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How GIS-based Solutions will be the future of Commercial Real Estate Asset Management

April 17, 2018
Loc8 Insights How GIS-based Solutions will be the future of Commercial Real Estate Asset Management

Property management or estate management is a complicated business and involves the smooth running of multiple activities such as event management, landscaping and even mineral extraction. These days, a single estate comes with its own detailed dossier of issues on account of the complex nature of managing real estate. In the past, property management experts have always relied on detailed maps for their surveying requirements. These days, thanks to technology, we have access to more extensive methods such as geographical information systems (GIS).

The Future

GIS can be defined as a system that captures, stores, analyses, manipulates and manages spatial geographic data.

It refers to a number of different technologies, processes and methods that can use this data in a constructive manner, with applications in engineering planning, logistics, transport, insurance, telecommunication and of course, property management. But how exactly is it helping in property management?

Quicker Research

When property or real estate managers have to conduct research, the level of detail for the queries could have a fairly small set of attributes when compared to more comprehensive investigations used in the past. For example, property record researchers have to peruse hundreds of physical documents to get records of ownership, sales history, etc. Through the use of GIS, we can now search electronically for property records via digital archives or data online. This helps reduce costs greatly but cutting excess time and overhead.

Better Market Analysis

Any realtor will tell you that market analysis is a highly essential step. Especially when it comes to comparing sales with valuation in real estate, the extent of research may differ but both require an analysis of comparative sales. Nowadays, realtors and research specialists use customised real estate software equipped with GIS tools that use geospatial technology, like geocoding and multi-layered maps, helping them achieve more precise market analysis.

Simplifying Due Diligence

When making deals that involve huge plots with complex ownership records, property management experts can use GIS tools that are linked with a local land registry. These systems can be used to check if certain areas of land can be owned by different generations or have differing access agreements. This helps when you need to perform due diligence before signing large land deals and avoid complicated legal matters later.

Making Maps for Contractors

When you need to manage a large property, you can use GIS mapping systems to measure large areas such as formal lawns, fields or woodlands. This way you get measurements for custom paper maps which helps with more efficient grounds maintenance.

Managing Utilities

GIS systems help you maintain an extensive knowledge of the location of your utilities, which comes in very useful in emergency situation. Generally, property managers employ professionals to keep a track of assets like pylons, cables, water mains, drains and stop cocks. With a GIS system, you can save the resources required to employ a dedicated person and invest that in other areas.

These are just a few ways that GIS is changing the face of property management. As technology advances, so will the reach of GIS and its applications in various field service industries. Learn more about the various technologies used in field service management by visiting our Insights page.

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