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Commercial real estate industry slowly embracing data analytics

On Behalf of | Oct 20, 2017 | Commercial Real Estate

In Missouri, some commercial real estate brokerages have been hesitant to adopt the latest technology because of past problems that they have encountered. While the industry has been notoriously slow in embracing technology, the availability of curated data sets is leading more stakeholders to move forward.

Commercial real estate companies have gained advantages over their competition by gathering and having more data. Data analytics firms have made the data more readily accessible to everyone, increasing the transparency of the industry. In order to get the needed data, brokers would spend a lot of time trying to track it down. If the companies instead use data analytics companies to get curated data, they can save a lot of time and resources that they would have otherwise spent trying to uncover it on their own.

Firms can curate large batches of data for their clients in order to remove data that is bad and present the information to their clients in a user-friendly interface. Still, some companies are hesitant because they worry about the veracity of the curated data. As more companies embrace technology, the industry will likely move forward and start using the technological resources that are available with greater frequency.

Due diligence is vital for any commercial real estate transaction. When people are planning to invest in commercial developments or to purchase buildings, they need to be able to have access to the important information about the properties. Experienced business and commercial law attorneys may help their clients by conducting due diligence on the properties for them. They may also negotiate sales contracts and leases to make certain that the provisions contained in them are in their clients’ best interests. If problems arise, the lawyers may litigate the issues for their clients to try to secure the most advantageous outcomes.