There’s no question that the evolution of technology has made an incredible impact on the commercial real estate industry over the past two decades. The newer generation of commercial real estate professionals, who are naturally proficient with technology, have an incredible advantage over professionals who started in the industry decades ago. They will never experience the pains of waiting for an oversees contract via fax or driving hours to survey prospective property sites.

Tasks that used to require many hours, like prospecting, touring properties and marketing, can be completed in seconds with a click of a button. Brokers are no longer tied to their desks and have the flexibility to work anywhere in the world with their laptops and mobile devices.

Here are four ways technology has changed the commercial real estate industry for the better.

Properties

Adapting and utilizing MLS platforms have become vital to the survival of brokerage firms and understanding the lay of the land doesn’t require as much footwork as it used to. Instead of being limited to only physically visiting the properties, brokers have the option to use innovative tools, such as Google Earth, to expand research capabilities.

Meetings are often held in conference rooms where brokers can sit with their clients and navigate huge areas with the click of a mouse, rather than spending hours sitting in traffic visiting sites across town. This often cuts meeting times down by more than half and time is utilized more efficiently overall.

Due diligence

Government databases, search engines and other research platforms allow for much more thorough due diligence done in a more expedited fashion. Access to existing property information is readily available online through government databases and search engines. Brokers are now able to research previous uses of the property, utility lines, flood plain maps, tax information, previous occupants, environmental issues, any pending litigations and more.

While brokers still utilize third-party consultants during negotiations for items such as financial feasibility analysis and environmental research, they are now able to vet properties ahead of time and proactively address issues before deciding to move forward with a transaction.

Previously, due diligence had to be conducted manually and often at an additional high cost via a third-party group, which could take weeks or months. Today, done in a matter of minutes and at a minimal cost, brokers are able to conduct their own research without visiting libraries, tax offices, etc.

And, when in doubt, search engines like Google always save the day and will provide answers to just about anything you need to know.

Storing and transmitting information

Gone are the days where we would impatiently wait to receive a fax or for our modems to connect. More often than not, these documents would be received with issues and may have required multiple attempts, which meant unnecessary time spent waiting. We have the capability of saving and sending documents in a matter of seconds to anywhere in the world with email or cloud services such as Dropbox and SharePoint. Fax machines are now digital, thanks to services like Adobe, and documents can be signed with the click of a button through e-signatures.

Marketing

Social media platforms and email campaigns have become a cost effective and powerful tool to collect leads and search for prospective clients. We’re able to instantaneously reach a larger audience at a fraction of the cost compared to prospecting through phone calls or mail outs. Collecting property footage is easier than ever before. Marketing flyers that previously relied on images from flyovers were expensive and not available to everyone. Today, every broker is a pilot with the use of a drone to capture a bird’s eye view of an entire premises.

Technology has allowed us to become more efficient and thorough with our due diligence as tasks are completed in a more expeditious manner. As technology rapidly evolves, it’s of the upmost importance that we stay up to date with trends because it will continue to change how we do business.

Despite all of this, it’s also important to never lose sight of forming and maintaining relationships as clients will continue to work with those who they trust. The difference between a good broker and a great broker is the ability to evolve with technology and use it to enhance business relationships.

Learn more about commercial real estate services at Lee & Associates – Houston.

Lee & Associates – Houston is a fully-integrated commercial real estate company specializing in office, industrial and land real estate investments. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, Lee & Associates’ supports real estate needs in the local, national and international markets.