3 CRE Tech Trends and Innovations That Are Transforming the Industry

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Knowing about emerging CRE tech and market trends can help you stay ahead of competitors. When you adopt commercial real estate technology before other agents and brokers, you maintain an advantage that helps you focus your time and energy on the projects that matter most. Instead of getting involved in sales and leases that don’t generate much revenue, you can prioritize your efforts and make more money.

Don’t let other agencies and brokers take advantage of technology before you. With the right tools, you can increase your revenues without putting more effort into your work. Why not let these three CRE tech trends and innovations do some of the work for you?

Detailed Databases Give Agents More Information About Properties

Agents working in today’s commercial real estate industry need up-to-date, accurate information about their prospects. CRE tech makes it much easier for agents to access business databases that help them decide which projects to pursue. Databases with information about commercial buildings often provide details like:

  • The names and contact information of the decision-makers agents need to talk to.
  • The number of people businesses employ.
  • The business’s cash flow, revenues, and profits.
  • Whether the current tenant owns or leases the real estate.
  • The business’s Standard Industrial Code (SIC).
  • The property’s size and features.
  • Whether property owners have entered the pre-foreclosure phase.

Real-time updates ensure that you can make profitable decisions before your competitors spot the opportunities. For example, a Los Angeles database that tells you a building’s value recently dropped gives you a chance to purchase the property before anyone else makes an offer. When the commercial real estate market recovers, you can sell the building at a profit. Similarly, you could lease spaces within the building to generate income while you wait for the market to rebound.

The commercial real estate market varies a lot from city to city, so you need a database that lets you learn about the properties near you.

Predictive Analytics Help Agents Make Informed Decisions

A frequently updated commercial real estate CRE database gives you an advantage, but you can get even more insight from predictive analytics. As you probably know, economic downturns often force tenants out of commercial spaces and drive down the value of commercial real estate. It doesn’t take long before property management companies start thinking about selling the building. Predictive analytics can help you identify property managers and owners struggling to make ends meet, which creates an opportunity for you to approach them with a deal.

Predictive analytics uses artificial intelligence (AI) and machine learning to process more information than the human brain can comprehend. With predictive analytics, commercial real estate agents can identify:

  • Lead generation opportunities.
  • Where to place marketing materials.
  • Whether a property owner is likely to sell.
  • The approximate value of commercial real estate properties.
  • Potential buyers interested in purchasing specific properties.

Predictive analytics can make an agent’s job much easier. Instead of wasting time talking to people who don’t want to sell or buy properties, agents can use the CRE tech to prioritize their leads.

You can’t predict the future, but the right algorithm can make extremely accurate guesses about individual properties and the overall market in your area.

Virtual Tours Make It Easier to Show Commercial Spaces to Clients

Virtual tours have played a small role in residential and commercial real estate technology for years. Many people find online tours useful because they can weed out the properties that don’t interest them.

The COVID-19 pandemic has made virtual tours essential CRE tech because it lets agents show clients office, retail, and other commercial spaces without putting anyone at risk. Agents can walk through the property, point out details, and answer questions without coming into physical contact with the client.

Giving clients a basic virtual tour doesn’t require much equipment. Most recent smartphones have camera, audio, and connectivity features that let agents give remote tours. Agents can also record virtual tours and host them online for potential buyers.

For more advanced remote tours, agents can invest in 360-degree cameras, professional sound equipment, and drone-mounting video cameras. Depending on the project, agents might want to hire professional videographers who can handle the technical side of virtual tours while they discuss details with the clients.

Eventually, potential buyers or leasees can visit a few properties in person. The virtual tours reduce exposure to the virus, so they make many people feel more comfortable doing business during the pandemic.

Get Some of the Latest CRE Tech From ProspectNow

ProspectNow already gives you access to some of the emerging CRE tech trends that can help you generate more revenue. The platform has an expansive database that includes 40 million apartment and commercial properties, 30 million businesses, and 15 million LLCs. The databases get updated frequently, so you always have the information you need to evaluate a property and contact the current owner.

ProspectNow also uses predictive analytics to help agents make better investment decisions, focus their energies on successful projects, connect buyers and leasees with properties, and determine how much money they can earn from a deal. You don’t have to wait for a commercial space to become vacant before you start searching for a new renter. Predictive analytics can pinpoint office and retail spaces that will likely become available soon. That way, you can start talking to interested businesses as early as possible.

Start your free trial with ProspectNow so you can see the advantages of using the latest CRE technology. The platform will make your job easier while helping you earn more money. It only takes a few days to experience the benefits of updated databases and predictive analytics.

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