The technological revolution may have been somewhat slow to arrive to the real estate industry, but things are changing and changing rapidly. As a result, things are beginning to get exciting in an industry that has traditionally had a reputation for being somewhat staid. Technology that was primarily aimed at providing listing services for residential real estate has since opened a wealth of opportunities for other areas of the industry, including commercial real estate. Currently, there are five key areas where real estate tech is providing tremendous opportunities on the commercial side of real estate.
1. Property Management
A number of companies have already begun to compete for dominance in this area by providing software aimed at assisting property owners as well as management firms in overseeing and tracking commercial real estate assets. While industry-wide adoption remains low at the moment, this simply means there is ample room for future growth.
2. Research and Analytics
In the past, commercial real estate developers have traditionally used some fairly antiquated technology for gathering necessary demographic research in order to evaluate investment opportunities. Today, that is no longer necessary, as groundbreaking technology gives real estate developers the opportunity to crunch data at never-before-seen speeds and make more informed investment decisions.
3. Mobile Applications
These days, it seems as though everyone has an app for everything, and the commercial real estate industry is no different. Due to the very nature of their job, commercial real estate professionals are continually on the go, and everyone from developers to landlords to brokers is now able to do more than ever with just a tap of his or her fingers thanks to a wealth of robust mobile apps designed specifically for the commercial real estate industry.
4. Listing Services
Tech-enabled brokerages have increasingly become the new norm in this rapidly changing industry. Thanks to emerging tech, the playing field is being leveled like never before and traditional brokerages are quickly realizing that they must change their decades-old paradigms in order to keep up. No longer are clients limited to geographic boundaries. Increasingly, clients are able to reach out to brokerages from around the country and even around the world to assist them with their buying and selling needs. Furthermore, clients do not even need to travel in order to view properties.
5. Commercial Real Estate Lending
Crowdfunding has perhaps forever changed the way in which funds are raised for real estate development projects. A vast number of emerging firms have latched onto the opportunities provided by crowdfunding, opening more doors for prospective investors while simultaneously providing more funding avenues for developers.
Technology-driven innovation is already making a significant impact on the real estate industry as a whole. While the commercial side of the industry may have been somewhat slow to respond, one thing is certain: We are facing exciting times as real estate tech continues to grow and evolve.