How the Pre-Construction Industry Is Using Real Estate Technology
The entire real estate industry is finally coming around to technological advancements and consumer-centric tools. And pre-construction is no different.
Developers, contractors, builder’s agents, and selling agents representing prospective pre-con buyers are all leveraging technology for more streamlined construction and sales.
In this article, let’s explore how emerging real estate technologies streamline the pre-construction industry.
VR and AR Technology for Virtual Tours
Home viewings used to be a sticking point in pre-con. You could render physical models or crude 3D layouts, but it was challenging for developers to expressly communicate their vision to prospective buyers. But then, a couple of things changed: namely, the pandemic and the ensuing rise of immersive technology.
According to real estate expert and Nobul CEO Regan McGee, “Since the start of the pandemic, there has been a huge rise in sight-unseen real estate sales, signaling a huge shift in how people buy and sell property.” He shared that, “I’m especially excited about how VR can bring in the visual tour aspect to pre-construction sales.”
McGee’s own company, Nobul, is aiding the consumer side of the pre-con industry – a point we’ll cover below.
Drone Footage for Surveying, Resource Management and Marketing
Developers and builder’s agents also use drone footage for virtual tours and marketing, but the technology warrants its own section because it has applications beyond the sales department.
Increasingly, construction companies and developers use drones for surveillance and resource management. Aerial views of the land plot help developers map and plan for construction. Meanwhile, periodic drone surveillance of the construction site helps companies stay on track and on budget.
Cloud-Based Platforms for Continuous Cost Modeling
Cloud-based construction management platforms are becoming a popular feature of pre-con projects – for good reason. In the past, project teams shared tenuous lines of communication and worked from incomplete data; changing the scheduling, design or cost of a project was a slow, imprecise ordeal.
Cloud-based platforms are improving the process. Essentially, they automate workflows, facilitate communication and share insights in real-time, allowing project teams to run smoother. It’s a complicated network of solutions for outsiders to grasp, but this Construction Dive article does a serviceable job of it.
Open Digital Marketplaces for Buyer Communication and Updates
Selling agents are a pivotal component of the pre-construction ecosystem. According to PREW, “Pre-builds take time to come to completion, and staying on top of developments and updates is much less stressful when you work with an agent. Your agent will keep you informed of your upcoming deposit schedule, delays or expedited developments, and any potential decisions that may need to be made along the way.”
In this way, quality selling agents are as important to the pre-construction industry as builder’s agents. They help reinforce confidence and interest in the industry. Open digital marketplaces like McGee’s Nobul help buyers find agents who specialize in pre-construction, and the platform streamlines communication, so precon buyers can feel relaxed and confident about their decision.
In coming years, expect the pre-construction industry to continue finding innovative applications for real estate technology. And expect to see smoother builds, better communication and happier buyers.