Building Information Modeling (BIM) is just beyond traditional 3D modeling software. It forms a digital representation of a building around its geometry, data, and functional characteristics. This 3D model works as a central source of information, accessible to all participants in a project from anytime, anywhere. In today’s world, every field is going to separate, and professionals in these specific industries are solely developing standards. Business fields like real estate, construction, medicine, tourism, etc. have their standards; as per this, they operate.
In the real estate industry, BIM plays a major role in gaining profitable income as an outcome during all phases of project construction. Thus, the most common benefits of implementing BIM in the real estate-related sector are time and cost savings, along with the excellent quality of the buildings. Hence, from planning, designing, and constructing the project to handing it over to facility management as a final stage, BIMLOD becomes advantageous.
Advantages of BIM in Real Estate:
- Improved Collaboration: BIM enhances collaboration between owners, architects, engineers, and contractors, leading to a continuous workflow and conflict reduction.
- Enhanced Design and Decision-Making: By using 3D visualizations, clash detection is possible. It enables us to make informed decisions about informed design, the performance of buildings, optimizing space utilization, and aesthetic features.
- Cost and Time Savings: BIM helps with correct cost estimation along with scheduling and resource allocation of raw materials. This leads to fewer errors, faster project completion times, and waste reduction.
- Facility Management and Maintenance: In the post-construction stages, BIM models may be used for facility management. The embedded data helps to deal with space management, maintenance planning, and cost analysis during the lifecycle of the project.
- Sustainability and Green Building Design: The BIM model enables simulations to evaluate energy performance, day-lighting, and environmental impact on the implemented design. Thus, it promotes sustainable construction and supports achieving green building certifications.
- Marketing and Leasing: BIM Lod models may be converted into immersive 3D visualizations for marketing as well as leasing purposes. This improves understanding of the building’s functionalities and allows potential tenants to tour the property.
The customer is the great beneficiary.
There is no doubt that contractors prefer the implementation of BIM at a higher rate just because of customer engagement, less project completion time, and obtaining more than 25% of their investment as a return. This shows the importance of both cost and time savings for contractors. Cost-saving features made a direct impact on the shareholders of a real estate developer. It enables them to boost their income from the very early stage of the project, which helps to meet the cost estimate and schedule.
BIM LOD, as the most up-to-date model, can provide an accurate cost estimation by implementing data exchange formats and estimating risks in addition to growth and devaluation rates in real estate. It also provides accurate, understandable, and graphical information to the owner.
In conclusion, valuation methods for property, especially in the real estate industry, are still based on classical tools. But nowadays, this sector might undoubtedly take advantage of BIM achievements and advancements. However, it would require a standard shift, which includes a strategic vision, a strategic road map, and an operational establishment by using standards and methods from the customer. So, to achieve these parameters, the implementation of a small thing like a SWOT analysis may be conducted. It could help to analyze strengths and weaknesses along with both possible opportunities and threats of different types of buildings. and, accordingly, take steps to overcome them as well as fulfill potential needs. This is a good tool that reflects both the pros and cons of BIM LOD implementation within the real estate construction industry.