Is Mass Virtual Reality Adoption Just Around the Corner?

Is Mass Virtual Reality Adoption Just Around the Corner?

Store No. 8, Walmart’s new tech incubator, recently launched a Virtual Reality solutions competition seeking ideas with the potential to change how consumers shop and live.

Why Real Estate Pros Need Drone Imagery

Why Real Estate Pros Need Drone Imagery

Regardless of the property, successful real estate professionals realize they need to make the most of their marketing budget. Half of marketing professionals across the globe named video as the content with the highest return-on-investment. Of course, if you're going to go through the effort of creating a video, it needs to be stunning to stand out in the crowded video landscape.

#CREtech Exhibitors: LEVERTON

#CREtech Exhibitors: LEVERTON

In 2012, the LEVERTON team started to leverage Deep Learning technology to build a smart data platform. Their aim was to support the tedious, yet crucial process of extracting legally binding information from corporate documents.

5 Ways Predictive Analytics Helps CRE Pros

5 Ways Predictive Analytics Helps CRE Pros

Clients expect commercial real estate professionals to know their “stuff,” whether it’s leasing numbers or neighborhood trends. Mining the mountains of data to identify the essential numbers is one of the industry’s pain points.

“X” Marks the Spot: 5 Location-Centric Data Providers for CRE

“X” Marks the Spot: 5 Location-Centric Data Providers for CRE

Location matters for commercial real estate. Retailers want prime foot traffic for their money, while the modern office space seeks to be close to amenities, and industrial spaces should be close to transportation hubs.

7 Tech Providers Helping CRE Agents Capture Leads

7 Tech Providers Helping CRE Agents Capture Leads

Foster real estate relationships using Chime. For lead generation, Chime applies social intelligence using search engine marketing and social media campaigns to design advertising that lures qualified leads. The intuitive model is applied to drip email campaigns, ensuring the customers most likely to engage receive the information.

Virtual and Augmented Reality Financing is on the Rise

Virtual and Augmented Reality Financing is on the Rise

Part of what makes a technology trending is the amount of financial investment into that particular niche. Virtual reality (VR) and augmented reality (AR) tech have landed on our top trends list for several years.

What Tech Startups Need to Know About CRE

What Tech Startups Need to Know About CRE

Forbes says 90% of all startups fail. Even fewer of the surviving 10% move from startup to unicorn status. Starting a new business is tough, but we’re rooting for you. The commercial real estate industry needs the fresh ideas that make the entire industry more efficient and cost productive.

Drone Startup Financing Reaching New Heights

Drone Startup Financing Reaching New Heights

Investors are investing significant capital into companies innovating in the drone industry. According to early numbers from CB Insights, investment is heading for new heights for the sixth year.

Your Apartment Building’s Emergency Plan Needs Mobile Communication

Your Apartment Building’s Emergency Plan Needs Mobile Communication

Tenants typically prefer to be left alone, but when they want to contact a property manager, they expect easy and instant communication. Conversely, property managers want to ensure tenants are adequately informed at all times about everything from overdue rent to scheduled building maintenance.

How Did We Do? 2017 Trends Mid Year Update

How Did We Do? 2017 Trends Mid Year Update

The long overdue commercial real estate tech adoption is occurring at a rapid pace. Back in January, we make a few predictions about upcoming real estate tech industry trends.

Ready to Start Coworking? 9 Places to Book Flexible Work Space

Ready to Start Coworking? 9 Places to Book Flexible Work Space

Earlier this year, the Global Workspace Association surveyed 85 coworking spaces and found 87% expect increased occupancy in the next two years. That backs up another forecast projecting rapid growth with over 26,000 coworking spaces anticipated by 2020.

Guest Q&A: Learning From One Of The Most Successful Startups In The Real Estate Tech Sector

Guest Q&A: Learning From One Of The Most Successful Startups In The Real Estate Tech Sector

Our CEO Michael Beckerman recently caught up with Steve Wayne, Founder and CEO of ProspectNow to discuss how he has built his successful startup, lessons learned and future plans. We hope you will enjoy it.

How Artificial Intelligence Will Transform CRE

Richard Sarkis, CEO of CRE data platform Reonomy

Artificial intelligence has already redefined a number of industries, but the commercial real estate sector has yet to fully embrace the technology’s potential.

