A recent survey conducted by Coldwell Banker Commercial and by NREI reveals that digital tools are increasingly being used by real estate professionals. Commercial real estate technology spans a variety of software, devices, and applications to make doing business more efficient and lucrative.
How Is Commercial Real Estate Technology Being Used?
Digital tools are being used in the commercial real estate industry for a variety of reasons. Real estate professionals and investors are using digital tools to access information as well as share information through various channels, such as property listing websites and social media. File management software is critical to maintaining an efficient business, as are a plethora of other tech tools. Market research would be irrelevant without technology. Researchers need digital tools such as online surveys to gather data.
Importance of Mobile Optimization and Social Media
89 percent of people involved in the study use social media, and 49 percent of those individuals believe that it is important to growing their business. However, only 28 percent of those interviewed for this study use social media to prospect for new clients and generate leads. Unsurprisingly, the vast majority of Millennials use social media. In 2017, this demographic is projected to make up one-third of new homebuyers. They are also spilling into the commercial real estate market. If you aren’t leveraging social media platforms to advance your business, you are missing out.
Commercial Real Estate Technology is Growing
Real estate technology is seeing growing investment. Technology currently only represents approximately 10 percent of firms’ overall spending, according to this study. However, it is projected that by 2019, spending will increase by more than 5 percent for over 60 percent of firms.
About Champion Title & Settlements
Champion Title is a full-service title insurance agency providing title insurance and closing support to streamline closings and increase compliance for our diverse clientele. Champion Title fully embraces technology and is proud to offer clients myriad tools and services to efficiently and accurately assist them with all of their closing needs. For more information, please visit our homepage today!