Using Technology to Enhance the Tenant Experience

Commercial real estate is being transformed by technology.

Tech has the ability to streamline industry workflows, expand a listing’s market reach, and even mitigate the legal risks associated with these big-ticket transactions. It seems like every aspect of CRE can be boosted with a little help from technology – and it’s not only the professionals in the business that are reaping the benefits.

According to the latest 2020 Commercial Real Estate Outlook from Deloitte, technology can also improve the experiences of CRE tenants. The report looked at how using digital tools and analytics can completely revolutionize the tenant experience.

The report goes as far as to state that the new mantra for CRE should be ‘location, experience, analytics.’ In this blog post, let’s look at some strategies that can elevate your tenant’s experiences by using tech.

AI and IoT

Technology’s applications in commercial real estate are getting more complex. The ‘it’ tools of last year are likely already outdated as contemporary development gets more diverse than ever before.

As a result of this amplification, industry standards have also gotten higher. Tenants are demanding better, newer, and faster tech integrations from commercial real estate properties.

Everyone has their eyes on AI and IoT. These are the two hottest trends in CRE technologies and they can enhance the tenant experience in a myriad of ways. But, both the Internet of Things and the IoT can do more than just keep tenants happy – they can also be powerhouses in boosting business.

The multilayered benefits of investing in AI and IoT are big reasons to consider applying them to your commercial property module.

Getting Serious About Security

One of the largest motivators to apply tech within a commercial property is to improve security. Using technology like Smart cameras and sensors can keep tenants feeling safe and secure. 55% of survey respondents noted that they’re looking to have access to tech-powered security, guidance, and constant online support.

Invest in Smart Building Features

The experts at Deloitte are predicting a 5-year countdown to a Smart CRE industry. Analysts state that Smart integrations will soon become the new norm.

The competition will be heating up around Smart amenities. Industry executives who took part in the survey said that they will be increasing their smart building portfolios over the next 18 months.

Don’t fall behind. CRE professionals should start getting serious about investing in Smart technologies to prevent their assets from becoming outdated.

Make the Switch to Mobile

Mobile access is a must for today’s tenants. Building users want to be able to download everything they need with the tap of a button. By 2023, the global market for mobile apps is expected to boom and reach $156 billion – and CRE will be a part of it, too.

Deloitte experts recommend using increased data to create an interactive, intuitive, and IoT powered app to open up a line of communication between building owners and tenants.

When asked to vote on which app features would best improve the tenant experience; app-based entry into relevant areas, more building information, property management contact information, and lists of amenities in the surrounding areas were all big demands.

Use these tips to improve tenant experiences with technology.