4 Ways Technology Plays a Role In Commercial Real Estate Investing, With Rob Finlay
As technology becomes more and more important in daily life, the real estate industry is taking important steps to use technology solutions in retail. More and more real estate companies are integrating technology services into their operations, and real estate professionals continue to see the benefits.
Before 2020, the commercial real estate industry was already seeing big changes, but since COVID-19 the industry has been practically forced to put things online. Now, with an extreme emphasis on hygiene and safety, the need for technology to create more flexible and efficient work experiences has increased.
Rob Finlay, founder and CEO of Thirty Capital, understands the need to take commercial real estate investments to the next level. At Thirty Capital, Finlay combines innovative technology and experience to help commercial real estate companies grow their profits.
- Communication between buyers and sellers
A few years ago, buyers and sellers usually communicated through face-to-face meetings, phone calls, or emails. But today we need a more direct and immediate form of communication. Even the idea of “try before you buy” came up, and that means using virtual realities (VR) for commercial real estate to conduct virtual tours or to present high-quality 360-degree photographs.
Even remotely, brokers and sellers can communicate with investors like never before.
“Before the pandemic, investors and prospective buyers had the luxury of walking around the site, physically viewing the property, analyzing the electrical system up close and observing every corner of the building,” explains Finlay.
“But now, with drone footage and VR, you can put your virtual feet near a potential investment opportunity. This alone has massively changed the way commercial real estate investments are made. “
This type of technology offers the advantage of virtual planning and organization. Even if a building is in need or empty, investors can use VR to furnish it or add amenities. This allows buyers and investors a more accurate visualization of the property and its potential.
- Saves time and money
The advancement of technology similar to VR has helped spread the investment of leading commercial real estate agents, and it is this type of technology that saves time and money.
In addition, commercial real estate agents have learned how to use technology to track market changes and leasing activities. This means that you are better prepared for market trends. By acquiring access to these technological platforms, real estate companies can integrate them into their day-to-day operations.
Even in today’s families, technology has made it easier to work from home and go to school. With tools like Zoom, Go to Meeting, Podio, FaceTime and other resources, virtual collaboration is now easier than ever.
According to a Gallup poll, 43 percent of working Americans spend some of their working hours remotely. The same survey also shows an increase in the number of Americans who work from home, from 24 percent to about 31 percent. This sudden growth is due to increases in employee satisfaction and productivity while working from home, as well as lowering employer costs.
“Many may see this as a disruption to the commercial real estate industry, but it presents us with a greater challenge. While the demand for real office space is falling, the demand for more work space in your own home is increasing. Now people want to buy houses that have a separate room that they can turn into their own ‘office’, ”says Finlay.
“Investing in real estate is now becoming more accessible and that enables us to look for opportunities that we would otherwise have overlooked.”
- Optimizes operations
It seems like everything has been moved online. From buying clothes to ordering groceries, companies that are moving their business to the internet have a much streamlined experience.
A few years ago people thought the use of drones to deliver Amazon packages right to their doorstep was revolutionary, but now the use of Item Intelligence (AI) is on the horizon.
Companies like Thirty Capital are looking for such unique technological solutions. “It’s this type of revolutionary technology that our team of experts at Thirty Capital could use to streamline operations,” explains Finlay.
“Some of our services include asset and portfolio management software, entity management solutions and more, and the use of technology helps us better serve our customers and help them grow their profits.”
While AI is still an evolving field, the commercial real estate industry can now begin to implement technology into their operations. Whether it’s pursuing new leads, automating repetitive and time-consuming takes, or streamlining day-to-day workflow, AI enables employees to focus solely on larger tasks.
- Increases digital presence and availability
With advanced technology, real estate investment companies have all the tools they need to sell. Expanding their digital presence, striving for greater availability, and connecting with customers to create personalized tours and experiences are just a few of the ways these companies can improve their services.
When it comes to communication and purchasing, technology can open the door to safer business transactions. Using smart contracts and digital signatures can make real estate investments more efficient without unnecessary risk.
Buyers can also make better, faster investment decisions with fewer middlemen in the sales process. By using online resources, deals can be processed much faster, with far less cost and less risk of fraud. This also gives buyers more security through more transparency and understanding.
The future of CRE with technology
Digital transformation and advancement are happening all around us, and the potential benefits for companies using this technology are enormous. In the real estate industry, many people tend to hold onto the “some things never change” mindset. But as we have entered the age of innovation, real estate transactions can be even faster, safer and more accessible.
A business owner doesn’t have to dive headfirst to see these benefits …
Small steps in implementing more technology-oriented strategies and adopting this new thought process can help make technology acquisition a reality in the commercial real estate industry.