The real estate industry is known for being a bit conservative and traditional in nature. But that doesn’t mean buyers, sellers, and property owners won’t take advantage of the right tools if they will add value to the process. Technology in commercial real estate is a prime example.
Proptech, a term used to describe various technology-driven innovations in the real estate industry, has been gaining more and more attention over the past several years. Here are some of the ways technology is revolutionizing the commercial real estate industry.
How Technology is Revolutionizing Commercial Real Estate
Property owners, management companies, and even some tenants are finding new, innovative ways to enhance their operational efficiency using a host of technology solutions.
1. Virtual Reality (VR) and Augmented Reality (AR)
VR and AR have revolutionized the commercial property industry in several ways. During the COVID-19 pandemic, people began using VR tools to create “virtual walkthroughs” of properties, reducing the time and expense of site visits. AR can create an interactive experience for a potential buyer or new tenant by helping them visualize how a space might be used.
Some real estate buyers and sellers are using blockchain technology to facilitate secure and transparent commercial real estate transactions. Blockchain ensures the integrity of property records, which can lessen the potential for title and other property-related disputes. Smart contracts using blockchain can also expedite some transactions.
3. Smart Building Solutions
One type of technology innovation you’re likely to see in just about every type of property today is smart building solutions. The Internet of Things (IoT) enables connected devices that save time and money and make owning or managing a property more convenient. For example, there are smart HVAC, security, and lighting systems.
4. Artificial Intelligence (AI)
Artificial intelligence (AI) is offering real estate investors, owners, renters, and managers many different tools. For example, AI-powered chatbots can answer questions about properties and assist with issues 24/7. Investors are also using AI-powered investment platforms to deliver real-time information about the latest market conditions and opportunities.
5. Data Analytics
Data will always be essential if you own or manage commercial real estate. Fortunately, there are more advanced data analytics solutions than ever to offer historical data and predictive analytics using machine learning technology. These approaches will consider all available internal and external data to help your business make more informed decisions.
Get the Commercial Real Estate Help You Need from Caldwell Commercial
Even using these various technology solutions, you’ll still want to connect with a commercial real estate partner you can trust. This is an industry with many complexities, so it makes sense to work with a professional. Caldwell Commercial is an established authority in South Carolina real estate.
With over 80 years of combined experience, our team of knowledgeable commercial real estate specialists and property managers has the background and skill to help you close your next deal or manage an existing property. Contact us today to learn more about how we can help you achieve your goals.