{"id":8409,"date":"2021-08-22T17:51:04","date_gmt":"2021-08-22T20:51:04","guid":{"rendered":"https:\/\/www.uruit.com\/blog\/?p=8409"},"modified":"2023-06-01T01:37:36","modified_gmt":"2023-06-01T04:37:36","slug":"transforming-real-estate-technology","status":"publish","type":"post","link":"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/","title":{"rendered":"Commercial Real Estate Technology: Transforming A Traditional Industry"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-1\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#Transforming_Commercial_Real_Estate_with_Technology\" title=\"Transforming Commercial Real Estate with Technology\">Transforming Commercial Real Estate with Technology<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#_1_AI-Driven_Marketing_and_Machine_Learning\" title=\"\u00a01. AI-Driven Marketing and Machine Learning\">\u00a01. AI-Driven Marketing and Machine Learning<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#_2_IoT_and_Remote_Access\" title=\"\u00a02. IoT and Remote Access\">\u00a02. IoT and Remote Access<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#3_Blockchain\" title=\"3. Blockchain\">3. Blockchain<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#4_Live_video\" title=\"4. Live video\u00a0\">4. Live video\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#5_Drones\" title=\"5. Drones\">5. Drones<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#6_Robots\" title=\"6. Robots\">6. Robots<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#7_Virtual_Reality\" title=\"7. Virtual Reality\">7. Virtual Reality<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/uruit.com\/blog\/transforming-real-estate-technology\/#8_Mobile_applications_and_Texting\" title=\"8. Mobile applications and Texting\">8. Mobile applications and Texting<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Transforming_Commercial_Real_Estate_with_Technology\"><\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\\nTransforming Commercial Real Estate with Technology&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15231,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;9&quot;:0,&quot;11&quot;:3,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}\">Transforming Commercial Real Estate with Technology<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span data-contrast=\"none\">It&#8217;s not newsworthy that Covid has transformed our world in record time and altered the way we live and work in every way. There will be Before Covid (BC) and hopefully an After Covid (AC) when we discuss and analyze business, tech, science, travel, education and beyond within the timeframe of before or after. Having spared no industry or individual, Commercial Real Estate (CRE) has also been impacted and the way tech has helped to accelerate this field in the midst of a global pandemic is compelling.<\/span><\/p>\n<p><span data-contrast=\"none\">What is noteworthy about Commercial Real Estate technology is that this is an industry that was relatively late to the tech game, but may actually have timed it perfectly as so many of our interactions are forever changed now. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In the age of virtual showings within a global marketplace CRE is a non-negotiable for not only top firms and their brokers, but for everyone in real estate from owners to renters, prospective buyers to sophisticated investors. The effective use of software is simultaneously disrupting and redefining industry standards, best practices and expectations.<\/span><\/p>\n<p><span data-contrast=\"none\">Technology with its secure and trustworthy data process has an enormous capacity for storage and management and is changing the way we capture, show, and market listings, make informed recommendations and keep our properties safe and efficient. Tech trends in CRE indicate an industry that is rapidly becoming savvy in the virtual space and one that will continue to utilize top innovations to maximize profits, buyer experiences and the market as a whole.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">So\u00a0what exactly are those trends and\u00a0how\u00a0is\u00a0technology improving\u00a0CRE businesses? In this post we\u2019ll highlight the top\u00a08\u00a0tech trends in CRE at the moment and provide you with the insight and edge to navigate CRE in\u00a0the now,\u00a0between BC and AC. Here\u2019s our selection of top CRE trends\u00a0in tech:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_1_AI-Driven_Marketing_and_Machine_Learning\"><\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">1. AI-Driven Marketing and Machine Learning<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Those who aren\u2019t already incorporating data gathering and AI informed marketing campaigns are already behind. Artificial Intelligence is perfectly precise and razor sharp in verification and accuracy and transcends collected data into well informed action and execution via pattern recognition. There\u2019s still time to hop on board, but you better hop quickly. Artificial Intelligence in real estate algorithms partnered with powerful IoT device frameworks will enable next level property management effecting everything from lighting control to security systems.<\/span><\/p>\n<p><span data-contrast=\"auto\">With personalization powered by AI within a virtual real estate marketplace prospective buyers can search for properties with precision. Agents who now feed big data into ML algorithms after ditching time consuming and prone to human error spreadsheets provide clients with more reliable estimates and expert recommendations, advising investors with the confidence of accuracy, not just salesmanship.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_2_IoT_and_Remote_Access\"><\/span><span data-ccp-props=\"{}\">\u00a02. <\/span>IoT and Remote Access<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">As mentioned above, management of everything from heat to light switches and appliances can be simplified and streamlined via sensors and connected devices. IoT is the future of smart home technology and will be further shaped by Covid standards making buildings cleaner and safer with filters, contactless entry and sanitation measures.<\/span><\/p>\n<p><span data-contrast=\"auto\">Remote access control makes properties infinitely more efficient, especially valuable for owners and property managers navigating restrictions and mandates that change with the day and vary widely across cities, countries and continents. Short term rental occupants, longer-term tenants and property managers around the world are relying on this to keep properties accessible, safe and inhabited.