Affordable 3D Scanning Is Transforming Commercial Property Management Forever

Propmodo Technology

By Franco Faraudo · September 30, 2024

Greetings!

Most commercial properties have been using software for management for several decades now. Early adopters were able to secure a substantial share of the market, capitalizing on their first-mover advantage. The challenge of transitioning from one property management software to another has resulted in significant customer lock-in, making it hard for new competitors to break into the market. Large commercial real estate software companies have generally taken a defensive stance within the technology landscape, with many even charging additional fees for integrating other tools with their platforms, further solidifying their market position.

But as new technologies like AI are introduced to assist property managers, some large commercial property management software companies have begun adopting a partnership approach. Innovative companies with specialized applications for commercial property data are finding ways to integrate their tools with existing platforms. This has accelerated the adoption of technologies such as chatbots and predictive analytics for buildings, as a new generation of property managers seeks modern solutions to enhance property efficiency.

The industry's top priorities right now are efficiency and increasing profits, as costs have surged and financing has become more challenging. Attracting skilled labor is also difficult and expensive. With many commercial property managers nearing retirement, finding replacements has been a challenge. Some property companies are even exploring offsite management, allowing managers to oversee multiple properties from a central office. The shortage of new talent entering the industry, coupled with the risk of strikes, particularly in the hospitality sector, means building owners and operators will keep seeking ways to enable their managers to accomplish more with fewer resources.

This week Propmodo Technology explores commercial property management technology including how 3D scanning, once a luxury for high-end properties, has become an essential tool in real estate. With companies like Matterport leading the way, affordable and accessible 3D scans are transforming both residential and commercial property management.

Let’s go!

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Propmodo Technology is edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

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