The golden era of commercial real estate technology and innovation.
In partnership with NAR REACH, the SIOR Tech Vision Series will unlock the driving forces and emerging trends impacting our industry. We will look into emerging technology trends and shifting industry dynamics to help our industry navigate the future of commercial real estate.
Technology is a phenomenon that has profound implications on the commercial real estate industry. Today's commercial real estate leaders need to prepare themselves for a new normal that will impact their business, their clients, and their organization.
The pandemic hasn’t disrupted the commercial real estate industry, but rather it has accelerated already-present underlying trends exasperated by the pandemic. Innovation and technology are poised to play a larger role in the deal-making process. They have the potential to increase income-producing activities given the diverse demand drivers and access to information.
There is no doubt that today’s technology landscape is transforming the underpinnings of commercial real estate, however, despite its growth, the industry is divided between leaders who embrace innovation and laggards. For transactional real estate professionals, the leaders are advancing rapidly with technology strategies and innovative roadmaps through which they can begin to improve sales performance, prospecting, and beyond.
Despite the breakneck speed at which the commercial real estate industry is evolving, the truth is, there has never been a better time to leverage innovative technology to transform your business.
Here are nine (9) leading technologies that could impact your business.
1. Cove
Over the past 14 months, companies have discovered a new way to work that does not rely on office space. In a recent survey conducted by the American Institute of CPAs, 1 in 5 companies plans to reduce their office footprint in the coming 12 months. Now, more than ever, owners need to differentiate themselves to attract and retain the best tenants.
Cove is a software and service that provides a digital platform allowing both tenants and property managers, landlords, owners, etc. to monitor and control onsite services for an enhanced user experience. From desk reservations and hoteling services, to allowing a tenant to request a temperature change or a cleaning request, Cove’s tools help one manage the office experience in more ways. Learn more at cove.is.
2. Valcre
The total number of appraisers has decreased on average annually over the past five years, yet the demand for appraisals have increased – leading lenders to seek relief by lobbying for higher appraisal de minimis thresholds and other measures.
Valcre is an appraisal and valuation software solution that speeds-up appraisal completion time while providing a robust platform to access data, track clients and properties, and manage payments.
Debt, equity, and investment sales professionals can link customizable Word and Excel templates, utilize cloud-based job and client trackers, and access a large search and mapping property database. Learn more at valcre.com.
3. ProDeal
The front and back offices of the real estate mortgage banking and direct lending industries have been digitized through the introduction of CRM, loan origination, and portfolio management systems. In contrast, the middle office has been relatively untouched by digitization.
ProDeal is a software that replaces email chains, conference calls, and data rooms with a fast document and workflow management platform. ProDeal brings together closing parties (brokers, lenders, and borrowers), closing documents and closing checklists into a secure and easy to use deal-closing platform. The platform adds security, organization, and visibility to deals. Learn more at prodeal360.com.
4. Groundbreaker
One of the largest complaints from investors is the lack of transparency and consistency in reporting. Groundbreaker is a technology company that improves transparency and reporting efficiency for investor relations professionals and their organizations.
It automates real estate fundraising through a robust CRM investment portal that offers distribution tracking and real-time reports on how the asset or fund is performing. Learn more at groundbreaker.co.
5. Otso
Landlords and landlord rep-brokers take on an enormous risk in the first year of a tenant’s lease. Tenants take on operational risk by locking up cash in a security deposit or letter of credit.
Otso is an alternative commercial lease securitization platform that aims to help solve capital loss by helping landlords and landlord rep-brokers reduce their lease default risk. The software provides a flexible way to manage capital and utilize an alternative to traditional security deposits, allowing one to lease with better liquidity and less financial exposure. Learn more at otso.io.
6. LEX
LEX is a commercial real estate securities marketplace that connects property owners with retail investors, facilitating the sale of commercial real estate building shares to be made in order to earn income, along with selling without barriers. It works with building owners to originate publicly tradable securities representing minority interests, up to 49.9% in individual, high-quality commercial real estate assets.
LEX’s SEC-registered Alternative Trading System, powered by Nasdaq, matches and executes trades. LEX securities are structured to clear and settle via established legacy financial infrastructure, allowing them to be held in traditional brokerage and investment advisory accounts. Learn more at lex-markets.com.
7. Land Intelligence
Land Intelligence is a commercial real estate technology platform that provides reporting, analytics, and advisory services through the leveraging of big data ingestion, on-the-ground relationships, and patented software algorithms. It reduces the time of land acquisition and improves due diligence. by simplifying the land acquisition process. Buyers, sellers, and commercial real estate brokers can source investors and debt and wholesale properties under contract.
The company provides land developers, brokers, and financiers customized, automated reports for site condition analysis, asset volume projections, and future asset value forecasts. Learn more at landintelligence.net.
8. Remarkably
Multifamily marketing has become a key lever in portfolio and asset strategies, but many investments lack transparency and attribution. The reporting that does exist is often manually driven with a lack of suitable toolsets.
Remarkably is a marketing intelligence software solution purpose-built for the multifamily industry and inspired by other B2C verticals’ closed-loop marketing analytics. The platform allows you to aggregate your data, monitor and analyze portfolio and marketing performance, forecast future trends, automate insight reporting, and more. Learn more at remarkably.io.
9. PARAFIN
The typical commercial real estate developer evaluates 30 development opportunities before investing millions of dollars in a new project. Each opportunity requires weeks of time and thousands of dollars to determine what can be built on the site, and analyze whether it would be profitable.
Parafin is a generative design platform. The company’s software evaluates millions of potential building designs, budgets, and investment models in seconds. The platform's algorithm runs on high-powered cloud computers, generating thousands of designs on the site based on the developer’s goals. Learn more at parafin3d.com.
