The old ways are not good enough anymore.
I recently spoke with a colleague regarding how the industry has changed. It is clear that the old, inaccurate ways of doing things in the building industry are over. The technology exists in a cost-effective and readily available manner to know what you own, and own what you know. In the past, in order to understand their buildings, real estate professionals would rely on old paper drawings found on site or rent rolls provided by the seller. Looking at these old drawings, they would determine the square footage of tenant spaces to determine rent payments. 3D laser scanning and BIM has forever changed the way smart, sophisticated professionals now conduct business. Since the technology and service providers are readily available, the expectation is that the latest technology and methods will be used to gather the best information so that intelligent decisions can be made quickly. I think we would all agree that we would not seek the help of a doctor that is still using technology and medication from the 1950’s – no matter how advanced it was considered back then.