CRE professionals need to look at other industries as benchmarks. Other industries have long made the shift to asking individuals what type of experience they are looking to have. Personalization for consumers with things like varying tour options versus just in-person options is key, yet CRE professionals still fit clients into specific ways of doing things because that’s how it’s always been done. – Matt Weirich, Realync
12. 3D Technology
While the residential sector is adopting different technology, CRE has yet to catch up. 3D tours (such as Matterport) are one of the most popular tools used in RE today. Implementing this technology to the client sector would allow consumers to move faster on decisions for CRE purchases. – Marco Del Zotto, LIV | Sotheby’s International Realty – Breckenridge CO
13. Keyless Entry And Video Monitoring
One of the key elements is to analyze current need. One of the big needs is automation and data analytics. As our needs in CRE shift, we can use this to help guide us to the next level and take appropriate steps. Automation has currently been very helpful and widely accepted like keyless entry, thermostat control, video monitoring, etc. Automation may also shift the future of ALF. – Chander Mishra, Blue Ocean Capital LLC