4 Ways Technology Is Changing Real Estate
Technology has been impacting real estate more and more in recent years, but the trend is only just beginning. Among those at the forefront of how tech intersects with real estate is WiredScore CEO Arie Barendrecht, who we caught up with to learn about four types of firms changing the industry through technology. Arie will be among the speakers at Bisnow's Future of Real Estate event on July 14 at the Ritz-Carlton Boston.
Arie tells us these companies unlock value for landlords by taking complex ideas or activities and making them simple and transparent. He puts his company into this category, WiredScore's connectivity rating service helps building owners and leasing agency teams get a clear picture of the internet connectivity in their buildings.
Brokers are not always known for their technological prowess, so this creates a distinct advantage in helping them discuss connectivity smartly and efficiently with prospective tenants and brokers, and drive leasing.
2) Insight Drivers
Arie categorizes insight drivers as technologies that help to inform and improve real estate decision making. Real estate information databases such as Reonomy are a good example of this.
These platforms bring together many forms of disparate data as well as advanced analytics tools to help investors, lenders, developers (etc.) to reach smarter outcomes. Another example: as the category of Internet of Things products continues to expand, Arie believes the winning companies will be best at coupling sensor data with analytics to support better decision making.
Arie tells us this category includes technologies that transform manual or painful activities that plague commercial real estate professionals and drive value by making those activities more efficient.
This usually involves automatizing tasks and supporting mobility. Successful firms such as VTS and Hightower could be considered enablers because of the efficiency they bring to the leasing process for brokers. In addition, a company like Honest Buildings would fit in this category, as it helps construction teams centralize procurement activities and evaluate project progress, generate reports, exchange documents and more.
These are the big innovators. These firms usually deliver technologies that are not just incrementally improving upon existing ideas but instead are creating an entirely new way of conducting all types of business. One of the most exciting technologies in this space is augmented reality.
Arie tells us if you haven’t tested an Oculus Rift or watched a Magic Leap demo, you should and you will understand just how big this is for the business as it directly impacts the way we interact with the built environment.