Kansas residents will likely know how advances in information technology have revolutionized many industries in recent years. The amount of real estate data available to property buyers has grown greatly, and putting this ocean of information to innovative uses may soon change the way that properties are managed, financed and sold.
The availability of information is making the commercial property market more transparent. Buyers and investors can now take advantage of risk assessment algorithms that compile information such as a building’s structural integrity and maintenance history as well as details about the financial solvency of its owners. Technology can also make commercial buildings easier and less expensive to manage by monitoring heating and ventilation systems and pinpointing problems. When maintenance is required, these systems are able to generate repair orders automatically.
The proliferation of Internet-connected mobile devices has led to the development of a smartphone app designed to provide property sellers or landlords with feedback from prospective buyers or tenants. This data will then be used to identify the reasons why commercial properties remain unoccupied. The $21 million recently raised by the software platform shows how important information technology is becoming in the real estate market.
While additional data may lead to more informed decisions, access to information may not be enough to overcome the many legal challenges faced by property buyers, sellers and investors. Experienced real estate attorneys may be able to facilitate smoother transactions by reviewing important documents and identifying potentially contentious clauses. Attorneys could also provide assistance with regulatory issues such as zoning disputes or permit problems, and their real estate experience may help those involved in a property transaction to avoid some of the most common pitfalls.