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The Rising Role of Technology in Commercial Real Estate

Posted on: April 19, 2019

Real Estate and Technology

Over the last decade, new innovations in technology have begun to transform sectors across the board, including real estate. Real estate technology makes both the agent’s and the buyer’s jobs easier, by reducing paperwork and making transactions, financial or otherwise, more efficient.

Our South Florida real estate lawyer services deal with both the legal and financial aspects, and we are familiar with the ways this contemporary technology amalgamates streams of information to make our lives easier. So, what exactly does real estate technology involve?

What is Real Estate Tech?

First, let’s pin down the terminology. This technology is often referred to in the United States as CRE Tech, which stands for commercial real estate technology, and in the UK as PropTech, short for property technology.

Real estate tech deals with property occupation, management, and transaction – essentially a marriage of information technology and financial platforms. The technology consolidates leasing, property management, co-working, investing – you name it – anything to do with the day-to-day and financial operations of the real estate sector. This can include hardware, online platforms, and software used by participants in the sector.

Examples of Real Estate Tech

In the coming years, big data will take real estate forecasting to a new level – one of well-calculated certainty. Big data has the potential to make sales more secure for buyer and seller, with real-time information at their fingertips.

Another example is the use of virtual reality to create walkthroughs for potential investors. This technology allows for more efficient and less expensive exhibitions, as stakeholders can give feedback instantly, without ever getting on a plane.

As developers and buildings incorporate new tech into properties and their management, real estate information will continue to multiply. Smart home technology, automation that controls climate, lighting, and even building security, is just one example of this kind of technology. Real estate is getting smarter, something that will benefit all industry actors.

Why Use Real Estate Tech?

Real estate is getting smarter, something that will benefit all industry actors.

Technology reduces risk and uncertainty in property transactions and developments, providing more accurate and up-to-date information. Big data offers unprecedented access to information, including property value, history, cost, and neighborhood statistics.

Real estate technology also improves efficiency in many areas. Technology relieves industry professionals of some of the heavy lifting when it comes to finance, appraisals, and analytics, among others. Essentially, it does what people already do, but better and faster.

Speak To A Commercial Real Estate Attorney Today

With the use of technology, transactions tend to proceed more smoothly, allowing all involved to focus on more important aspects of the sale. Looking to invest in property in south Florida? Call or email a Fort Lauderdale commercial real estate attorney today at Schecter Law at (954)-779-7009 to get started.