The real estate industry is now jumping onboard the e-business bandwagon. Mortgage lenders are posting web sites, behemoth REITs are using new technology to update their processes and brokers are selling over the Internet. There are more than 30 sites on the Internet currently where commercial real estate is bought, sold and leased.
The study notes the following have been most impacted by new technology: transactions; customer/tenant services; asset and property management; development and construction; facilities management/MRO; and financing.
Not only have companies been able to improve functioning, but also all new companies have sprung up as a result of the emergence of technology in the real estate industry. Dot-coms are answering the growing call of introducing technology to existing real estate companies and taking advantage of the growing virtual marketplace themselves. According to Reiss, hundreds of new technology firms are now in existence, with more on the way.
Joe Rubin, national director of Real Estate eBusiness Solutions says in a statement responding to the study, "Real estate companies embracing the online revolution will ultimately realize substantial cost savings, increased net operating income and higher values both at the property and enterprise levels."
Reiss concludes, "Technology and its proliferation via the Web is opening the door to far greater standardization of industry practices and processes."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
