Technology has dramatically impacted the commercial real estate field. It’s boosted sales, interest in properties, and profits. Commercial real estate technology is called property tech or RE tech. The use of technology quickens the speed at which deals are made, how people discover properties, and communications between tenants and investors.
In 2020, telecommunications tools became extremely popular and widely used. Without the ability to meet in person, email applications and video conferencing made communicating with clients a possibility. Likewise, sending and signing documents online streamlined projects. With just the click of a few buttons, projects are accomplished quicker and easier.
The rise of social media over the past decade has altered the course of marketing. Now social media is used as a tool to increase sales, incite community engagement, and improve brand awareness. Commercial real estate firms often have a variety of social media platforms to promote properties, share real estate strategies, and meet new clients.
Property technology has given property tours a new look. Contactless and touchless tours have become popular in recent years. Instead of taking time out of the realtors’ and clients’ day to view a property, virtual tours are used to show a property without ever having to actually visit the property. This is especially helpful for clients that live far away from the property. Virtual tours are one of the many ways technology has improved the commercial real estate industry.
Technology at Maus, Warwick, Matthews & Co.
As technology continues to quickly adapt, its impact on the commercial real estate industry will evolve. It’s essential for commercial real estate firms to incorporate RE tech into their business to stay competitive. Technology can be a great aid in the success of your real estate business if used correctly and often. At Maus, Warwick, Matthews & Co., we strive to stay up to date on industry trends to ensure our clients are receiving the best service possible.