Commercial real estate technology: transforming a traditional industry

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Commercial real estate technology: transforming a traditional industry

How CRE companies are embracing new technology solutions to tackle their clients’ needs

For a long time now, commercial real estate (CRE) companies were hesitant to embrace the tech wave, unlike many other businesses across other fields. While ambitious companies from various industries started to use software as a way to improve performance and achieve more results, CRE businesses relied on the traditional processes and workflows that have served them for years. However, recently there’s been an advance in the development of commercial real estate technology. Once the decision makers in this sector realized that their processes were holding them back and less appealing to Millennials, they decided it was time for a digital shakeup.

Today, CRE is an ideal option for investors and entrepreneurs who want to combat the common opinion that real estate is a slow and bureaucratic industry. The use of software opens doors that were previously closed or were difficult to access in CRE. Primarily because of the huge capacity of technology to store, manage and use data. Technology also offers a trustworthy process to make sure data is reliable. Therefore, this helps brokers and other CRE professionals that need to confirm the validity of the information they receive.

 

Embracing technology

As the opportunities in commercial real estate technology are growing and more startups are created in this area, some accelerators are investing in new business ideas related to the field; two examples of these are REach and MetaProp NYC. Another initiative in this field is GroundBreaker, which helps real estate projects with label funding and crowdfunding.

Commercial real estate technology allows business to improve their performance and productivity in many ways:

  • There’s less paperwork as important information and documents are uploaded to the cloud;
  • User-friendly software and analytics systems are very useful in a data-driven industry such as CRE;
  • Accurate and transparent data is better organized in apps that help brokers, tenants and other actors to make smart decisions;
  • Advances in 3D models are boosting new and exciting ways to explore locations;
  • More opportunities and deals are arising in platforms that connects sellers, buyers and investors;
  • And much more!

 

With the acceptance that technology brings great opportunity to CRE, different startups and established companies have started proposing better (and techier) ways to provide great commercial real estate services. Some of them are:

real estate technology

 

Our experience with real estate technology

There are as many technology applications in CRE as there are number of users ready to use them: owners, tenants, landlord and brokers are just some examples. Digital solutions can help these users to process and manage real estate data in a easier and more effective way.

For about 3 years UruIT has worked with CRE companies and startups in order to develop web and mobile apps. These are some of the projects we’ve been in:

  • A platform that connects landlords with tenants, with the goal to generate better rent opportunities for both sides;
  • A FinTech that aims to connect people needing funding to buy a location or pay real estate debts with those willing to lend money or fund an acquisition;
  • A data provider corporation that processes geographic, demographic and business information and shares them in the form of appealing reports to brokers;
  • An app that calculates the costs of moving to another location. It also gives you information about the new place or region in order to guide you in decision making.

Here are some of the key features we have built in these projects:

  • Integration with data providers;
  • Large data sets management with focus in analyzing huge volume of information and process it in appealing visual reports;
  • Mapping tools (ArcGIS, Google Maps, etc.);
  • Integration with payment methods and banks;
  • Documents and information exchange between stakeholders.

 

In our experience with CRE apps, we’ve noticed that data is the main driver in this industry. It is data that allows people and businesses to make decisions based on substantiated information about geography, demographics, financial aspects, among other factors. The apps we have experienced with are intended to process data and give clear and useful information so users can make smarter decisions.

By applying technology in heavy data, CRE companies are boosting their capacity to process information, leading to smarter business opportunities. And we are happy to be part of the CRE digital transformation!

 

CRE Tech Conference

For CRE companies, a great way to embrace this technology era is by joining events like the CRE Tech. This is the biggest commercial real estate tech series of conferences in the industry. CRE and software experts get together in different editions across the United States to discuss industry ideas and plan new applications. The last edition of CRE Tech this year was on December 7th, in New York City. UruIT was there along with other software development companies and CRE businesses!

If you want to continue the discussion about CRE and technology opportunities, please meet us in NYC this week. We are looking forward to receive your contact!

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Marcelo López

Marcelo López

Marcelo is the CEO and Co-founder of UruIT. He's been working in the software industry for over 10 years now, being able to work and learn about the software development process from different perspectives and different roles including development, business analysis, project management and remote teams’ coordination. In the past 8 years, Marcelo’s main focus has been to assist startups and established product companies in the US to build the next generation of user-centered web and mobile apps.

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