The rise of technology has leveled the playing field in industries of every kind, and commercial real estate is no exception. Though the adoption has been slow, tech is changing the way brokers evaluate opportunities, make decisions, and more.
To stay relevant, brokers must be able to supply potential tenants with the information they want to see—information provided by technology and supported by data. And if your organization doesn’t have the answers potential tenants need, they’ll find someone who does.
Even so, there are many practitioners who haven’t yet made the leap, just as there are many who have and are now growing, becoming more efficient, and closing deals faster.
With that in mind, let’s take a look at some emerging PropTech trends that will put you a step ahead of the competition.
Mobile GPS Data
Nearly every smart device generates massive amounts of data. One commonly used type is mobile GPS data, which is created when users interact with certain apps. Collectively, these apps produce billions of satellite pings that can be tracked and traced from geo-fenced stores, properties, and other locations.
Data like this provides insight into consumer behavior and how it’s changing. The more granular it gets, the more valuable it becomes. Today, knowing the number of Cadillacs in the drive-thru isn’t going to attract tenants, but knowing where those Cadillac owners live, work, and went after grabbing lunch will.
This type of information takes the guess work out of the equation and helps brokers make decisions based on data, as opposed to gut feeling, creating a more convincing case to potential tenants.
AI is one of those technology trends that everyone loves to talk about. In fact, Fortune Business Insights expects the global AI market to reach nearly $267 billion by 2027. With good reason, too—after all, artificial intelligence has become an invaluable tool for storing and quickly analyzing vast amounts of consumer, workforce, and property data, among other things.
But while AI sounds impressive as a buzzword, for many organizations, that’s all it is. Buzz.
Most firms don’t have or generate enough data on their own for AI to help make actionable or impactful decisions. A retailer with 30 locations, or a three-person broker shop just isn’t large enough to be using their own artificial intelligence, but they likely are using technology from other companies that take advantage of AI.
For example, many automation platforms, such as Salesforce, rely on AI tech. This leads us to the third technology trend brokers should be aware of: automation.
While not new, automation has been picking up steam in the past few years, especially in the commercial real estate industry.
Everything from marketing processes, to accounting procedures, CRMs, talent recruitment, and beyond can be automated. Doing this takes the pain out of many time-consuming day-to-day tasks and allows you to focus on other things, such as building relationships with potential tenants and closing deals.
The Bottom Line
Technology and data should enhance processes your organization already uses—not flip the way you do business upside down. Adopting and adapting new trends and tech to fit your needs is the best way to stay relevant and keep ahead of the competition.
Ready to put PropTech to work for you? Explore Buxton’s CRE Technology Platform and see how our mobile data-driven tools can help your organization gain a competitive edge.