There is a new dawn upon the Commercial Real Estate industry, and it's the call for virtual reality. Property technology has picked up the CRE, now more than ever, considering the current scenario of the global pandemic, that's stretching arms away from the physical surroundings. What's interesting is that this change is by far the most drastic one of all, considering the history of CRE. Virtual reality is the new norm, and motivating brokers to incorporate the system into daily work life, bringing more boons than bane in the industry's data and marketing platforms.
Although the use of technology took a backseat as compared to the Residential Real Estate realm, however, in the past ten years, CRE brings a rapid change with the sudden rise in competition. Also, due to the demands and entries of millennials into the industry.
With the current times, the pace further increased the inclination towards adopting technology and has urged brokers to test the waters and heightened their expectations for innovation.
Embracing the Necessity
CRE now is in need of technology providers to stay updated with every continuous shift in the economy, and to facilitate them in preparing for any repercussions of a global pandemic.
The unforeseen future builds new wants and needs of the brokers, to adapt to new tools that allow them to navigate new locations, broadcast its availability to everyone, to provide e-listings to searchers across the globe, and promote collaboration within their virtual work environment.
With the lack of demand for retail spaces, drastically gravitating to remote working and left the commercial real estate industry in a crumbling position. With these factors, it becomes vital for the professionals to strategize on budgets and invest in technology platforms that yield the best output with least risk factors.
Public Listing Exposure
One of the biggest concerns of CRE is the restrictions on broadcasting public listings during these trying times. Both potential investors and tenants are now coming with better informed decisions and background knowledge concerning the credibility of brokers. With all this pressure to perform at their best, brokers must display their listings to the public to generate leads.
Moreover, the costs of bearing listings onto searching databases is another added burden to the already uncertain period.
Hybrid Platforms And Cost-Effectiveness
Added to the hindrances of listing to grasp leads, the affordability of technological tools is a hard hit on the budgets of the brokers, especially when marketing tools are not sold with access to data, which can increase the expected budget. However, with platforms that incorporate the best of both are becoming a popular hit with the brokers.
With the integration of data and marketing features into single platforms, efficiency is taking a shift in the industry. By accessing into detailed data and being able to market the same with a broadcast is the prime benefit for the industry.
Data Ownership And Acquisition
Another crisis for the industry is the ownership of data and its acquisitions. Brokers need to be able to obtain data to download and have access to data as and when required with both present and previous uploads.
Many listing and data platforms authorize a one-size-fits-all perspective that gathers users’ data and charges a premium to access it. Once data is submitted to the platform, the contributor loses free access to that data and must pay to get it back.
With so many factors that portend the industry today, brokers should show their resilience. They must keep their curiosity to the new technology doors open and experiment with new platforms and pay close attention to companies that launch new platforms with integrated technology as the virtual world begins to pick up the plight of the blindsided industry.