For a long time now, commercial real estate (CRE) companies were hesitant to embrace the tech wave, unlike many other businesses across other fields. While ambitious companies from various industries started to use software as a way to improve performance and achieve more results, CRE businesses relied on the traditional processes and workflows that have served them for years. However, recently there’s been an advance in the development of commercial real estate technology. Once the decision makers in this sector realized that their processes were holding them back and less appealing to Millennials, they decided it was time for a digital shakeup.
Today, CRE is an ideal option for investors and entrepreneurs who want to combat the common opinion that real estate is a slow and bureaucratic industry. The use of software opens doors that were previously closed or were difficult to access in CRE. Primarily because of the huge capacity of technology to store, manage and use data. Technology also offers a trustworthy process to make sure data is reliable. Therefore, this helps brokers and other CRE professionals that need to confirm the validity of the information they receive.
As the opportunities in commercial real estate technology are growing and more startups are created in this area, some accelerators are investing in new business ideas related to the field; two examples of these are REach and MetaProp NYC. Another initiative in this field is GroundBreaker, which helps real estate projects with label funding and crowdfunding.
Commercial real estate technology allows business to improve their performance and productivity in many ways:
- There’s less paperwork as important information and documents are uploaded to the cloud;
- User-friendly software and analytics systems are very useful in a data-driven industry such as CRE;
- Accurate and transparent data is better organized in apps that help brokers, tenants and other actors to make smart decisions;
- Advances in 3D models are boosting new and exciting ways to explore locations;
- More opportunities and deals are arising in platforms that connects sellers, buyers and investors;
- And much more!
With the acceptance that technology brings great opportunity to CRE, different startups and established companies have started proposing better (and techier) ways to provide great commercial real estate services.
Get to know more about digital solutions that can help CRE professionals to process and manage real estate data in a easier and more effective way: the original blog post Commercial real estate technology: transforming a traditional industry.