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New technology brings efficiency to commercial real estate

4/30/2016 | Real Estate Blog

Technological innovations available to real estate brokers and agents allow them to access data and communicate with buyers and sellers more effectively than ever before. No longer do Pennsylvania agents who are showing a property have to wait until returning to their office to access the latest comparable properties. Mobile technology brings the office to the field to allow the agent to immediately access the data and show it to the prospective buyer.

Internet-based data pertaining to commercial real estate available in a given area offers real estate professionals a chance to better service buyers and sellers. User-friendly software and mobile applications that specifically target the participants in the real estate marketplace have increased accessibility to commercial real estate. Buyers can now shop for properties located across the country by accessing photos and listing information from their smartphones and tablets. Sellers have also benefited by being able to offer their properties to a national audience of prospective purchasers.

Streamlining the process from the point at which a buyer makes an offer to purchase a particular property to the closing is one of the benefits of improvements in technology. Communicating a buyer’s offer to a seller can now take place through mobile technology. The acceptance of electronic signatures on contracts and other documents has eliminated the delays associated with the flow of paper from one location to another. Fewer delays and quicker closings allow the buyers to move ahead with their plans for the property while sellers can use the money they receive to invest in other properties.

Innovations affecting how commercial real estate transactions are put together require that everyone involved be capable of performing at what is now a quicker pace than might have historically been the norm. Buyers and sellers could benefit from being represented by attorneys who are familiar with and experienced in handling these types of matters.