By: Kaitlin Lopin
Living and working in a large metropolitan area like San Francisco can easily lead to a daily routine that blinds the average individual from seeing what is happening just outside of their neighborhood. It is important for real estate professionals to be educated on what transactions, developments, and market trends are going on around them. Being able to stay ahead of quickly changing regions can be a difficult task to accomplish, especially in a market as boisterous as San Francisco. The following applications and tools listed below are helpful resources for real estate professionals as well as everyday interested parties that have a desire for learning about exciting projects in more detail.
As the real estate tech industry continues to grow, professionals are constantly looking for new ways to improve and automate their market research and daily activities. A tool that has helped accomplish this is a nationwide application called Crane Watch. Crane Watch is an interactive map tool that showcases the office, mixed-use, residential, medical, infrastructure and other types of real estate development currently under construction. Each development is labeled with a description of the project, the developer behind it, estimated cost of construction, link to stories about the development and more. With the current nature of the real estate industry and the cities that are quickly growing, Crane Watch is constantly being updated. This is helpful, as it allows the users to stay ahead of the growing market and new development projects.
Another great tool is one that allows the viewer to grasp the product availability in multiple markets spanning with everything from industrial to agricultural. This tool is called Loopnet. Loopnet displays relevant information for properties listed for sale or lease along with relative comps, tenant analysis, mortgage terms, and physical infrastructure. It also gives the audience a chance to post their own listings to broaden the database. The mass success of their business and search engine is largely accredited to their site browsing analytics they possess by leveraging Google Analytics to measure unique visitors and tailor the new data and results to the individual.
Along with the applications that are currently on the market there are plenty in the pipeline, and if they live up to what they are projecting for their business model, they will hold high value for users. One in particular that stands out is an application called Reonomy. Reonomy is a commercial real estate data analytics platform that makes property and market level research simple. This tool spans nationwide and allows users to find properties based on their desired characteristics including, land use, year built/renovated, zoning, lot size and much more. It also allows the user to see the property’s debt, ownership, sales history, operating income, cross-collateralization and more! Having access to this material in one search engine allows professionals to leverage it fast helping to maximize returns on the investment. Reonomy is currently only serving the New York area, but should be expanding to new markets soon.
As the tech industry continues to boom and create new apps, the real estate focused industries will continue to benefit from them. The applications listed above are a great way to expedite and gather information that may not have been as easily accessible at an earlier time. This ability will not only increase business and industry relationships but it will also help shape the future of how commercial real estate transactions are researched, performed and completed.