Real estate is no exception when it comes to technology being the catalyst of change. Nowadays, workers are more connected through their mobile devices. This means that businesses can be operated anywhere and everywhere. In some of the more urbanized centres, there is a pushback in real estate leasing and escalation of ownership costs. But it is also true that many companies have used the remote work model to a great success. This is reducing infrastructural cost to a great extent. What are the ways in which technology has invaded the work space?
Innovative cloud-based system of storing data
A rise in communicating software like Skype and GoToMeeting
Use of advanced enterprise software like OneDrive or Microsoft SharePoint
Better network coverage and decreased prices of internet connections
A robust online market such as Upwork and Behance, where you can apply now for online work assignments
These are some of the ways in which technological invasions have affected various commercial sectors, including the real estate sector. The commercial real estate dynamics is up for a change with collaborative organizations breaking down walls literally and figuratively.
How will technology change the real estate sector?
The real estate sector is profoundly affected by technological advancements. However, experts had not anticipated that the change would happen in such a manner. Technology has also affected other big sectors like healthcare, financial services, transportation, hospitality and retail. In the real estate sector, technological invasions have been less disruptive and more powerful. In the biggest part of the business, that is, giving advice on what to buy to customers, real estate still greatly rely on human intervention as science has not developed to such an extent that algorithms will be able to tell people which house to buy.
Still, the impact of technology on real estate has specifically been in the commercial side:
Transparency: there are numerous websites that provide information to customers for free. This has led to a transparency in proliferation of data.
Speed: previously, months went into closing a transaction. But now with new sites like TenX, the transaction time has been reduced considerably.
Marketing: marketing has been greatly influenced by technology. Increasing property visibility and reaching out to thousands of people through the internet has indeed increased business prospects.
Leasing efficiency: many websites help professional with leasing tools that make their job far easy. In an app they have all relevant data organized.
Real time data: you can get a fair idea about the pricing and availability on a real time basis and not depend on past research.