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How technology is changing commercial real estate

On Behalf of | Mar 17, 2017 | Commercial Real Estate

Missourians who are involved in the commercial real estate market might want to take note of some technological advancements that are having an impact on the industry. Technology is changing the way in which commercial real estate business is getting completed.

There are now property management platforms that can track rents, handle maintenance requests and provide real-time information on property performance. Tenants may also submit requests for maintenance using smartphones. Technology has also offered a new source of capital funding through online lending marketplaces, which provide access to a wider range of investors and developers.

On the other hand, investors can take advantage of investment marketplaces online, which may allow them to easily invest in portions of properties through crowdfunded investments. These vehicles allow a broader group of people to get into the commercial real estate market. Big data has also helped developers and project managers by offering analytics to help them make better decisions about acquisitions and sales. In addition, listing services have greatly expanded, offering niche-level listings so that people may more accurately pinpoint their preferred property types.

Technology has made finding and acquiring commercial properties easier. However, those who are interested in specific properties might want to get assistance from business and commercial law attorneys. Lawyers may help with the analyses and research that is needed for conducting proper due diligence. If there are zoning issues, the attorneys may work to secure variances for their clients. Attorneys may also help clients throughout the transaction process, which may include drafting and reviewing contracts, completing market research and ensuring a smooth closing.