The World of Commercial Real Estate Brokerage Is Changing. What Will its Future Look Like?
It seems like the world changes faster and faster with each decade, from the way we shop to the way we communicate with loved ones. Commercial real estate brokerage is no different, and many real estate investors are anxious about what the future holds.
We’ve been serving the communities of Nashville, Franklin, Brentwood and beyond for more than thirty years, so we’ve seen firsthand how technology is shaping the commercial property investment process. Based on our experience over the past few decades, we can confidently say that we’ve got a good handle on the changes in commercial brokerage that investors are most likely to experience in the future.
Accessible Buying, Selling, and Renting
There was a time when seeking out a commercial real estate brokerage firm was the first step you made if you wanted to look for rental properties to buy. But as online shopping has become the norm, more and more real estate investors are looking online for properties first, with 90% of homebuyers doing the same.
As this trend continues, investors will see an increase in online platforms that make the search for properties easier than ever.
Convenient In-Person Showings
People are busier today than ever before, and today’s investors expect convenience when it comes to property showings. This might mean anything from seeing a property after-hours to arranging a socially distanced showing.
Lockboxes allow prospective buyers to enter properties for sale alone, without the need for a realtor. As technology seeps into every facet of the home, even devices such as these are seeing improvements, with new smartboxes available that allow buyers to unlock them using a code sent to their phone.
Smartboxes and smartlocks on doors can be programmed remotely, increasing security by allowing the realtor to change the code for each prospective buyer.
In-Depth Virtual Showings
Investors who don’t want to waste time visiting a property in-person until they have a good idea of the place, will enjoy the advancements in virtual showings. Virtual tours and 3D floor plans are quickly becoming common, and we expect them to be the norm as the technology continues to improve and become more widespread.
Quicker Real Estate Financing
One of the most frustrating and time-consuming aspects of commercial real estate brokerage is undoubtedly the real estate financing process. Fortunately, technology comes to the rescue again as specialized financial technology continues to refine the process, making it faster and more efficient.
This technology can also help expedite rent collections, saving landlords time and hassle.
More Efficient Real Estate Agents
Real estate financing isn’t the only thing that’s changing – the very way that commercial real estate agents and property managers do business is expected to see a massive shift.
Manual processes will become automated, freeing up time for the intuitive and relational aspects of the job that AI can’t touch. This means more personalized service and more efficient processes.
Commercial Real Estate Will Remain Viable
Change can be scary, especially when your money is at stake. But even with the changes that technological advancements and societal shifts bring, people will always need a place to live. We’ll continue to see plenty of commercial real estate investment options available to investors long into the future.
Looking for a Commercial Real Estate Brokerage Agency?
With the real estate industry changing at record pace, it can be overwhelming trying to keep up and make sure you’re buying with an eye on future changes. Fortunately, you don’t have to figure it out on your own; an experienced commercial real estate brokerage agency can guide you based on in-depth knowledge of market trends and help you understand what to expect.
If you’re looking for commercial real estate in Nashville, Franklin, or Brentwood, the team at Hinge Development & Realty can help. Contact us today and we’ll be happy to discuss your needs.