Technology in Real Estate
The first in the Dot Com and real estate industry to focus on real estate but primarily address the residential market are companies like Zillow, Trulia, Naked Apartments and StreetEasy. These companies continue to showcase the power that technology can have when applied to a market that is as large and lucrative as residential real estate.
The commercial real estate market consists of office buildings, hotels, malls, retail stores, multi-family housing, industrial property, warehouses, medical centers and garages. Currently, innovation and technology on the commercial side of the market has been limited with the exception of CoStar and LoopNet.
While the economy is beginning to recover, money is also beginning to flow back into commercial development, which means the most tedious roadblock is being lifted and the market is, “ready for new entrants to build upon the work of the early pioneers in commercial real estate technology.’
How is technology changing the real estate industry?
Real Estate Industry in the Digital Age
New technology will continue to revolutionize the world we live in. During the process many industries will slowly become outdated. According to Brenton Hayden of entrepreneur.com, it is very likely that the real estate industry will be one of the next industries to respond with changes forced by the digital age. We’re already seeing the aforementioned websites having an impact on real estate, and with Air BnB listings that are available for long-term stays, we have yet to see the larger implication.
It’s time for a change. As commercial real estate becomes more and more prominent, technology like automated agent selection and virtual staging will become available for commercial real estate clients as well. Smart real estate agents will welcome these technology changes and use them to excel, while others will fail at adapting to a newer way of thinking and growing within the real estate industry.