Spatial Technology: 4 Advantages in the Real Estate Market April 25, 2017 Commercial Real Estate, Location Or Spatial Technology By: Vivian Nguyen Share: TwitterFacebookLinkedInEmail Are you using spatial technology to better understand the real estate market? Should you be? In the real estate space, there is a wide range of criteria that make a site ideal for each client or project. The most successful brokers are those that are not only efficient in their analysis, can also find the most value. Below are four ways that you can use spatial technology to increase your success and gain an edge on the competition: Save Time with a Better Analysis The art of site selection requires not only the knowledge of the site, but also the area around it. This traditionally requires an understanding of the property information, then an onsite visit. However, what if there was a way to quickly discard less desirable sites without ever leaving the office? This is where a mapping interface shines. By leveraging a map you can perform a more thorough assessment of a site. A map also allows you to be able to quickly factor in details such as whether or not it’s a corner lot, has ample parking, if there is a median blocking incoming traffic. The spatial representation of the information adds another dimension to the analysis. It takes you a step beyond the spreadsheet or a report, helping you to find opportunities that your competitors pass on. Nothing will replace the value of an onsite visit, but mapping technology increases the value of those visits by allowing you to more thoroughly identify and discard undesirable locations. Learn About the Area Surrounding Candidate Sites While the subject property is important, understanding the surrounding area can add value to the deal. For instance, knowing that public transit is only a block away can make an office even more attractive for commuters. For retail site selection, viewing a nearby retail center can lend insight into the competitive landscape. On the other hand, it can help to ensure success by showing the proximity of complementary businesses. Parking can also be quickly analyzed based on the size of the parking lot compared to the number of businesses. Often it’s not just the single location that makes a business successful, but also the surrounding area. Quickly gain an understanding of the area through spatial representation to improve efficiency during site analysis. Track and Manage Deals, Clients, and Projects in One Place When property data is married to a mapping interface it provides an extensive understanding of opportunities. However, sometimes you have your own data that needs to work in tandem with the property data to provide a full picture. This is when leveraging a map to maintain records of client or project statuses, view opportunities, and understand the proximity of multiple sites to one another can prove invaluable. When time is money, there’s no reason to waste it in trying to manage these things separately or on a spreadsheet. By adding them to one spatial interface you can view the information related to each property on a map. This grants you the ability to view proximity and plan site visits more effectively. Peer Presentation and Client Engagement Presenting to stakeholders is nearly always necessary, and much easier on a map. Traditionally, this has been accomplished by either supplying a report or by showing them the site in person. Spatial technology allows you to create a step between these two. By leveraging a map you can navigate the area, showing the pros and cons of each site. You can also quickly and easily note sites that are worth visiting in person, making you more effective when showing them the area. The sites that pass this stage can then be validated for on-site visits where additional analysis can take place. You might also like: How CRE Brokers Can Break Through Market Noise and Win CRE Deals Do High School Ratings Impact Housing Demands? Author Bio Aynsley Dunbar is the Product Manager responsible for Digital Map Product’s real estate solutions. He is passionate about building great products and constantly evolving his understanding of his markets. Contact Aynsley at firstname.lastname@example.org or connect with him on Linkedin.