Using Technology to Improve Chicago Commercial Real Estate

With society’s increasing reliance on technology, it’s not surprising that technology is impacting how Chicago commercial real estate companies are doing business. From the day-to-day operations of running the company to attracting new tenants, technology is making many processes more efficient. 

 

However, with the rapid pace of change, it can be difficult to keep up with all the tools available for brokers and property managers. Here are just a few of the ways technology is working to improve processes and communication for the Chicago commercial real estate market.

Technology has drastically altered the funding process for commercial real estate companies, making transactions possible in a much shorter time frame. At the earliest stage, technology has provided a way for investors and lenders to have easy access to all the information they need in the decision-making process, including details on the property history, market trends and financial standing while being able to easily organize and share this information with all parties involved. 

 

Additionally, any changes to property details can be automatically updated and shared simultaneously. Not only does this make the entire process more efficient but it has eliminated the need for many things that previously required hiring a third party, ultimately saving money for buyers, sellers and Chicago commercial real estate companies. And, with the advances in e-documents and digital signatures, documents that previously required in-person meetings can now be done remotely, making transactions much more efficient.

Previously, tenants looking for new office space would have to physically visit each available space, but now they have the ability to see office space virtually. Some of the most advanced programs offer 3D modeling programs as well as the ability to use virtual reality to visit a building or office. These programs are especially popular with developers as it allows potential tenants to tour the spaces before the construction is even complete.

 

Both options provide prospective tenants with a 360-degree view of the space and allow them to experience a virtual walking tour from one room to the next. This technology makes much better use of time for everyone involved in the transaction as spaces can much more easily be ruled out before having to see them in person. 

 

In addition, the use of drones in Chicago commercial real estate allows companies to see properties in a way they’ve never been able to before. In the past, aerial views could only be taken via helicopter – a timely and costly endeavor. Now, however, it is possible to get the same view at a fraction of the cost. Not only are drones able to inspect every angle of a building’s exterior but, when paired with infrared technology, drones can provide heat mapping which can alert stakeholders and property managers of structural or building efficiency issues that could drive up costs down the road.

Lease management software also helps to streamline the lease process and ensures that both the tenant and landlord are on the same page. Using lease management software, tenants can easily access information pertaining to: 

Using lease management technology provides Chicago commercial real estate companies with an efficient way to communicate updates with their tenants. Additionally, the software can make it easier for property managers to manage their lease renewals. By proactively contacting tenants well ahead of their lease expirations, managers are able to better retain tenants and address any potential issues long before a tenant considers moving out. Alongside some of the other ways technology is being used in this industry, ultimately these improvements help create more seamless communications between management companies and tenants, as well as contributing to more trusting and long-standing relationships.