Technology has progressed greatly during the last few decades in almost every major industry one can think of though with one exception; real estate. However, the last years of real estate technology have improved significantly, entering a new and innovative era of the technological world. The next generation of real estate technology is adopting more of an expansive strategy, disregarding existing systems and introducing new ones to increase the flexibility and efficiency of the industry. One of the main issues the real estate industry has learned about is that data is useless without having effective analytical methods.
Additionally, real estate technology has become quite diverse and special attention should be given to these three trending technologies in particular.
Business Intelligence
Business intelligence is a series of processes, architectures, and technologies that convert raw data into properly analyzed data that are to the benefit of any business. Recently, companies such as NavigatorCRE have built impressive platforms to break down siloed systems and allow users to analyze data with more precision and clarity. Further, this invention is a huge relief to those who previously have spent millions of dollars trying to build internal systems and data software. Regardless of how much money is initially invested in this project, it is way better than going through the complications of building your own. Consequently, with the efficiency of BI tools, data is utilized more effectively and leads to better decisions for any business.
Asset Intelligence
Often, tenants may have a load of complaints and all are subjected to the property manager. Well for experienced and licensed property managers, dealing with such issues isn’t something they’re not capable of solving especially with the help of building engineers who just may know what the problem really is. Though for owners, that isn’t quite the case. The skilled professionals they have hired unfortunately will not be there to assist for much longer as 55% of engineer managers are over the age of 55 and 86% are above 45.
For everyday building operations, sensors that have captured the data can give effective suggestions on maintenance and renovations needed. Engineering managers can now keep track of maintenance according to the actual usage rather than an estimate of when replacements are needed. Furthermore, the data recognize the faults in the equipment hence saving a lot of time and money.
Tenant Experience
In real estate proptech, this experience provides a platform that helps businesses to attract the best talent. The quality of the experience is often what determines the decisions of the tenants and since those experiences are vital for any business’s income, landlords need to provide the best experience. To make sure they receive the best of amenities, companies have introduced tenant experiencing apps. Companies such as Bixby and HqO offer the tenants one place where they pay rent as well as services including access controls, visitor registration, transportation facilities, and even air conditioning controls. In conclusion, several commercial real estate agencies are advancing towards adopting effective technology with several technological companies solving ongoing problems and making sure users get calculated solutions to their issues, helping to ensure no business stays behind.
