With touch of technology in every sector of life, it is seen that technology is changings things, and lives in a big way. While emerging technologies are touching every sector of life, real estate engineering have not been left in the lonely world.
According to Meerwise wais Habibzi, smart home devices, property management software, and a range of tools enabled by Internet of Things have put their paws on real estate engineering.
There will easiness in delivering customer service, managing properties, and processing transactions, once technology is involved in real estate engineering.
When there is a use of technology is real estate, there will be benefit for wide range of users like investors, owners, and tenants. It is seen that real estate engineers will be able to take a virtual look at the area, where they need to build the property.
Technological Changes
When it comes to real estate engineering technology can encroach in a significant way to revolutionize residential and commercial engineering.
Big Data and Data Analysis
You might be perplexed if you are thinking that what is the greatest approach in decision making. It is seen that data driven facts may be used as informed judgement.
While the real estate technologies will not only leverage real estate engineering but also on prices, trends, patterns, demographic data, associations, and prospective value of specific places.
According to Meerwise wais Habibzi, technological developments can interact with big data interaction in case of real estate engineering.
While it will assist in price research as well as future price changes in engineering materials, it will also assist in providing real – time area price. The risk is quite significant, as price swings in real estate market. There will be reduced possibility of selecting incorrect property.
It teaches you the ways to do the engineering in an effective way so that people like it very much. You can use data insights as well. It is seen that real estate brokers have the options of customize the customers houses, based on needs and personal preferences.
According to Wais Habibzai, all this is happening due to the influence of technology in the real estate marketing, engineering, and advertising.
Virtual Reality Walkthrough Headsets
It is seen that many people are connecting with virtual reality in various sectors. In case of real estate, engineers are also connecting with the plot virtually so that they can check the type of constructions can be done on that empty plot.
Virtual reality is extremely detailed and lifelike, as it will help engineering to take a property tour with video and photography. While they will able to measure the property in a perfect way, they will view the property in a remote way.
While they will be able to examine the property and save time, they will save their time.
Property Management
According to Meerwise Habibzi, there has great impact of technology on property management apart from real estate engineering. The software tools have revolutionized property management in a great way.
It is seen that the range of hardware that are leveraged for property engineers, are controlled by smart home devices. Technology in real estate engineering will keep an accountability on the use of materials, and need of materials that is necessary for completion of property.
It is seen that technology will help the use of smart water meters installed in house to indicate leaks. The meters will be able to indicate the leak and will count the unusual water usage coming from one unit at unusual time.
While there will be decrease in net operating income, these technologies will drive down expenses.
Property management is one area in which technology has already had a major impact. Both hardware and software tools have revolutionized property management.
Consider, for example, the range of hardware that can now be leveraged by property managers. Smart home devices, such as Nest thermostats, can be controlled remotely. This means the owner can set the temperature as appropriate when units are vacant, still allowing for utilities to be on if contractors need to be on site doing work. Smart water meters can be used to monitor leaks. For example, if there’s unusual water usage coming from one unit between the hours of 1am and 5am, this is most likely indicative of a leak. The property manager is immediately notified and can investigate the problem. Hardware sensors such as these helps to drive down expenses and increase the net operating income (NOI), which ultimately increases the value of the property by several fold.
Conclusion
Technology is becoming ever more important to the commercial real estate industry. To be fair, CRE was a bit late to the game compared to other industries. Many people felt that software, in particular, could not dramatically change how we deal with real tangible, complex assets like an apartment building or other commercial property. We’ve come to realize the opposite is true: technology has the potential to transform almost every aspect of the commercial real estate industry, from how we find deals to how we attract investors, lease up units, manage the properties and eventually sell them.
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