Commercial real estate has always been a complex and challenging industry. But in recent years, it has become even more complex as technology has changed the way we do business. Today, commercial real estate professionals have to be familiar with various technologies to be successful. Here are five ways that technology has helped the commercial real estate industry from Damon Becnel:
Commercial Real Estate Brokers Can Now Use Online Tools
The Internet has made it easier than ever for commercial real estate professionals to find properties, view listings, and connect with potential clients. Many brokers now use social media platforms like Facebook or LinkedIn to promote their services and build relationships. Others have taken advantage of online tools such as Google Maps or Street View to advertise vacant buildings for sale or lease. Brokers can also use these tools when searching through MLS listing websites such as Loopnet or CoStar Group Inc’s website Property Shark, which includes the ability to search via satellite imagery.
Mobile Apps Allow Tenants and Landlords to Communicate More Easily
Landlords and tenants have always needed a way to communicate with each other, but most of that communication happened face-to-face or over the phone until recently. However, with the advent of mobile apps, communication between landlords and tenants has become much easier. Several apps allow landlords and tenants to exchange messages, track payments, and even submit maintenance requests. According to Damon Becnel, these apps have been especially useful for international transactions where it is often difficult to get in touch with people in person.
Technology Has Made It Easier to Assess the Value of a Property
In the past, commercial real estate appraisers had to rely on their own experience to assess the value of a property. But today, there are tools available that make it easier for appraisers to do their job more accurately and efficiently. One such tool is an online calculator called “The Value Machine,” developed by Zillow Group Inc., which uses data from millions of other properties across America to determine how much one should be worth based on similar homes nearby.
Drone Photography Provides a New Perspective for Evaluating Properties
One of the most exciting developments in commercial real estate technology has been drone photography, which allows users to get an aerial view of any location without needing any special training or equipment, says Damon Becnel. Drones equipped with high-resolution cameras can provide perspective images that help appraisers evaluate buildings’ safety, structural integrity, and other important factors. The technology also gives potential buyers or tenants a better idea of what they’re getting into before making an offer on a property.
Sensor Technology Can Help Landlords Reduce Energy Consumption
Many commercial real estate brokers are now using sensor technology to track properties’ energy usage to help landlords reduce their bills by identifying which areas need improvement. For example, if there is excessive heat coming from one room, but no lights are turned on inside that space at night time. It would make sense for the landlord to install lighting systems such as LED bulbs to save money over time through reduced electricity costs while maintaining proper illumination levels throughout his building during business hours.
Commercial real estate brokers have quickly adopted new technologies that help them search for properties and connect with potential clients. Mobile apps allow tenants and landlords to communicate and track payments more easily, while technology has made it easier to assess the value of a property. Drone photography provides a new perspective for evaluating properties, and sensor technology can help landlords reduce energy consumption and save money. While these are just a few examples of how technology impacts the commercial real estate industry, it is clear that this sector will only continue to grow in importance in the years to come.