Real estate, as an industry, has been more accepting of technology’s benefits to the trade in recent years. A growing number of real estate companies and professionals have embraced tech to a large degree, resulting in improved operations.
However, many traditional commercial real estate (CRE) companies only now realize how big an impact tech is making on the industry and need to figure out the best ways to integrate technology into their operations. Below, 14 members of Forbes Real Estate Council examine the most effective strategies to bring about this integration without affecting productivity and the many ways technology is impacting CRE operations.
Forbes Real Estate members share how tech integration could positively impact the real estate industry.
Photos courtesy of the individual members.
1. Providing More Access And Visualization
Commercial real estate firms should consider technology for both internal and external (client-facing) purposes. Leverage technology platforms internally to allow for web access of tour data, surveys, proposals, etc. which teams can access to interact and streamline processes. Externally, customers now expect more data (property info, market data, etc.) and visualization to be provided to drive decisions. – Clint Manning, esrp
2. Facilitating Data Literacy And Intention
One of the most powerful ways I’ve seen companies integrate technology is by becoming more data literate and intentional about logging information and tracking data in a centralized, cloud-based environment that is accessible to everyone from anywhere. This approach enables data-focused teams to tap into real-time market intelligence regardless of market conditions or physical location. – Oli Farago, Coyote Software
MORE FOR YOU
Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?
3. Altering The Showing And Closing Processes
Covid created disruptions in the apartment leasing cycle for thousands of landlords. The real-time vacancy rate (RTVR) soared to record heights in many cities. Technologies such as virtual tours, videos and Zoom meetings altered the game of the showing and closing process. Leads for customers became far more valuable and custom CRMs were developed to instantly communicate with potential renters. – Demetrios Salpoglou, Boston Pads LLC
4. Saving Time And Money
Virtual tours have been the forefront of multifamily investing, and this is technology that saves time and money. In addition, we have been utilizing machine learning technology to track market movements and leasing activity so we can better prepare for any market changes. Real estate companies can purchase access to those platforms and integrate it in their daily operations. – Ellie Perlman, Blue Lake Capital LLC
5. Creating Greater Portfolio Visibility
Today, organizations of all sizes require technology to enhance workflow and improve performance—the CRE industry is no exception. Organizations can use centralized systems to create greater visibility into portfolio details and vastly enhance the ability to analyze and report on lease performance. – Marc Betesh, Visual Lease
6. Streamlining Operations
One of the easiest ways for traditional commercial real estate companies to start adapting to the increasingly digital world is implementing artificial intelligence tech in their business operations. AI can help with tracking new leads, streamlining the day-to-day workflow and automating repetitive tasks that are often time-consuming. This frees up employees to focus on bigger picture tasks. – Nathaniel Kunes, AppFolio Inc.
7. Increasing Exposure
Utilize social media for business development and exposure. As a commercial real estate broker and investor, as well as the broker of a residential firm, I see firsthand that the CRE side is extremely behind when it comes to utilizing social media to stay connected with and market to clients. In an increasingly digital world, it is a great way to stay top of mind and share information consistently. – Catherine Kuo, Elite Homes | Christie’s International Real Estate
8. Increasing Digital Presence And Availability
Focus on increasing your digital presence and availability. Today, real estate companies have everything they need to sell. Now is a great time to expand your digital tools and arsenal to connect with your customers to create personalized tours and experiences that get you evergreen marketing that will always work for you. – Jason Duff, Small Nation
9. Enabling Project Updates
Incorporate Zoom, Microsoft Teams or Webex video conferencing for weekly staff calls to update your team on current company projects. Have different team members lead the call and use various sharing and chat functions for group learning. Embracing and integrating new technologies is essential for CRE leaders who want to take their business to the next level. – David Welch, Robinson Weeks Partners
10. Training Employees And Agents
Technology being implemented in a company can be used to properly train employees and agents. This will make the transition smoother, give the company an opportunity to get comfortable with the technology and the ability to level up in the digital world. – Galit Ventura-Rozen, Commercial Professionals, Inc
11. Bridging Hybrid Models Of Work
We expect many employers to embrace a hybrid model of work, with the office serving as a hub for collaboration while more focused tasks take place at home. This means building owners should invest in optimizing conference rooms for safe and seamless teamwork between on-site and remote colleagues. Mixed-reality technology should function as a bridge between groups in different locations. – Andy Cohen, gensler.com
12. Tapping Into Green Tech Databases
Commercial building owners must tap into green tech databases to get access to low-cost or free money made available by the government. The Biden Administration announced a $2-trillion-dollar plan to promote green retrofits for commercial buildings. This is a great way to increase the bottom line and technology is here to assist in achieving that. – Saurabh Shah, InstaLend
13. Screening Tenants
Property managers can screen prospective tenants from a web app and remotely grant them access to tour a unit. Various technological advancements can greatly increase the security of a property by restricting access and enhancing the remote monitoring of the property. Finally, it can also increase revenue by using smart card readers at laundry facilities, vending machines and for other paid purchases. – Eric Shirley, Four Oaks Capital
14. Assisting Safe Space Inspections
With the use of augmented reality (AR) and computer-assisted tours of vacant property, prospects can now inspect vacant and raw spaces both quickly and safely. Using AR provides for an amazing experience to help the tenant visualize their future offices which might currently be under development or in raw condition as a fully finished space. It’s an excellent tool in today’s market. – Josh Gopan, Simone Development Companies