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Blockchain\"><\/span>3. Blockchain<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"none\">It may be too soon to call this an industry trend, but the potential power of blockchain\u00a0demands our attention and a spot on the list. Data is vital to most industries, but not every field is as defined by personal relationships or equally bound by them as CRE. Given the margin of inevitable human error, as well as our own propensity for subjectivity, favoritism or even prejudice, blockchain, the\u00a0<\/span><span data-contrast=\"none\">digital blocks of transaction data<\/span><span data-contrast=\"none\">\u00a0timestamped and connected to the previous block via secure programming, provides\u00a0the objective truth that this industry,\u00a0like any other,\u00a0owes professionals and clientele alike.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Live_video\"><\/span><span data-contrast=\"auto\">4. Live video\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">And we\u2019re live! The rapid and\u00a0impressive\u00a0adaptation of live video tours has smoothed what could have been an otherwise industry implosion when Covid hit and shut downs happened (and may continue to). Instead, it has only broadened access. Whether in marketing, tours, sales or management,\u00a0this media in live form especially has all of the raw truths that we humans crave for authenticity, void of photoshop. We\u2019re here for it.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Drones\"><\/span><span data-ccp-props=\"{}\">5. <\/span>Drones<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Likewise, drones\u00a0are the virtual experience we have come to expect, providing ariel images at a very\u00a0<\/span><span data-contrast=\"none\">reasonable cost.\u00a0This\u00a0heightened visual\u00a0offering allows us to see a place in environmental context, and\u00a0can even\u00a0capture places that are\u00a0otherwise inaccessible.\u00a0Drone images used in marketing campaigns have the visual impact we\u00a0crave\u00a0but also have more practical usage when combined with Geolocation,\u00a0indicating\u00a0parameters such as zone maps\u00a0and\u00a0landscapes.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Robots\"><\/span><span data-ccp-props=\"{}\">6. <\/span>Robots<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Who doesn\u2019t love robots? These machines are acting as agents showing properties to clients and also serving as voice bots and chatbots. This means clients get information faster and in the competitive world of real estate faster means better. Immediate responses can have huge implications. Keeping the flow of communication as well as showings ongoing means the industry is not restricted by travel bans, Covid measures, or even ordinary and common delays. More and more property managers are using technology like robots in proactive and visionary ways to ensure communication between buyers and agents is ongoing.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Virtual_Reality\"><\/span><span data-ccp-props=\"{}\">7<\/span><span data-contrast=\"auto\">. Virtual Reality<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">As good as being there in person and sometimes even better when you save on jet lag, travel hassles, Covid screenings and other requirements. Virtual reality makes for compelling search and buying experiences providing virtual tours that consumers can access remotely in the comfort of\u00a0their\u00a0soon to be former homes. Virtual reality is also a great screening tool for buyers\u00a0and sellers alike, quickly eliminating undesirable options or elevating desirable ones. VR is more widely recognized, understood and accepted than ever before and today the concept of closing deals without ever having met is no longer foreign.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Mobile_applications_and_Texting\"><\/span><span data-ccp-props=\"{}\">8. <\/span>Mobile applications and Texting<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"none\">If you lived overseas a couple of decades ago you may have wondered why Americans didn\u2019t text more often. While we were late to the game we have caught up and then some and most people these days consider themselves naked without their mobile device.\u00a0Text-based engagement is\u00a0unparalleled in terms of volume capacity and response time, and while in person is still valued in the industry, texting is without question an essential tool for keeping the conversation moving. Mobile applications enable you to find an agent, view properties and even buy and sell.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">And there you have it, the CRE tech trends that stood out the most for us. Their impact on the industry and potential for future disruption and impact is unarguable. If trends\u00a0are a snapshot that represent the\u00a0momentum\u00a0of an industry, the\u00a0acceleration points\u00a0indicating the next level,\u00a0than\u00a0these trends prove CRE is well positioned for the future. Hopefully that future has an AC in store for all of us, but until then, may every industry adapt via tech as rapidly and successfully as this one.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contents Transforming Commercial Real Estate with Technology\u00a01. AI-Driven Marketing and Machine Learning\u00a02. IoT and Remote Access3. Blockchain4. Live video\u00a05. Drones6. Robots7. Virtual Reality8. Mobile applications and Texting Transforming Commercial Real&#8230;<\/p>\n","protected":false},"author":5,"featured_media":10646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[292,291],"tags":[],"_links":{"self":[{"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/posts\/8409"}],"collection":[{"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/comments?post=8409"}],"version-history":[{"count":6,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/posts\/8409\/revisions"}],"predecessor-version":[{"id":11236,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/posts\/8409\/revisions\/11236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/media\/10646"}],"wp:attachment":[{"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/media?parent=8409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/categories?post=8409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uruit.com\/blog\/wp-json\/wp\/v2\/tags?post=8409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}