How is technology changing the real estate industry and best practices for Massachusetts commercial real estate investors and owners?
Technology is developing faster and faster and so is its adoption in the real estate industry by all sides. Some have survived until now without fully embracing it, but this no doubt already impacting competitiveness, which will snowball in the New Year.
So let’s look at 7 factors and tech trends which will shape the market and returns over the next 12 months…
1. Google+ Earns its Street Cred
Despite being widely recognized as the ‘suit’ of social media, and the platform for serious deal making, many real estate industry professionals have been slow to adopt. This is changing fast with major players like RealEstate.com using it, and the CCIM Institute heralding the benefits of Hangouts and G+ for boosting online lead generation.
2. Blending On and Offline Processes
Shopify’s recent predictions for 2014 and what it calls the ‘Democratizaion of Retail’ call for a continued blending of online and offline communications, sales and processes. Expect consumers to jump between virtual and reality when shopping for apartments, offices and retail units to rent as well as everyday shopping.
3. Virtual Home Staging
Several major publications including the Wall Street Journal and Inman News have recently run pieces questioning the value of staging today. One report indicated new data may support it helping to move units faster, but not necessarily for more dollars. Virtual staging services may make all the difference here; providing a loss hassle, low cost option for presenting office, retail and rental units in the best light, with customization tools.
4. 100% Mobile
Venture Beat recently stated that some small businesses might as well go 100% mobile with their marketing in 2014 as mobile web traffic out paces desktops. Those with the best mobile sites, optimized content and tools to maintain engagement could easily come out on top. Fortunately this could be far more affordable and profitable than old school marketing methods. Building owners that get this can also enjoy higher profit margins and returns.
5. Search Engine Rankings
As the public continues to migrate toward becoming digital natives search engine rankings are only becoming more important. However, at the same time Google and other search giants are making it crystal clear they are serious about quality, and shaking out those that try to scam the system or spam the world with junk.
Crowdfunding continues to grow in popularity with new platforms offering new options and investors taking to it as a better option than conventional real estate stocks and funds. For Massachusetts commercial real estate investors this can be a great platform for raising capital quickly and affordably to take down new and larger deals.
7. Augmented Reality
While some market leaders are already integrating augmented reality applications, 2014 is expected to be the year it really goes main stream and catches on with the public and advertisers.