With the increasing technological enhancements in different businesses, real estate is also not far behind anymore. Though the industry stands last to have entered the digital world there are improvements and developments made with every passing year now.
The commercial real estate industry has digitized itself and is emerging in the digital world like any other business. This mainly happened when during COVID times almost everything went digital and people were encouraged virtually to visit properties rather than going out physically.
Smart commercial real estate:
Since real estate has become a more modernized and developed industry now, there is a term used for this new trendy industry known as “smart CRE” or smart commercial real estate.
This is the digitalization of the commercial real estate industry where site visits and purchase is all just a click away.
Real estate business trends:
Every year the industry goes through some changes and new trends, the commercial real estate industry has developed and grown over the years with the yearly predictions on sales trends and the overall growth of the industry.
Here are some of the latest business trends in the commercial real estate industry that you need to know to stay updated on the industry’s recent happenings:
- Generation-Y real estate preferences:
Generation Y or what we call the millennial (born in the 80s, 90s, or 2000s) have different preferences when it comes to real estate. Previous generations wouldn’t go about buying a house without consulting an agent, the current generations are using the internet as the main helping source to find, view, and get a property these days.
This trend has emerged as a result of easy access to commercial real estate through your mobile phones in literally seconds. All you need to do is visit the desired website and click on the site that you like, click on it, and get all the details you’d get from an agent otherwise.
How to keep up with the changing modernized trend in real estate:
It has been quite a struggle for real estate owners to keep up with the changing trends in the real estate industry. The best advice to keep up with the changing modernized trends in real estate would be to keep your properties up for sale online and put up all the required information there including some pictures of the property.
Provide your potential customers with all the information they’ll be needing just with a tap of their finger. The easier it is to see and know about a property the more interest it will build in your potential Generation-Y customers.
- Shorter lease programs:
With the fast-moving life that we have today, people are trying to keep the lease programs short. This is an emerging trend in the commercial real estate industry that allows the buyer to stay in control of the whole process.
Long leasing programs are not encouraged these days and companies are looking for more short-term and small lease programs for real estate purposes.
- Prop-tech is taking over:
Prop-tech or property technology that was considered the “future” of the real estate industry is here now. It is no more a thing of the future and is taking over the real estate industry.
The idea is to use information technology to help potential buyers get access to all the relevant information online. Likewise, if you want to sell a property, digital property selling can help you lead to your target audience and add value to your business through modern-day technology.
- Focusing on the local market:
Apart from all the technological trends in commercial real estate, another trend that has been noticed and seen amongst buyers and sellers is focusing on the local market.
This is to ensure the property is sold in a market that is not new to you. Sellers are preferring this trend to focus on a market that they know more about to have better benefit from the sale.
- Using artificial intelligence to improve your business:
Artificial intelligence has been beneficial for many businesses. Recently introduced to the real estate industry the concept has turned into a trend for sales in the commercial real estate industry. AR technology helps to improve your business by providing you with relevant information through real estate management apps and websites.
- Bringing virtual reality to use:
Another big change in the real estate trends has to be how people are virtually visiting sites and encouraging at-home site visits through HD videos and photos of the property they’re interested in buying.
It is a great way to save time and skip all the steps where you had to decide on a meeting with the seller through your agent to visit their property. Overall, these new trends in the commercial real estate industry have made buying and selling much easier and helped the real estate businesses grow.