Strengthen Your Real Estate Business With Facebook Groups

Real Estate Technology

Article | July 21, 2022

As the global social and economic consequences of the COVID-19 pandemic emerge, indoor air quality, for example, has emerged as a top priority for keeping building occupants safe and healthy. Workplaces and remote work arrangements are being reimagined by business owners, while retailers and restaurant operators continue to convert their physical spaces for social distancing or, in some cases, for an entirely new use. In this context, the expectations of asset owners from office, retail, hotel, and residential users have grown exponentially, and there is no shortage of new challenges and opportunities for commercial landlords. Sustainable environments with ergonomic furnishings, biophilic elements, natural daylight, and living green walls are meeting demands for lower operating costs, increased performance, and improved occupant well-being, as are healthy buildings with natural ventilation, enhanced thermal comfort, improved air quality, and green purchasing policies. One of many innovative examples is a manufacturer of smart windows that tint automatically based on outdoor and indoor conditions, improving people's health and wellness while lowering energy consumption. The digital twin — essentially a virtual copy of a building — is another example of how technology is being used to transform the real estate industry. By leveraging data analysis, building simulation, the internet of things, artificial intelligence, machine learning, and robotic process automation, digital twins have the potential to help building owners and operators bridge the physical and virtual worlds. The digital twin's resulting assessment, calibration, modelling, and scenario planning capabilities enable more efficient operations, reduced maintenance, increased energy savings, and real-time decision-making support for the physical building. The health of a building will be considered an amenity by its occupants as landlords take steps to improve air quality inside their buildings through smart building. Overall, healthy buildings improve occupant satisfaction, leasing rates, and building value. Buildings with better air quality and more natural light have lower absenteeism and, as a result, lower turnover and higher worker productivity, resulting in financial savings and increased value for the business. The same advantages apply to retail and residential buildings. Landlords and commercial tenants are discovering that recognized standards, such as WELL and Fitwel, are enabling an effective framework and leading practices in the ownership, occupancy, and management of their physical environments as they develop, implement, and manage healthy building efforts. A sustainable and healthy building prioritizes resource efficiency (energy, water, and materials) while enhancing positive building impacts on human health and the environment. Building owners and occupiers who are proactive in furthering these efforts are not only building resilience now, but also preparing for what comes next and beyond.

Real Estate Technology, Asset Management

Article | June 15, 2023

Proptech, or property technology, comprises digital solutions that help facilitate buying, selling and leasing of commercial real estate. It is also called CREtech or REtech for commercial real estate technology, respectively. It usually refers to the digital tools and software used in real estate. With digitalization growing at an exponential rate across the real estate sector, proptech is evolving, here are three topmost trends in proptech that real estate solution providers must keenly follow. 1 3D House Tours Both prospective buyers and real estate agents love this technology. 3D house tours simulate a real house tour and can be viewed either on virtual reality (VR) headsets or one’s computer screen. They simplify initial interactions by enabling users to confirm their interest in a property, saving both time and visits for buyers and agents. They also allow agents to better market their properties and schedule multiple visits from the comfort of their offices. The ensuing process ensures that agents are able to provide realistic walkthroughs of their properties and eliminate friction from the get-go, making the showing as painless as possible. 2 Automated Service Desks Exceptional customer service is the name of the game in real estate and agents are expected to provide their clients with white glove service wherever possible. Conversational AI is one way that many real estate solution providers are achieving this. With round-the-clock contact channels to assist clients with the information they need, agents and brokers are better equipped to deal with queries and reduce their response time. The automation of menial tasks also ensures that they don’t have to be everywhere all the time. 3 Digital Transaction Management Real estate comes with its share of sky-high paperwork. With digital transaction management, agents can now reduce the significant amount of legwork that goes into managing paperwork. It also helps in signing documents digitally, which means physical presence isn’t needed to execute agreements and registration processes, making the process smoother and faster. Real estate clients with multiple properties will no longer need to be inundated with massive amounts of paperwork and travel. For the Record Digitalization is transforming industries at lightning speed and real estate is a frontrunner in adopting new technologies. The impact that proptech has on RE is visibly vital. The above trends are revolutionizing the real estate technology landscape. Keep an eye out to see how these trends change the way people buy and sell property.

Real Estate Technology

Article | July 18, 2022

You may have heard the often-cited National Association of REALTORS® (NAR) statistic that 90% of homeowners would use their real estate agent again, but only 12% actually do. What you may not know is the reason behind it. According to Chris Stuart, president of PLACE, Inc., the real estate industry spends more on customer acquisition than any other industry but doesn’t invest the same amount in customer retention. The numbers back him up, with companies like Southwest and Marriott spending less than 3% of their marketing budget on customer acquisition, while the real estate industry spends a whopping 20% of its marketing dollars to add customers, only to lose them as they leave the closing table. Of course, retention in real estate is made more difficult by the fact that the average time between real estate transactions is five to seven years, not just a few weeks or months as it would be for retail or travel companies. Looking at other industries that focus more on customer retention, they do so not by offering a host of random services, but by creating a customer experience that brings people back over and over. With that in mind, here is a tactical approach that will allow you to prove your value month after month—for years to come.

Article | April 16, 2020

The coronavirus outbreak has quickly put the economy into turmoil. While many businesses are struggling to keep up with the drastic changes in the market, the commercial real estate industry may have some bright spots despite obvious uncertainties. The COVID-19 outbreak in the U.S. is expected to advance trends in commercial real estate that were established in the market before the global pandemic. Of course, the industry is facing some difficulties, but these are currently projected to only be short-term. In response to the coronavirus outbreak, the NAIOP Research Foundation is suggesting an increase in demand for both industrial and office sectors.