Technology and the Commercial Real Estate Industry

November 25, 2015

As most commercial real estate brokers in Minnesota understand, most of the software platforms used by the commercial real estate market are outdated and clunky. With leasing agents and brokers needing to spend a large amount of time out in the field showing properties, this outdated technology means wasted time and long hours in the office as well.

A large part of the industry still relies on the same Excel spreadsheets they used decades ago. In recognition of this technological inefficiency, newer technologies are beginning to appear that help to streamline how the business is done.

With lower interest rates, the demand for properties has increased. This has led to a competitive market as well as to competitiveness with obtaining needed capital. Lenders are becoming increasingly strict with who they will lend money to for commercial real estate. The competitive marketplace has also led to an increased need for mobile access for people who are actively involved in the market. New software platforms that help improve efficiency have been developed, as have mobile apps that can be used while people are in the field.

Commercial real estate can be very lucrative for investors and brokers. Having the most innovative technology and programs available can help them to effectively run their businesses from wherever they are. While technology can help improve efficiency and time-savings, an important additional component of success in the industry is understanding exactly when a deal is a good one so people can move quickly on it. Many people in the commercial real estate industry choose to get help from a business and commercial law attorney who represents people in the area of real estate law so that they might improve their chances of success.

This information is general in nature and should not be construed as tax or legal advice.

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