Protecting Your Most Valuable Real Estate Assets

The old ways are not good enough anymore.

I recently spoke with a colleague regarding how the industry has changed. 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, 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 have 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 who is still using technology and medication from the 1950’s – no matter how advanced it was considered back then.

Do your due diligence.

In the commercial real estate industry, due diligence periods are often short and packed with activity. There is a hesitancy to spend a great deal of capital on a project that may or not move forward. That being said, it is also true that the more you understand the exterior envelope, floor space, and operations of the building you’re working on, the more data you have to make good decisions. Due diligence activities are more meaningful when teams are working from a common, reliable set of assumptions about the buildings.

By utilizing the speed and accuracy of 3D laser scanning during the due diligence phase of your project, it is now possible to collect important building information. Getting a team out on site can provide you and your firm with a photo realistic walk through of the space that is dimensionally accurate and requires no special software to view – simply an internet connection. 3D scanning provides unprecedented situational awareness of your real estate assets. This type of information will provide you the ability to understand actual building square foot calculations, circulation, and give you data on potential unsafe or deteriorating conditions of the building. All of this can be done without the cost and time of a full BIM model at this phase. Plus, you can coordinate this entire process without ever needing to physically travel to site yourself.

Protect yourself. Protect your tenants. Protect your most valuable Real Estate assets.

Many of us are asked by insurance companies to photograph, or otherwise document, valuables such as jewelry and fine art. In the event of a loss, you would have realistic information on size, shape, and value, so that you can be made whole again. The same should be true for your most valuable assets – your real estate. 3D laser scanning and BIM modeling provides you with a digital twin of your building. This point of departure provides stakeholders with accurate information tied to the specific moment the data was captured. Having accurate drawings of your building acts as a single source of truth to know the exact square footage of a tenant space, so that you can avoid misunderstandings or litigation involving rent payments. The data does not lie. With today’s technology and the right team, you can record the precise condition of your asset in three dimensions, prior to a loss such as fire or water damage. This information is a critical part of protecting your asset.

Reduce risk and maximize value by making better decisions.

Understanding your asset is key to reducing your risk and maximizing the value of your portfolio. Having a 3D point cloud or BIM model of your property gives you the edge. This digital twin also is an asset to your property. Most of the cost of building will come after the initial purchase. There will be daily needs regarding upkeep, renovation, code compliance, tenant fit outs, and general facility management. Having a BIM model will allow you not only to understand your building today but can also provide you with the information necessary to build a lifecycle cost analysis. It allows smart and sophisticated building operators to project costs of future maintenance, and operations. The data and analytics available provide you with the ability to make informed decisions on when to update critical building infrastructure and what the project costs will be.

Know what you own…and own what you know.

Because we live in a time when information is available on just about anything at the click of a mouse, the same should be true for your buildings. Not only does 3D laser scanning and BIM modeling give you a single source of truth on your most valuable asset, it also gives you ownership of that data in its native electronic format – not just in paper form. When working with Existing Conditions, that’s what you get. This building documentation becomes an asset to your property and can be used at your discretion for tenant disputes, renovations, ongoing facility management and lifecycle analysis. Your ROI will be quick and substantial.   

Our accurate 3D scan data and existing conditions drawings are an essential part of any new project.

Existing Conditions, Inc. was founded in 1997 with one goal – to provide the real estate industry with a resource for creating accurate drawings of their buildings. All of our staff have worked in the building industry, understand the language of building, and ultimately what is important to our clients. We have been on your side of the table. We have experience working for and working as commercial real estate professionals, so we see the value of what we provide, and how it increases productivity and confidence while mitigating risk and reducing costs.

We are experts in providing the following for your buildings:

• 3D Terrestrial Laser scanning and delivery of point cloud data.
• 3D Revit existing conditions models
• 2D CAD existing conditions drawings
• Aerial drone surveys
• Deformation mapping of walls and floors
• Ongoing updates and support on your projects

Get in touch for a complimentary consultation on your next project.