The real estate industry, and every industry at that, is facing a forced evolution due to new and more innovative technological tools that benefit tenants and owners alike. This new age calls for a swift revamp in the ways developers, owners, operators, and tenants function and communicate.
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.
We all know a guy (or gal) that always has to have the newest gadgets on the market regardless of its practicality. What happens when that new tech pulls a Samsung Galaxy Note and doesn't work the way it's supposed to? Adopting technology for technology’s sake is not a smart strategy. With the right process, a tech adoption and rollout can be a big boom to a company's bottom line. The key is in selecting the right tools for your business and marrying it with a solid process that gives everyone on board and running with the new tech.
Workspace rental company Breather isn’t taking a break from expanding with the recent completion of a $40 million Series C funding round. Since starting in 2012, Breather has raised a total of $73 million in venture funding to provide stylish spaces in commercial buildings in major cities across the United States, Canada, and United Kingdom.
Nick Romito and Ryan Masiello founded View the Space (now VTS) in 2012 to help commercial real estate owners and brokers streamline their workflow. The cloud-based VTS platform helps commercial real estate professionals manage their activity, identify trends, and quantify performance using a single easy-to-read dashboard accessible on mobile or desktop devices.
We sat down with Tanner McGraw, Founder & CEO of Apto to chat all things commercial real estate and technology. Learn more from our interview below:
As technology becomes increasingly prevalent in the commercial real estate industry, real estate professionals who fail to embrace those advances run the risk of becoming obsolete and falling behind the competition. Technology is changing the commercial real estate space at an unprecedented rate. Technology is also poised to add value to the industry in three critical areas moving forward.
1. Greater Market Insight
Increasingly rapid urbanization combined with demographic changes are poised to result in substantial growth within the commercial real estate industry over the next several years. Intense competition is also likely to drive real estate professionals to venture into emerging markets and new territories. Increasingly evolved technological tools provide investors and developers with the insight they need to manage a greater array of risks. Thanks to the availability of an increasing amount of data in real time, real estate professionals now have the ability to pinpoint the places to compete and how to compete the most efficiently. This will prove to be even more important as competition for prime real estate assets intensifies.
2. Energy Efficiency
For most building managers and building owners, achieving energy efficiency is now considered a high priority. Unfortunately, the task of achieving energy efficiency is also often viewed as daunting given the many elements involved in doing so. Advanced technological solutions have now made it possible for building owners and managers to get started with low-cost options that provide quick returns. Such options can often provide the motivation necessary for property owners to undertake energy-efficient measures that are more complex while offering a higher return.
In terms of adding value to commercial real estate assets, energy optimization is considered one of the most significant benefits that technology provides to the commercial real estate industry. More efficiently operated buildings tend to deliver higher returns. Building owners who opt to invest in technologies that drive improvements in energy efficiency are offered the potential to increase the value and marketability of their commercial real estate assets significantly. Among the most important value-added opportunities offered by technological developments today are persistent building optimization, continual energy commissioning, and real-time utility benchmarking.
3. On-the-Go Access
The ability to respond to the needs of clients and emerging opportunities quickly has always been important in the commercial real estate industry. Due to the mobile revolution, the ability to respond quickly has become even more important. With an onslaught of new tech tools available, commercial real estate professionals are able to access vital information anytime they need it and from any location. As real estate tech tools continue developing, real estate professionals will be able to operate with even more efficiency and compete to an even greater degree.
As commercial real estate tech continues to grow and evolve, the value added to the commercial real estate space will continue to grow as well.