Commercial real estate has been one of the last holdouts in the technological revolution. If you’re a commercial real estate investor you know that your industry compatriots are still doing business through in-person meetings and phone calls. That’s all on the verge of changing as the industry finally embraces the technology that has already overhauled so many segments of American life. Here are three trends you can embrace to be ahead of the investment curve.
Data and Analytics
Just as millennials are less trusting of traditional advertising than previous generations, they are also less likely to trust you simply because you look trustworthy. They want the numbers and to know where those numbers came from. Data is what you need to close the deal. Data-driven systems are more widely available to help you present an analysis of market data and your portfolio. Buyers are looking for predictive information that will make their choices less of a bet and more of a sure thing.
Mobile and Cloud Technologies
Technologies that can aid the commercial real estate sector are blooming. Specialized customer relation management software like REthink and Ascendix leverage the power of Salesforce so that your data is available whether you’re in the field or office. DealPath and Juniper Square are investment management applications built specifically for real estate investors to help them manage data and drive value. Lease management, property management, even marketing your real estate business can all be managed through specialized apps that keep your business moving and connected.
Augmented Reality
If you’ve ever used the Google Arts and Culture app to see what a piece of art would look like in your own space, followed arrows that appear on the image on your phone to find what you’re looking for, or “tried on” clothing or makeup with a selfie and an app, you’ve used augmented reality. This technology involves overlaying computer-generated sensory (usually visual) information over the information you already have. Augmented reality will allow buyers to interact with potential properties before stepping foot inside, saving themselves time, but you as well. With a “virtual” tour, only the buyers who want to know more will be knocking on your door, giving you time to focus on other parts of your business.
All three of these trends keep customers happier but more importantly, allow you to create an agile work environment with flexibility that keeps you driving towards closing the sale.
