How Technology Is Affecting the Commercial Real Estate Industry
Commercial real estate is one of the busiest industries in the country today. Part of its growth and profitability has been the direct result of the development and implementation of technology. Whether you are a proponent or not, technology is constantly advancing, forcing all of us to conform in some manner. While younger agents are typically more eager to adopt new technology, the older generations tend to oppose the process of technological evolution. Just about every industry is going through changes due to the advancements in technology and commercial real estate is no different. Almost every part of the business is affected by new technology; from the beginning of a property search to signing a lease or escrow documents. For the commercial real estate companies and agents that embrace this technology, it is helping them become more profitable and successful. Here are some ways that technology is impacting the commercial real estate industry:
With so many websites providing an abundance of information for free, one of the greatest impacts is the amount of information available to us. Data and information are no longer hidden or inaccessible since there are several websites out there that compile property data such as availability, pricing, and photos.
In many transactions, the time it takes to close the deal has been dramatically reduced while enhancing the commercial real estate professional’s ability to market a property. Using a CRM, (like ClientLook), marketing programs (like Buildout), and a MLS (like CoStar) have had a huge impact on the speed and efficiency of the deal making process.
Cloud Based Applications
Many programs give commercial real estate professionals access to floor plans, availability and other property data all organized in the cloud and or in a mobile app. This is a game changer for the industry. Rather than printing out large documents, the updated information is available at their fingertips wherever and whenever they need to access it.
Marketing your company and your properties has never been easier or more cost effective. There are many new applications designed to help commercial real estate professionals get their properties and messages out to the marketplace in seconds, without having to duplicate their data entry.
Real Time Data
Previously, most research was focused on past data and was something that only a few companies had access to because it was extremely costly. Today, it’s easier than ever to access property pricing and availability in real time. Real time data that is available to commercial real estate companies, large and small, is an important advancement for the industry.