Recent technological developments have resulted in various changes in the real estate industry, benefiting both realtors and buyers. These developments have made searching for and buying a residential property easier. Still, they have also been helpful for individuals who are looking to invest in commercial buildings, such as drugstore properties. Here is how technology is reshaping pharmacy real estate investment.
Virtual Tours
Back then, prospective buyers could only view a residential or commercial property by setting foot in it during a private house tour or an open house. Realtors know that doing so is vital to closing a sale, so most property consultants or real estate agents would agree to do property tours whenever it is convenient for the buyer. Often, this would mean conducting a tour during after-work hours or doing back-to-back tours for different clients.
Going to an open house is no picnic for some buyers either, as some live miles away from the property they intend to buy, while others are too busy with work to make time for proper viewing. Thankfully, virtual tours take the hassle out of this crucial part of the property investment process.
To make a virtual tour, realtors take multiple pictures of the exterior and interior of a property using a panoramic camera lens. Then the images are edited together with virtual tour software. Uploading the video’s final cut to a website, and clients are given access to it so they can have a good idea of what the property looks like inside and out. Sometimes, the realtor’s narration accompanies the video, so one feels they are genuinely taking part in a property tour.
Virtual tours make residential property viewing a cinch. Still, they are also helpful for those who want to view pharmacy properties, such as Walgreens for Sale by Pharma Property Group. Since classifying most drugstore properties as triple net investments, whoever invests in them must be responsible for any structural repairs or modifications.
Going on a virtual tour of drugstore properties allows potential investors to make near-accurate estimates of how much money they will spend for repairs or renovations, thus, enabling them to secure the right amount of funds needed for the project. Moreover, seeing the area surrounding the property allows investors to gauge whether the pharmacy will get much foot traffic.
Providing Ways to Find Available Properties
Before the age of the Internet, prospective buyers would pore through the classified ads of newspapers to find properties for sale. Sometimes, they would check out community bulletins in hopes of finding flyers or posters advertising houses or commercial properties. Nowadays, finding available properties is more accessible, thanks to websites that provide buyers with all the information they need.
Property-finding websites usually contain pictures and videos of houses or buildings and the location, price, and area. These sites may also offer crucial information, such as the property’s age and the building’s unique features. Investors looking to put down a significant amount of money on a pharmacy property can use these websites to be more informed before making a decision.
Easier Ways to Manage Properties
Property owners and landlords know that property management does not stop at the end of the day. Issues could come up at the drop of a hat, and they usually appear when one least expects them. But technology in residential and commercial properties makes looking after a house or building more effortless. Technology may even prevent common problems from coming up in the first place.
For instance, pharmacy property owners can install an intelligent electricity meter to monitor their business’ energy consumption and find ways to lower the cost of their utilities. This installation would incorporate more intelligent solutions into their investment, such as solar panel installation or using smart bulbs instead of typical incandescent bulbs. Both of these not only help to save on energy bills, but they can also make a drugstore business greener. Moreover, technology can help to make a pharmacy business safer. CCTV systems or smart cameras installed in and out of the premises can be helpful to deter thieves and avoid break-ins.
Keeping Track of Inventory
When tracking a pharmacy’s inventory and stocks used to be a tedious process since pharmacists or drugstore managers used to do this task manually, but with the help of a pharmacy inventory software, the whole medication prescription process, which includes stocking, coding, verifying, and dispensing medicine, and billing, can be automated.
An inventory management system ensures enough medication, goods, or supplies to meet the community’s demand without overstocking. Moreover, this enables pharmacists to focus more on customers and give them the best advice to look after their well-being.
Besides an inventory system, pharmacists can also ensure they release the right medication to the proper person using barcode scanning technology. Verifying the identity of patients and dispensing the correct dosage and medicine is vital to prevent substance abuse or medication theft.
Makes the Buying Process More Convenient
Before, patients needing certain medicines or medical aids would have to enter a pharmacy to get whatever they need. While going to a drugstore enables them to consult with a licensed pharmacist, it can be inconvenient, especially if they are too sick to travel or have reduced mobility due to an accident or an illness. Tech solutions like a dedicated website where one can order medication and deliver it to one’s home can make the whole buying process more convenient and safer for customers. This service also helps control the number of people inside the pharmacy and avoid overcrowding.
Investors, realtors, and customers benefit from technology developments in drugstore properties. Therefore, expect that more innovations will be available to revolutionize the industry, which can encourage more people to invest in retail pharmacies.