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Obtaining business intelligence gleaned from “big data” is a significant trend in the commercial real estate industry. Understanding how to collect data and interpret it for insights shapes the process of interactions between property owners and agents – and ultimately, customers.

For example, in the recent past, a real estate operator was essentially blind to considering “factors of influence” that affect how clients choose an agent or a broker. This kind of information can be gathered using customer satisfaction surveys. That, and other data points, can be massaged with AI-leveraged software and specialized algorithms to provide valuable information.

For one thing, real estate operators who have this kind of information gain an advantage over competitors who use only ratings and reviews. Second, big data can provide a thorough breakdown of exactly where a business is originating. This, in turn, allows brokers to custom create specific training for agents. They can also maximize where their marketing dollars are spent.

A second major trend in commercial real estate is the adoption of blockchain technology. Blockchain is in the processing of revolutionizing every from financial technology to the healthcare industry. It has significant application to the commercial real estate business as well. It one could produce a book-length document to describe every aspect of confluence blockchain application has for real estate sales.

Just one aspect is that blockchain will make it possible to conduct payments using cryptocurrency. Another is the marvelous ability of blockchain to prevent fraud while also providing great transparency to the process of real estate dealings. When transactions were done on paper, documents could be easily falsified or manipulated. Blockchain eliminates problems like that. Blockchain’s transparency power makes it possible to avoid repetitive transactions between that many entities involved in a single real estate transaction – banks, brokers, notaries, agents, and more.

Finally, virtual reality (VR) is becoming a significant factor in the real estate business. Buyers will increasingly use – and ask to use – VR technology to review homes. They can do so from any location. VR also increases the overall efficiency of property marketing. VR can cover multiple stages, from viewing, buying, and listing to updating the interior decorating look of a property quickly and on command.