The Impact Of Technology On The Commercial Real Estate Industry
With the need for a more flexible work environment and the adoption of automation as a solution to meet modern business needs and reduce costs, the impact of technology on commercial real estate is profound. Let's take a closer look at how technology is transforming CRE.
The commercial real estate sector is undergoing a technological revolution and while doing so it stands poised to leverage the opportunities that technology brings. The shift toward technology has long been imminent, and the events of 2020 have only accelerated the pace of this transformation. With the need for a more flexible work environment and the adoption of automation as a solution to meet modern business needs and reduce costs, the impact of technology on commercial real estate is profound.
If we take a glance into the past looking for a property whether to own, lease or invest used to be an arduous task. But gone are those days, thanks to technology. The entire process can now fit in the palm of your hand. Technology has transformed all stages of the real estate cycle, from discovery and searches to transactions and move-ins.
Let's take a closer look at how technology is transforming this industry.
Proptech Revolutionizing CRE
Proptech, or property technology, provides CRE experts with powerful tools to optimize the buying, selling, researching, marketing, and management of properties. At its core, prop-tech represents a strong alignment between real estate and technology, resulting in unprecedented efficiency and streamlined processes.
And while it may seem like this technology is only relevant to industry experts, take for example you want to invest in a commercial Grade A property and you can find platforms like Strata to offer you all the details in a matter of time.
You can also think about your last vacation. Did you stay in a beautiful apartment or a boutique hotel that you found easily on the Airbnb platform? Did you enjoy significant cost savings compared to a traditional hotel? Not only was this an affordable option, but it also provided a personalized and unique property experience- all thanks to the innovative prop-tech tools that power the platform.
Now, let's further discuss a few of the prop-tech tools of the present as well as the near future and how it is stated to impact the commercial real estate industry.
Augmented and Virtual Reality
In the CRE sector, AR/VR makes it possible to showcase properties in a more engaging and compelling way. For example, virtual reality technology can create 3D models of properties that allow buyers and tenants to see every detail of a space, from the layout to the finishes. This can be especially useful for developers who want to showcase their vision for a property before it's even built.
Real estate firms know that targeting the right customers is essential. To do so, companies need to understand who their customers are, when they are most likely to buy, where they are, and how to reach them. This is where big data comes in. Real estate firms can improve their processes by analyzing massive data sets to understand their consumers' preferences and behaviours and, as a result, deliver the best marketing strategies.
Internet of Things
The Internet of Things (IoT) has revolutionised home automation and smart homes. With the ability to control various household items, such as curtains and electricity, through a handheld device or voice command, smart home technology has transformed the way homeowners view their properties.
Digital marketing to gain exposure:
Using social media and online marketing can effectively connect with potential clients and grow a commercial real estate business. Weekly articles and blogs covering macro market trends or top-performing investments like multifamily properties and other online strategies can increase exposure and drive leads to a commercial real estate website.
How Strata Is Leading The Technology Revolution
At Strata, we understand that convenience and efficiency are at the forefront of our client's investment needs. That's why as a leading provider in the commercial real estate (CRE) sector, we have fully embraced technology to provide a seamless investment experience. In addition to our user-friendly website, our app also offers additional features to our clients across the world, which further enhances the investment experience.
Our online platform is 100% paperless, making it simpler for you to invest. In addition to our user-friendly website, we are excited to offer our app, which further enhances your investment experience by acting as a one-tap solution for investing in our properties from anywhere around the world!
How It Is Serving Our Clients
- With the Strata app, it is easy to discover new assets in the market, gather information on them and decide on your investment.
- Our app streamlines the tedious paperwork process, allowing you to fill out forms and sign documents digitally from the comfort of your home.
- All necessary legal documentation is proceeded successfully and sent in digitally, like id proof, sale deed, NOC, etc.
- Our platform provides you with quick access to all relevant reports related to your investments, including transactions, earnings tracking, and nominees declarations.
- We also furnish informative guides and demo videos on managing all your investments seamlessly online with our strata dashboard & strata app.
Our use of technology has established transparency, increased efficiency, reduced costs, and, most importantly, improved tenant and investor satisfaction.
Indeed, as the saying goes, "Proptech is no longer the future but the present!" And, Strata is committed to staying ahead of the curve by continuously innovating in the prop-tech space.
There's no denying that technological advancements have altered commercial real estate. These latest developments, which range from AI to the IoT, are driving significant shifts in the industry. In order to stay competitive in the local market, property owners are updating their infrastructure, redesigning their workspaces, and reevaluating their whole business plans.
Notably, both tenants and co-investors are demanding more from commercial real estate providers. Those firms that embrace technology have the opportunity to operate their business more efficiently and extract value in a way that traditional investors are unable to do. In light of this, commercial real estate firms need to keep up with the latest technological advancements to thrive in this ever-evolving industry.
Are you in need of assistance with commercial real estate investment which is completely digital? Strata stands out in this aspect. With a focus on data-driven insights and extensive industry expertise, we empower our clients to make informed and calculated investment decisions.
To learn more about commercial real estate investment ideas check our website or download the Strata app!