{"id":1004275079,"date":"2018-11-27T03:26:31","date_gmt":"2018-11-27T11:26:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004275079"},"modified":"2022-12-08T20:19:49","modified_gmt":"2022-12-09T04:19:49","slug":"how-technology-is-upgrading-the-cre-industry","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-technology-is-upgrading-the-cre-industry\/","title":{"rendered":"How Technology Is Upgrading CRE Management"},"content":{"rendered":"

By Adina Marcut<\/p>\n

\"Michael<\/a>

Michael Vullis, principal, Avison Young<\/p><\/div>\n

The digital age and e-commerce are changing the way we shop and work now more than ever. The increasing number of people working from home and the ongoing rise of online shopping are opening millions of big-box square footage to other uses. How are these trends reshaping property management?<\/p>\n

Commercial Property Executive<\/em> reached out to Avison Young Principal Michael Vullis to find out more about the effects that the use of digital tools has on property managers handling office, industrial and retail spaces. With more than two decades of experience, Vullis weighs in on the impact technology has on the CRE industry.   <\/p>\n

What are the advantages of using digital tools in property management?<\/strong><\/p>\n

Vullis: <\/strong>The ability to manage the maintenance and life extension of a building and its systems is critical to an owner\u2019s cash flow. With scanning ability on heating, ventilation, air conditioning, electrical systems and plumbing systems, a manager can maintain a very tight property management program and efficiently service equipment to extend its life and reduce capital replacement costs.<\/p>\n

How can <\/strong>property managers keep up with technological changes? <\/strong><\/p>\n

Vullis: <\/strong>Keeping up with the many technological changes<\/a> in data management requires dual participation between the manager and the tenant. The management firm must be able to absorb and justify the value of the innovation and then sell it to customers who will likely be required to participate in the process. Commercial real estate firms will usually wait for new technology to run through its beta test in the market before taking a risk on full implementation. This is particularly true with larger firms whose implementation costs may be significant.\"\"<\/a><\/p>\n

How has technology impacted your interaction with clients?<\/strong><\/p>\n

Vullis: <\/strong>My interaction with clients has been the most impacted by technology. The traditional communication lines between tenants and management companies have been limited to telecommunications, email and face-to-face meetings. This has changed significantly in three key areas of tenant communications:<\/p>\n