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BIM Cost Per Square Foot: Helping Asset Managers Succeed

Nov 23, 2020 10:46:00 AM

As a real estate asset manager, an accurate and up-to-date portfolio is vital to your success. It’s your responsibility to oversee the financial success of the real estate assets of your clients. If the information in your portfolio is out of date or inaccurate, you leave yourself open to a variety of risks and missed opportunities. And if you’re basing decisions off of cost per square foot calculations, it’s very important that you really know how many square feet you’re working with. Luckily, 3D laser scanning and BIM documentation can help you manage your assets more effectively than ever before.

Keep everything in sync

Your portfolio helps you keep track of all your properties, their current state, maintenance dates, and contact information, and more. 3D laser scanning and BIM documentation can help you complete and manage many of these tasks in a more efficient and effective way than ever before.

BIM offers you a virtual representation of the existing conditions of a property. The ability to access this record at any time from any place is invaluable. Not only does it help minimize site visits, it also improves communication with clients. You’re able to demonstrate current conditions and potential changes without setting foot on the property.

Know what you own, own what you know

Building information modeling can strengthen your real estate asset portfolio in other ways. With a 3D visual of the property, you can easily spot any potential opportunities for improving and realizing the benefits of a property. You’re also able to test how making changes to the property will affect the look and feel of a space, and even get a better estimate of the cost. When you’re able to provide your clients with more accurate information, they’re more likely to invest their money in a property.

MAKE SMARTER DECISIONS BY KNOWING WHAT YOU OWN

If a client is considering investing in a property but isn’t quite ready to make such a big decision, BIM can help sell them on the idea. Whether the property has yet to be built, if it’s going to undergo changes, or stay as is, BIM is a powerful tool. Your client is better able to visualize the property as is, as well as what it could be. This is especially useful if significant travel time is required to access the property because it reduces the need for multiple site visits.

To discover more of the uses for laser scanning and BIM in the CRE industry, get in touch with the team at Existing Conditions today.

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Jared Curtis

Written by Jared Curtis

President, Existing Conditions

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