Amidst uncertain economic conditions, commercial real estate (CRE) property managers are always on the lookout for cutting-edge solutions to streamline their operations and maximize their profits. One of these breakthrough technologies, often underrated but incredibly potent, is reality capture. Let’s delve into the world of reality capture and learn how it can be a game-changer for your commercial real estate ventures.
Understanding Reality Capture
Reality capture, at its core, is the process of collecting data about the real world and translating it into digital information. This could be in the form of 3D models, images, or point clouds, to name a few. The technology uses techniques such as drone photogrammetry, 3D scanning, and lidar to convert the physical into the digital realm. Regardless of the capture technique, reality capture can help property managers gain an accurate understanding of a property's condition and structural layout, which aids in simplifying day-to-day property maintenance and regulatory compliance needs. Having a detailed property map that can be referenced from anywhere allows property management companies to more easily identify potential problem areas, maintenance needs, and verify safety standards are met, even when their management teams are dispersed. If you aren’t familiar with how reality capture is being used in property management today, here are five ways to get started.
The Five Benefits of Reality Capture for Property Managers
1. Streamlined Inspections
Routine inspections of commercial properties can be time-consuming and costly. With reality capture, you can have detailed and accurate 3D models of your properties at your fingertips. This allows you to allocate resources more efficiently plus decrease site travel by up to 50%. This way, you can perform virtual inspections at any time, making the process more efficient and less intrusive for tenants. This record of property status can also be helpful when collaborating with external contractors who need to understand as-built conditions. Site inspections are faster with reality captured because vendors can virtually access the property anytime, reducing the need or time required for in-person site visits or related down-time while ensuring compliance.
2. Accurate Lease Calculations
Misjudgments in square footage calculations can lead to significant financial discrepancies over time. Reality capture ensures precision by digitally capturing the exact dimensions of a property, reducing the risk of miscalculations and subsequent disputes.
3. Facilitate Renovations and Reconfigurations
Ever tried visualizing a renovation or layout change based on a 2D floor plan? It's not easy. A 3D model created with reality capture allows for accurate and easily understandable visualization, making reconfigurations and renovations a breeze. Routine capture of a project progress can also help ensure that work is being completed per specifications and on schedule, helping to prevent costly rework. Reality capture also speeds remote collaboration because it allows you to share important site information with suppliers for more accurate maintenance and repair estimates.
4. Risk Mitigation
Reality capture can accurately document a property's condition before leasing, helping to resolve potential disputes over damages when the lease ends. It also helps in tracking and documenting changes over time, safeguarding the property manager's interests and improving the calculation of any end-of-lease fees. Reality capture also makes it possible to verify safety standards and ensure compliance, reducing the need for any facility downtime.
5. Enhanced Marketing and Virtual Tours
In the age of digital transformation, potential tenants or buyers are increasingly expecting online, interactive experiences. 3D models created using reality capture can offer virtual tours, giving prospective tenants a realistic feel of the property from anywhere in the world as well as make it easier to work with space planners to visualize potential space configurations for new tenants.
Healthcare Trust of America Leases and Renovates Properties Faster with Matterport
Healthcare Trust of America (HTA) started using Matterport to solve problems imposed by travel restrictions during the global pandemic but it has continued to use reality capture for several reasons. HTA now shares digital twins with prospective tenants who live out of town and out of state. “If the main decision-maker is in Dallas,” Pearce says, “and we need to show them a property in Nashville, we can now send a link to a Matterport 3D tour so they can walk through a digital twin of the space.”
Critical to HTA’s decision to adopt Matterport was its Capture Services platform offering that seamlessly connects HTA to thousands of Matterport Capture Technicians trained to capture a property with the highest degree of precision, quality, and speed. “With just a few clicks we can schedule and receive a complete and accurate 3D digital twin in as little as 48 hours in any location we need,” Pearce says. A year after its first Matterport scan, HTA had more than 250 Matterport digital twins in its archives. “We’ll continue to use the Matterport Capture Services team well beyond the pandemic. It's much more cost-effective, and the Capture Technicians are professional and continue to deliver the high-quality scans.”
Get Started with Reality Capture Today
Matterport is an industry leader in reality capture for commercial real estate. Our cutting edge technology provides an immersive 3D experience that allows investors, owners, and tenants to explore properties anywhere in the world. With Matterport's advanced 3D scanning, your team can easily create models of existing buildings or new construction projects with unprecedented accuracy. Choose Pro3, our next generation lidar camera that delivers high-resolution reality capture, impressive accuracy, and our fastest scanning speed yet, to scan large indoor and outdoor spaces. Or choose to have a Matterport capture technician scan your spaces for you and book Capture Services today, available in 700 cities and counting worldwide, completed in as fast as 24-48 hours. While the commercial real estate industry has traditionally been hesitant to adopt new technologies, the tide is turning. Reality capture is an affordable, tangible tool that commercial real estate managers can utilize to their advantage today. By improving accuracy, enhancing visualization, mitigating risk, and even revolutionizing commercial real estate marketing techniques, reality capture is poised to redefine the way we manage and interact with commercial real estate. As we embrace the digital age fully, it's time to capture the reality of your properties, one pixel at a time, and watch your commercial real estate portfolio soar to unprecedented heights!