Technology is going to be a game changer in commercial real estate, and this year, we can expect to see more companies integrate technology to streamline the entire industry. Among the technologies to have the biggest impact are virtual reality and augmented reality, according to Nat Kunes, VP of product management at AppFolio. We sat down with Kunes to talk about the impact that technology is making on the real estate industry and how virtual reality and augmented reality stands to be a disruptor.
GlobeSt.com: How will new technologies impact commercial real estate this year?
Nat Kunes: New technologies will streamline every aspect of the real estate industry. Apart from voice activated rent payments systems and Chabot maintenance requests, there are other technological innovations that are disrupting real estate. With virtual reality capabilities, real estate agents can now show apartments to prospective tenants searching units from remote locations. With newer mobile capabilities, property managers and landlords can complete inspections in record time, on-the-go, without needing go back to the office to upload files and notes or complete anything administrative-related. There's something for everyone, when it comes to technology innovations in real estate. All help achieve end goals faster and with fewer resources.
GlobeSt.com: What are the technologies that will be most important this year?
Kunes: In my opinion, I think that the biggest disruptors, in terms of technology, will be virtual reality and augmented reality. There are so many ways in which both can be used to positively impact the renter experience – the foundation of the entire industry. Without renters, no one is making money. So, given that, technologies that have the ability to simplify and make easier the renter experience, like a chatbot that provides them with consistent communication, are going to be very valuable and, in time, critical to the success of the rental market.
GlobeSt.com: How should investors be strategizing around technology?
Kunes: Investors need to not only start considering which technologies will serve them best and allocating resources to implement those technologies, but also start embracing those technologies and learning how to get the most out of them. It doesn't matter if a company has the very best technology available to them – if they don't realize the technology's full potential, their business won't reach its full potential.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
