The NYC Network Group recently held their 11th Annual NYC Real Estate Expo. The Hilton Midtown was the perfect place for real estate leaders to discuss the rise of technology in the industry. During the expo, professionals discussed the current changes taking place in commercial real estate. They focused on the impact that online search has on buyers. Today, over 70% of buyers use the Internet to find their commercial spaces. In addition, the majority of today's real estate agents rely on the Internet to communicate with prospective clients. Of course, you text, call and email clients to sell properties. However, the latest technologies create possibilities that are seemingly endless. Read this post to discover the other technology trends that will continue to transform the real estate industry in 2020.
Using Drones To Photograph Buildings
In recent years, drones have made an appearance in a variety of sectors. Real estate is one of the most prominent. Prospective buyers can now learn much more about a property from the outside. Agents now showcase the exterior view of properties in a much more advanced way. Rather than just showing the interior and a quick photo of an office complex from afar, you can capture properties at multiple angles. Real estate firms use drones to photograph eagle's eye views of office buildings, retail shops and other commercial spaces. Additionally, you can capture the neighborhood in all of its glory using drone technology. As drone production companies continue to improve their technology, real estate firms will continue to benefit. Expect better cameras, battery life and video capabilities in newer drones this coming year.
The Gadgets Improving Construction
Since construction plays a major role in real estate, it is crucial to take note of the advancements occurring in the sector. From time management software solutions to on-site devices, the latest technologies are increasing productivity. Contractors now use laser scanners to take 3D photos of job sites. Teams can understand locations better before beginning their jobs. This enables contractors to create more effective plans for commercial real estate projects. Moreover, they find electronic components for machining and testing on site to cut down on lead times. With the right tools, commercial real estate developers continue to stay up-to-date on the latest devices in the industry.
Creating 3D Views With Virtual Reality
On top of that, real estate firms are now creating 3D views with virtual reality (VR). Virtual reality enables you to take prospective buyers and renters into a whole new world online. Business owners visit property sites to immerse themselves in 3D explorations of commercial spaces. Show prospective restaurant owners what an available space looks like in a virtual tour. Take it a step further and portray what the space could look like post-purchase. Add a dining section and showcase a spacious kitchen. Set the stage and meet clients' expectations in the upcoming year with the help of virtual reality.
Blockchain Scaling Online Transactions
As the real estate industry continues to grow, blockchain is becoming more relevant for property transactions. In addition to trading cryptocurrencies, blockchain is transforming the real estate sector due to its security. The technology offers advanced security measures as well as transparency and improved efficiency. These benefits impact commercial real estate agents and their customers. More so, industry professionals predict that these benefits will increase the amount of online transactions. When business owners can easily track their offers online, they feel better about completing transactions via the Internet. Follow the technology's implementations within commercial real estate in 2020.
Big Data Results In Better Insights
Finally, big data is taking the real estate industry by storm and shows no signs of slowing down through 2020. Big data enables real estate firms to understand their target audiences more effectively. With a more accurate understanding of your target audience, you can reach out to them successfully as well. This leads to more signed leases and closed sales at the end of the year. Big data even allows you to target prospective buyers and renters with the particular properties they are looking for. Hence, you can use big data to close more commercial real estate deals this year.
After the NYC Real Estate Expo group, it’s clear the industry is talking about the latest technology trends. Realtors are interested in how the latest devices and virtual solutions will affect their businesses in the upcoming year. Drones will continue to play a critical role in advertising commercial properties online. The construction industry continuously implements new gadgets that improve their commercial building projects. More so, virtual reality allows you to offer business owners 3D property tours to experience spaces in new ways. Blockchain's security features continue to impress real estate firms and their target audiences for online real estate transactions. In addition to these trends, big data allows realtors to target business owners in more effective, specific ways. Be sure to keep up with these technology trends as they continue to impact the commercial real estate world in 2020.