The business sector, especially those in commercial real estate, now understands the need to accelerate the pace of adopting digital transformation. They find that it is necessary to move forward with efficiencies and implement business models that are customer-driven and innovative, especially in the advent of the coronavirus pandemic.
In fact, in a survey done by PwC Canada, many business professionals see construction technology as a rising issue. This, along with artificial intelligence (AI), big data analytics, cybersecurity, and the Internet of Things (IoT), is believed to be the top five disruptors of the real estate industry related to digital transformation.
Because of this, it can be said that no business can get away from the digital transformation emerging across all economies worldwide, least of all the commercial real estate industry. Leading companies are now using modern technology to develop customer experiences further, expand operational efficiencies, and augment sales.
Even before the pandemic started, commercial real estate trends were already geared towards technology with augmented reality, online accessibility, big data, property technology, and digital platforms, among its biggest challenges. Despite this, there are still many firms that are taking their sweet time in adopting the new technologies and tools needed to transform their businesses so they can keep up with the time.
If you are running a commercial real estate firm and you wish to implement digital transformation to ensure your future success despite the continued threat of the pandemic, then here are steps on how you can do it:
Simplify Workflow Using Digital Image Classification
One of the most important ways to advertise property for sale or rent is to post pictures of them online. If you are running a small agency, manually sorting through your available photos and selecting which ones work best for your property’s portfolio might still work. However, this won’t be the case if you have a large company handling hundreds of properties. Doing everything manually may take too much time and will eventually become too taxing and overwhelming.
On the other hand, using digital image classification can help you automate your image selection process through the use of neural networks and machine learning. This will help you categorize and tag images in a matter of seconds. With software, real estate agencies can easily catalog photos by features, room types, exterior styles, or any other category. By integrating an image recognition API in their marketing software systems specific to the industry, agents can generate better traffic for their websites and engage well with the visitor while cutting down on the extensive manual processes.
Enhance Customer Experience with Rich Media Visualization
Multimedia content has changed the system by which real estate agencies market or advertise the properties they have on their listings. Now, they no longer rely exclusively on just plain photos and captions. They already offer virtual tours to clients using 3D renderings that are photorealistic and can provide a virtual reality experience.
Interactive media has become quite helpful to customers as well. This is because they can get more information about the properties they have been eyeing without leaving their homes. The great thing about these interactive virtual tours is that they can inspect and experience the properties as if they were really at the site. This saves them time and effort in going to the location, thus ensuring their safety from the coronavirus.
Use Data Analytics Powered by Artificial Intelligence
Investors into commercial real estate who trust data as a basis for their decision-making are now using algorithms propelled by artificial intelligence (AI) to gather insights into the market trends. This is to determine more accurate growth goals as they look for new opportunities that could earn them the best return on investment.
AI is also well underway in changing the real estate industry through the streamlining of property management, deal-matching, loan default predictions, and even construction automation or what is known as the BIM software. In the future, people can expect the industry to continue improving the way it utilizes machine learning to hike investment returns, control expenses, and even manage risks.
Gather Property Data through the Internet of Things (IoT) Devices
The surge of smart devices connected to the Internet is already causing disruptions across many industries, including the real estate sector, especially when it comes to the management of commercial properties. Devices classified under the Internet of Things (IoT) can provide formidable new automation features to commercial properties, even older ones, that could cut down operational expenses.
As every activity can now generate digital data, building or property managers can now use all this gathered information for proactive maintenance and strategies on optimizing energy and utilities.
Implement Building Information Modelling
Building Information Modelling or BIM is a highly intelligent process based on 3D modeling that offers architecture, engineering, and construction (AEC) professionals the tools and insights needed for increased efficiency in planning, designing, constructing, and even managing buildings and other properties. BIM is utilized to lessen construction costs and to enhance communication, collaboration, and workflows.
Architects benefit from the BIM software as these allow them to manage the design phases and let investors and property owners keep track of the operations. Meanwhile, engineers can use the software for modeling systems such as energy and HVAC systems.
As you can see, whether you are in the commercial real estate sector or not, future success in any business is now driven by technology on both the sides of the consumer and the business owner. This fuels the need for digital transformation, especially now that the pandemic has caused many changes in people’s way of living. If you want to keep up with the times and make sure that your business stays afloat during and after the coronavirus pandemic, then following the steps above is already a good start.
For More Information, Contact:
John (Adam) Watson, CEO, CanCap Mortgage Group Inc.
Email: adam@cancap.one Tel: 416-452-5281