It’s no secret that technology is changing the way people occupy, lease, manage and interact with commercial real estate. In a recent article published by Bisnow, Aaron Block—the co-founder and managing director of MetaProp NYC, an accelerator dedicated to growing startups focused on commercial real estate—refers to this phenomenon as a “fundamental shift” in the real estate industry as a whole. Innovative technologies like virtual reality, augmented reality, and blockchain are changing the ways brokers acquire more assets.
However, rather than viewing the emergence of technology as an asset, many CRE professionals feel threatened by its capabilities due to the recent influx of easy-to-use web platforms like 42Floor, SquareFoot, and VivaReel that minimize the traditional need for agents. Does that mean brokers should worried about being replaced by VR technology? Absolutely not! Virtual reality should only be seen as a complimentary sales and marketing tool.
Competitive Advantage of VR Technology for Brokers:
- Saves money—secure tenants without investing in construction or renovation.
- Sells vision—with custom office configurations to secure high-profile tenants.
- Saves time—expediting transactions by accessing decision-makers, near and far.
Brokerage firms succeed by partnering with technology companies.
By leveraging technology partners such as BlockVue or other 3D visualization services, brokerage firms are likely to secure more deals than they ever have before. When virtual reality is at the front and center of a commercial real estate marketing campaign, heads turn. David Carder, one of our partners at Cushman & Wakefield, can attest to that. His clients have requested the use of BlockVue to market properties on a number of occasions, as they’re able to easily recognize the powerful effect visualization can have on buyers and tenants. Technology should be seen as an added tool that can be used to secure a competitive advantage.
By: Alexa Davis—Content Strategy @ BlockVue