In today’s commercial real estate sectors, if brokers just focus on the geographical position of a property without keeping in mind the other decision-making strategies it would be similar to buying a pager in the world surrounded by latest smartphones, which makes the approach basically, impractical. The location has always been an essential component in the commercial real estate market. With the changes in the CRE technologies these days, this element has a grown importance for both commercial real estate brokers and buyers.
But what is practical then? CRE brokers should be using location technology in finding the best deals. It can be easily understood that the sector of commercial property has grown enormously in the last decade, valuing more than billions of dollars. Apart from the metros, Tier-I cities like Gurgaon, Noida, Pune, among others have also seen a massive response in hi-tech, state-of-the-art office facilities that stand the capability to attract potential foreign clients. And, how these cities could come to such arising situation? It was all because of the successful use of technologies in spotting the best locations. The Indian CRE sector is currently undergoing through some of the biggest technological shifts which are the disruptors of conventional market dynamics. Technologies like data analytics and location scanning are working in the favour of commercial property brokers and helping them find better deals.
(The office space market has taken a new turn with the higher demand for modern designs.)
Smart brokers never fail to identify mistakes in the market. They fully understand the power of the right information and how to utilize it in making their clients happy. Their plan of actions is built with concrete strategies and which makes them highly insightful in discovering newer opportunities in the market. There isn’t any reason why they shouldn’t be using a powerful tool like location intelligence to find better deals.
Since the estimation of a commercial property is characteristically reliant on the more extensive social and monetary states of the locale, the extent of location intelligence is considerably more extensive than basically pinpointing the directions of the property on a map. At the point when brokers are dealing with office spaces, they toss the need of getting the right location information out of the window. Rather, they settle on ascertained choices in view of statistical data points. They use openly accessible and, at times, business data to make sense of not just what the estimation of a property is currently, yet in addition to what it can be later on.
Some of the important questions that commercial property owners should be asking are; how are location insights can be used? How to distinguish a forthcoming commercial property in the market? How open is a planned property to the public or how available will it be later on? How to ascertain whether an area will draw in customers and tenants? Through these questions, brokers will be able to leverage location technology and find the better commercial real estate deals.
What are the some of the best innovations for finding the right location for the CRE dealers?
(Sometimes, just by talking to other tenants brokers can know more about the location.)
Due diligence is of the utmost importance when evaluating a potential area. Investors who can accurately predict which areas are coming into or out of fashion stand to make significant returns.
Dealers should find newer innovative new features that allow a commercial property to uncover hidden leads across entire markets with the help of accurate, in-depth filters and the ability to search within mixed datasets simultaneously and come to conclusions like the building size, property features, transaction history, hazard notices, etc. Using parameters like drive time or mileage, brokers can understand the total time and distance taken to reach a particular commercial property and also its proximity to different points of interest like other businesses centres restaurants, parks, retail stores and more.
Brokers can also connect with local civic bodies and census authorities to understand the location data collected from multiple sources, including zoning maps, demographics, districts ratings, business history, and transportation lines to expand their knowledge of current markets and give them a competitive edge.
With all these, it can be easily be assumed that location intelligence has not only proven to be the key element in finding better deals than the competition but also with the right tools one can grow their network and business in today’s highly competitive CRE sector. How would you use these technologies in your work?