Among the most prominent manifestations of artificial intelligence, machine learning, natural language processing, and predictive analytics are already making significant contributions to industries as diverse as education, software development, healthcare, and finance. To echo author and big data expert Bernard Marr, “the AI revolution isn’t coming…it’s already here.”

According to the Harvard Business Review, there is a compelling, if simple, reason why so many diverse enterprises are embracing AI: it produces tangible results. An HBR study found that “companies in the top third of their industry in the use of data-driven decision making [much of which is facilitated by AI] were, on average, 5% more productive and 6% more profitable than their competitors.”

Reluctance to Adapt

Despite these demonstrable benefits, the commercial real estate sector has been slow to develop and adopt AI-based technologies capable of improving the way businesses buy, sell, rent, and lease properties and buildings. This can be attributed, at least in part, to apprehension among CRE professionals regarding automation-driven job loss and the impersonalization AI represents — concerns that are more or less unfounded.

Success in the CRE industry was, is, and always will be rooted in interpersonal human relationships. AI, transformative as it may be, will not negate this. Conversely, technology will actually facilitate more opportunities for relationship-building and help brokers pinpoint whom among their clients — or better yet, potential clients — is ready to move forward in the sales cycle. Make no mistake, the role of the modern CRE broker is markedly different than what it was a decade ago, but a changing job description need not require the abandonment of a personal touch.

AI presents a distinct competitive advantage for those CRE professionals willing to embrace its potential to augment their abilities. While no two sets of circumstances are the same, CRE organizations that do their due diligence in selecting the most effective AI tools for their particular business focus are well on their way to becoming market-leaders. This transformation may take a number of forms, and as such, it’s worthwhile to review those areas of CRE with the most to gain from AI integration.

Organizing Information and Transforming it into Actionable Insights

Even before the proliferation of computers, CRE was a documentation-intensive field. An effective CRE broker must collect data related to the ownership history, zoning regulations, and financial status of dozens — if not hundreds — of properties to stay competitive in an oftentimes cutthroat environment. Collecting this data is time-consuming enough on its own, but organizing it in manner conducive to easy retrieval is a burdensome task unto itself.

Once a broker manages to parlay those data points into a deal, finalizing the contract involves extensive paperwork including leases, non-disclosure agreements, partnership agreements, and supplemental financial documents. Such paperwork includes sensitive personal information and legally-binding purchase or rent obligations, yet many CRE firms still organize and store it in haphazard and insecure ways.

AI technology has the potential to clean up, refine, and reposition these CRE data processes. Not only can AI gather, organize, store, and retrieve asset data more efficiently than any human broker, it can also perpetually analyze incoming and amended documentation to ensure that everything is in order. Missing signatures and unintended legal missteps have long been unavoidable in CRE, but these risks can be easily minimized with the help of an AI data platform.

What’s more, AI technologies like predictive analytics are capable of turning vast repositories of data into actionable insights, picking up on patterns too subtle for the human eye that may indicate, for instance, when a specific neighborhood is ready to explode in popularity. Deploying AI as an organizational tool and safeguard against risk is certainly beneficial, but brokers who are able to take advantage of the technology’s forward-looking capabilities will truly revolutionize the way CRE business is conducted.

Increasing the Efficiency of Deal-making

Integrating AI into the CRE process will not challenge the centrality of human interaction as much as make it more efficient. Lead development is part and parcel of successful CRE, and while this will always entail cold-calling property owners, many AI systems are powerful enough to scan thousands upon thousands of data points drawn from public profit and loss reports and historical sales records to determine which properties are most likely to sell. In other words, AI doesn’t eliminate the need to pick up the phone, but it can ensure that every number a broker cold-calls has a high potential for success.

Relatedly, by analyzing both historic and current market conditions, AI can accurately predict precisely where a price compromise will occur. This provides brokers with an invaluable piece of information that can streamline the negotiation process and ensure that brokers appear knowledgeable during cold-call encounters. CRE expertise stems in large part from having access to and understanding as much information as possible, and nothing hurts like an opportunity lost quite as much as being laughed out of the room (or off a call) for suggesting a starting price-point an owner finds preposterous. An effective AI is built to prevent such missteps, and knowing that an initial offer is well within market standards — and having the data to back it up — lifts a heavy burden from a broker’s shoulders.

