Dennis DeAndre, CEO of LoopNet Inc, says that for the 200,000 users who visit his web site every month, creating a critical mass of supply and demand is most important.

"There is another level of inefficiency, the inefficiency of the flow of information, and that's what we've always focused on. Information on both the demand and supply side is what we noticed first of all in this industry," DeAndre says. "But I don't believe you'll ever have a system that replaces a broker in a local market. A broker knows when a property is coming available or a tenant will be downsizing.

Phil Belling, principal of Layton-Belling, notes that six months ago senior executives at major real estate companies were spending 20% to 30% of their time dealing with technology and e-applications, because those tools can have a 2% to 3% positive impact on their bottom lines. Still, the Internet can improve on the ways it helps real estate owners reduce costs, especially at the portfolio level, and corporations improve efficiencies.

"At the end of the day, as an owner and user of services, we'll pay for it if it is clearly defined and if it will fill buildings. To the extent you can provide that service, and an owner or broker can see the benefit, that's what's going to get you guys to profitability a lot quicker," he told his fellow panelists.

Rick Kaplan, SVP of Cushman Realty, believes that technology has had a positive impact on the industry's bottom line. But what is needed the most is accuracy, he says.

"The systems out there right now are not very accurate," Kaplan notes. "Everybody has to have a vested interest or the system will not work. We have to spend time on creating an accurate system."