Technological advancement has been fast and furious, and RIs have embraced it.
The technology applied to buildings and sites has benefitted many professions, including architects, developers, realtors, assessors and appraisers. Building information modelling (BIM), where the building is conceived and documented digitally using 3D software, has changed how buildings are designed, con¬structed, and managed. Such “virtual reality” is particularly beneficial to the understanding of the impacts of various design decisions. As well, high-resolution photography, video tours, and 3D floorplans allow selling and leasing agents to provide information on a property to encourage local potential buyers to view it or remote buyers to take the plunge. Web-based mapping resources have become a powerful tool for many; from Google Earth to municipal GIS mapping, the quality and accuracy of data is improving, reducing site visits and travel time for assessors and others who spend time gathering information in the field.
Technology has enabled more RIs to work from home or from mobile offices. Storing files on the cloud, using smartphones to transcribe notes, and portable wi-fi keeps information at everyone’s fingertips. The work of project managers and land acquisition managers requires travel to meet with property owners, sometimes in remote locations. Satellite devices allow these RIs to check in with work and family and to reach out to emer¬gency responders, even beyond cellular coverage.
More data is available than ever before. The challenge, particularly for smaller firms and individual practitioners, is in the sorting and analysis. In-house databases and custom analytical software are becoming more prevalent. In asset management, capital planning man¬agement tools and real-time asset monitoring equipment are becoming common.
Customer relationship management (CRM) tools help RIs manage data about their clients; software like DocuSign and PDFfiller have made countering contracts easier to read; block chain technologies in the banking world will soon transform how funds are deposited and disbursed in the conveyance world; and now hearings can be conducted by electronic means, such as video conferencing and online dispute resolution platforms.
How does this all of this technological advancement impact how RIs work? Read the Summer 2018 edition of Input, “Real Estate Industry Update,” for more. Download Summer 2018
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