The Importance of Real Estate Continuity Planning
In a world that is increasingly digital and interconnected, unforeseen events can have disastrous effects on the real estate industry. Having a strong business continuity plan in place is one of the best ways to ensure that your company can survive these unforeseen events, and thrive during and after them. What Is Continuity Planning? Essentially, a business continuity plan is a set of procedures that will allow your real estate firm to cope efficiently with a disruption in service caused by cyberattacks, natural disasters or any other incident that may impact normal operations. These plans typically cover emergency actions as well as service restoration activities essential to ensure a quick recovery from any such event. Many real estate companies do not have a business continuity plan in place, and this can pose serious problems in times of crisis. In fact, a recent survey conducted by IndustryEdge and Travelers suggests that…
The Impact of Virtual Reality on Real Estate and Marketing
Virtual Reality is a simulated experience that lets the user explore an imaged world without the need for special gear. It is commonly used for entertainment, such as video games and cinematic experiences. It can also be applied to education, business and real estate. VR is a powerful tool that can be used to showcase properties and enhance customer experience. Its adoption by real estate and marketing professionals allows them to save time and money on physical tours, as well as offer more flexibility to their clients. VR is an essential part of the future of real estate and marketing. It can reduce the time it takes to close a property deal by almost half. This is because VR eliminates the need to travel to visit a property and instead offers the potential buyer a digital experience that enables them to get a more comprehensive understanding of the space, its…
The Impact of Climate Change on Real Estate Strategies
A new report warns that commercial real estate may suffer from climate change and calls on property owners to consider a range of adaptation strategies. The report, authored by the Urban Land Institute in partnership with Heitman, is the first of its kind to assess how climate risks can impact real estate investment locations and opportunities. While there is still debate over the existence of climate change, it’s clear that many aspects of our world are changing, from sea levels rising to a higher frequency of hurricanes and flooding in coastal areas. The consequences of these changes will inevitably affect the value of commercial real estate, requiring a shift in the industry’s long-term strategy. The most visible impacts are physical climate risks, which can cause direct damage to buildings and decrease their values. For example, the National Oceanic and Atmospheric Administration has reported that the number of extreme weather events…