Embracing the Changes Offered by Technology

These functions barely scratch the surface of what artificial intelligence is capable of, but it’s clear that commercial real estate is rapidly headed for a digitized and automated future. So long as brokers learn to wield the tremendous power of technology instead of reject it, they have nothing to fear and everything to gain.

AI technology has the potential to clean up, refine, and reposition these CRE data processes. Not only can AI gather, organize, store, and retrieve asset data more efficiently than any human broker, it can also perpetually analyze incoming and amended documentation to ensure that everything is in order. Missing signatures and unintended legal missteps have long been unavoidable in CRE, but these risks can be easily minimized with the help of an AI data platform.

What’s more, AI technologies like predictive analytics are capable of turning vast repositories of data into actionable insights, picking up on patterns too subtle for the human eye that may indicate, for instance, when a specific neighborhood is ready to explode in popularity. Deploying AI as an organizational tool and safeguard against risk is certainly beneficial, but brokers who are able to take advantage of the technology’s forward-looking capabilities will truly revolutionize the way CRE business is conducted.

Increasing the Efficiency of Deal-making

Integrating AI into the CRE process will not challenge the centrality of human interaction as much as make it more efficient. Lead development is part and parcel of successful CRE, and while this will always entail cold-calling property owners, many AI systems are powerful enough to scan thousands upon thousands of data points drawn from public profit and loss reports and historical sales records to determine which properties are most likely to sell. In other words, AI doesn’t eliminate the need to pick up the phone, but it can ensure that every number a broker cold-calls has a high potential for success.

Relatedly, by analyzing both historic and current market conditions, AI can accurately predict precisely where a price compromise will occur. This provides brokers with an invaluable piece of information that can streamline the negotiation process and ensure that brokers appear knowledgeable during cold-call encounters. CRE expertise stems in large part from having access to and understanding as much information as possible, and nothing hurts like being laughed out of the room (or off a call) for suggesting a starting price-point an owner finds preposterous. An effective AI is built to prevent such missteps, and knowing that an initial offer is well within market standards — and having the data to back it up — lifts a heavy burden from a broker’s shoulders.

Embracing the Changes Offered by Technology

These functions barely scratch the surface of what artificial intelligence is capable of, but it’s clear that commercial real estate is rapidly headed for a digitized and automated future. So long as brokers learn to wield the tremendous power of technology instead of reject it, they have nothing to fear and everything to gain.

Got Questions About AI? Buildout Has Answers

Got Questions About AI? Buildout Has Answers

Ask any commercial real estate professional what top three tech trends will revolutionize the industry. Chances are one of the three will be artificial intelligence. If you’re using predictive analytics, chatbots, or any software with machine learning, congratulations! You’re using AI.

Buildout Secures $8 Million Investment, Looks to the Future of CRE Tech Transformation

Buildout Secures $8 Million Investment, Looks to the Future of CRE Tech Transformation

There’s a common cliché that commercial real estate is an industry behind the times, operating with outdated technology and refusing to adapt to modern advances. But one CRE tech CEO is convinced this is changing.

JLL Spark Launch to Accelerate PropTech Development

JLL Spark Launch to Accelerate PropTech Development

Commercial real estate leader JLL joins other large-scale companies starting in-house entrepreneurial arms with the launch of JLL Spark.

#CREtech Exhibitors: GeoCV

#CREtech Exhibitors: GeoCV

GeoCV enables everyone the ability to capture and share reality in volumetric 3D, using your phone. Their 3D viewer for web, mobile, and virtual reality showcases photorealistic visualizations with smooth navigation.

Travtus Analyzes Your Property’s Health

Travtus Analyzes Your Property’s Health

Tenants are the greatest source of information for a property manager. They report issues and status of your asset better than any inspection. But this information is often lost in the reactive nature of managing repairs.

What is Standing in the Way of Smart Tech Adoption?

What is Standing in the Way of Smart Tech Adoption?

Check out any recent top real estate tech trends lists, and smart technology has made the cut for quite some time now. At the CES 2017 show, the amount of artificial intelligence, IoT, and sensor tech integrated into building infrastructure and commonplace items created the impression every structure is a smart tech hotbed.