In our current day and age, technology plays a role in practically every aspect of our lives – oftentimes in ways, we don’t even think about. It’s continuing to change and develop in exciting new ways every single day – this is true even when it comes to technology that can help you sell commercial real estate.
From virtual reality to artificial intelligence to the changing social media landscape, there are tons of trends popping up and growing in the world of technology that can play a major role in the commercial real estate industry. We’ll cover a few of them below!
The past year and a half have shown us a lot about how we can work from home – and this is true for the real estate industry as well! Recent developments in technology now allow real estate professionals to be even more mobile than the already on-the-go nature of the job has previously allowed: conducting virtual showings, sharing documents, and communicating with tenants without having to meet face-to-face is easier than ever before.
One especially exciting prospect is virtual reality. This is not only something to keep in mind when considering virtual viewing options for potential investors and tenants, but also offers a unique advantage when it comes to property planning. This technology allows you to truly channel your vision for the future of a property and even allows buyers and investors to virtually step into the finished project before it’s complete. It could be the perfect way to seal the deal and sell someone on a property with lots of potentials that have yet to be realized!
You’ve probably heard a thing or two about artificial intelligence by now – it’s making waves in a lot of different industries, but AI technologies can be especially beneficial in the commercial real estate market!
AI can do a lot of things, but benefits that are specifically helpful to real estate include the ability to help with organization, handle systems management like data systems, heating and air conditioning, and lighting, and even analyze building functions. Essentially, AI is a great tool for cutting some of the time and effort out of maintenance tasks and tedious chores. What’s more, it can even help with lead generation, improve the home search process, and streamline investing and lending.
If you’re not already taking advantage of social media marketing, you should be! Marketing is an essential part of any business – especially real estate – and hopping on social media to connect with possible tenants and investors is one of the easiest, cheapest, and most effective ways to get your voice heard over all of the others! Making as many meaningful connections as possible with prospective buyers is more important and easier than ever in our current technology-based world, so make sure to get on board today via Facebook, Instagram, Twitter, Pinterest, or – if you’re up for the challenge – the wide world of TikTok! Some real estate agents are utilizing this fast-growing video app to advertise their properties in exciting new ways, and it’s working really well!
Our constantly developing technology landscape has given us more access than ever to important data analytics and statistics about consumers – including real estate buyers, tenants, and investors. Are you taking advantage of this prospect? You should be! Utilizing data analytics can be one of the best ways to make smart real estate decisions. Important analytics we have access to that can help those involved in commercial real estate include data around employment, migration, demographics, and more!
The best part of all this is that this data is widely accessible, as it’s typically published online for public access by cities, countries, and states. Just about everything you need is at your fingertips! If you’re a property manager who uses smart systems on any of your properties like locks, thermostats, or security cameras, this is another way to collect data about your tenants. You may also choose to purchase data from a third party to learn more about specific neighborhoods and markets if you’re looking for deeper data.
The future is now! Technology is improving at a rapid pace, and it’s taking the commercial real estate industry with it. The best thing to do is get on board and use all of these quickly-developing tools to your advantage!
At TyMac, we know how to use technology and data to scope out the best investment opportunities for our partners, and we’ll continue to ride the waves as they come.