Innovation’s influence on commercial real estate businesses
The concept of the garage startup might be familiar to Florida entrepreneurs, but transferring this concept into the realm of large corporations might be challenging. There can be a great deal of flexibility in a small company that has minimal investments. As a large company becomes successful, however, the need for structure can hinder the ability to innovate. At the same time, innovation could make the difference between barely succeeding and thriving, especially with regard to technological innovation. Commercial real estate is an area in which technology can make a huge difference in the ability of participants to thrive.
In the commercial real estate industry, time can be one of the most important commodities for a realtor, property owner or potential investor. Technology that streamlines the activities conducted in the office can result in huge benefits for those involved in this area. For example, entering a listing’s details on multiple websites can be very time-consuming, but software designed to deliver this information to various sites simultaneously can eliminate hours of repetitive computer work. Similarly, mobile apps designed to provide individuals in the industry with on-the-go access to documents can save time that might otherwise be spent traveling back and forth to properties and to an office.
Innovation in residential real estate technology preceded that in the commercial sector by many years as companies like Zillow and HomeAway made listings easy for consumers, sellers, realtors and rental management companies. As these technologies are refined in the $12 trillion commercial real estate industry, those investing in this realm may save time while improving their financial standings.
A career in commercial real estate could begin with just one property as an individual builds, develops, and rents spaces. However, legal support can be crucial for addressing matters such as leases, zoning and liability.