Real estate is a time-consuming and duty-driven industry that is profitable. Being innovative is essential for success in the constantly evolving field of real estate development. One of the most significant investments a developer can make in real estate is the successful adoption of Building Information Modelling (BIM) for their construction projects.
In real estate development, BIM is used to predict construction and financing risks, track and monitor all activities throughout the project cycle, respond to the use of sub-par materials, correct design flaws, and handle structural and technical problems. Every project stakeholder will have access to integrated, readily available, and organized information with the help of BIM.
BIM enables savings in time and resources of about 30% compared to the traditional approach. It has optimized construction solutions, enhances collaboration among the stakeholders, shortens design timeframes, detects clashes between trades, monitors the project during construction, and has realistic quantifications with greater predictability by cutting huge losses and rework.
By outsourcing BIM, Real estate developers can successfully meet client expectations and get over roadblocks throughout the pre-construction and construction phases.
● When BIM is employed in the design, the seller can provide the buyer with an in-depth model of the property. This gives the buyer the chance to look around the property and save making several time-consuming trips
● A buyer can view every square inch of the building while it is still being built, begin measuring everything, arrange furniture placement, choose paint colours, and even carry out future changes before they gain entry to the building.
● BIM assists with cost estimation and foreseeing modifications that will affect the building's pricing during the design phase.
Using BIM for real estate marketing and advertising
● The utilization of BIM as a cutting-edge project management and development technique gives real estate developers who adopt it an advantage over rivals.
● Realistic 3D renderings of BIM models are fantastic marketing materials for use on posters, social media, and other online platforms. When clients are given a walkthrough that includes comprehensive architectural, interior, structural, and MEP information, they are better aware of what they are investing in, which boosts their faith in the built asset.
● Improves project planning and design by visualizing every step of the construction process in 3D models.
● Design defect losses typically result from a lack of coordination between the architect, engineers, and project managers or from a simple underestimation of the structural load and reinforcement, which necessitates re-design and re-construction on site.
● Planning effectively reduces mistakes and rework, saves design defect losses during real estate development and construction, and results in time and resource savings.
● Avoiding design fault losses through the use of BIM in real estate development and construction is very successful.
● It is simpler to detect and resolve any clashes in architecture, structures, and MEP projects when using BIM Clash Detection Services. They are actively resolved before the commencement of the construction by spotting them in the digital model which results in reducing risks and avoiding expensive on-site changes.
● Project planning and on-site construction are risky times. To implement efficient risk management strategies, real estate developers must foresee potential risks. Using 4D scheduling services, developers can schedule construction timeframes, risk management strategies, and site operations.
● BIM virtual technologies allow developers and the design team to communicate more effectively, improving the coordination of the design.
● In general, a "smart building" can respond to its surroundings in real-time based on variables like weather, occupancy levels, and energy costs
● BIM assists architects in designing their buildings with technologies that can be operated remotely by other software programs to increase efficiency and reduce expenses, as well as in developing an interface between various scenarios that allows them to communicate with each other.
● Can guarantee that a new building is strong enough to survive severe weather conditions and helps in preparing for these kinds of calamities
● Provides a comprehensive picture from floor to beam and everything in between, making it possible to have an accurate digital representation of everything. This helps developers, project managers, and operators.
● Provides a 360-degree perspective of the project by enhancing productivity and quality control.
● Before the start of construction, BIM enables teams of architects, engineers, and construction workers to work together efficiently, spot possible conflicts, and make wise decisions.
● Real-time cooperation improves workflows and cuts down on miscommunication, which speeds up the construction process. Each party is well-informed on what to do, delivery dates, operating processes, and other factors with BIM, resulting in superior results.
● Improves management effectiveness by giving project stakeholders more power. Using BIM 360, project stakeholders can review the design development, provide feedback, and easily document the changes.
● Assists in gathering data from all areas of building construction, such as structural and site designs, cost projections, material specifications, equipment listings, etc. It helps the construction managers to easily access and share data from every stage of the process, from design to construction, which is especially helpful during safety assessments and compliance checks on the building
● Due to bad investment decisions, a lack of a strategy, redesigning, and rebuilding the estimated cost is higher than the project budget. The general rule that construction cost planners use is to add 15-20% of the project's total cost as cost overrun.
● Using 5D BIM for property development, a precise bill of quantities (BOQ) may be produced, aiding real estate developers in estimating their outlay.
● Corporate real estate companies can incorporate asset information, such as warranty and expiration dates, using 6D BIM to project future maintenance costs. BIM often helps real estate and facilities managers incorporate administrative and lifecycle costs into asset performance evaluations.
● Real estate developers can reduce the risk of budget overruns by making informed judgments based on trustworthy cost predictions and can comprehend the financial effects of design changes before implementation with the use of BIM's cost analysis.
● A real estate developer is concerned about sustainability since poorly developed property emits carbon. In post-construction planning, the lifespan and maintenance costs should be taken into account. For building owners and managers, this causes unforeseen requirements and greater costs.
● The post-construction strategy frequently does not take the lifecycle and maintenance costs into account. The building owners and managers are left with unanticipated obligations and extra expenses. Carbon emissions from neglected constructed assets raise sustainability issues for a real estate developer.
● BIM allows developers to model the effects and changes associated with maintenance, repair, or improvement and offers insights into important systems.
In conclusion, BIM is not just a technological tool; it's a strategic approach to real estate development. Developers who adopt BIM can reap the benefits of enhanced collaboration, cost savings, sustainability, and improved facility management. Moreover, BIM positions developers as industry leaders, giving them a competitive edge in the dynamic world of real estate.
Contractors who engage in very high levels of BIM report returns on their investment that are unquestionably greater than 25%, which is a significant cost reduction for contractors. Additionally, cost-cutting allows real estate developers to increase profits from the project's early stages while staying within budget and schedule, which directly benefits their shareholders.
The future of real estate building will be characterized by innovation, accuracy, and the completion of successful projects as BIM use increases. So, incorporating BIM into your real estate projects isn't just an option; it's a necessity for those who aim to thrive and lead in this ever-evolving industry. It's time to make the digital shift and embrace the future of real estate development with BIM.