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When you sit back and try to imagine what will inspire the next phase in the evolution of mankind, technology is the first thing that comes

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When you sit back and try to imagine what will inspire the next phase in the evolution of mankind, technology is the first thing that comes to mind. Technology has changed the way we communicate since the 19thste century, and until now there seem to be milestones to cover.

It has also had a huge impact in the medical industry, as well as the financial sector, among others. The list is long, so it is better to say that technology is everywhere. Even in areas you would not normally think of, such as real estate.

how so? You may ask. Well, ideally, people want to put everything inside a computer, including property. Welcome to the information age.

Forget about virtual reality, welcome to virtual brokers

Is Zillow ringing a bell? Or are you more familiar with Trulia? It may be that you prefer Realtor.com, but these three form what is just starting to look like the tip of the iceberg. This is at least what one of the biggest real estate website designers OWDT believes is the case.

According to OWDT, a leading website developer based in Houston, Texas, the services provided by people like Zillow and Trulia have opened up new opportunities in the “virtual” real estate market. The amount and quality of data that Zillow’s third-party real estate platforms can get helps them to tailor information on their sites to suit the interests of their users.

Currently, any real estate agent setting up a website will ask their developers to consider various data sharing features like API (Application Program Interface) to enable them to use the data provided with ease. This means that even the smallest real estate agency out there can now provide customized services to its clients.

Here we are talking about things like online transaction placement, agreement and closing. Cloud services like Dropbox and Evernote enable people to easily upload and share documents in seconds. And with almost all real estate information available on the web, the real estate market is slowly becoming a major segment of the technology industry.

Is this not how Fintech, now one of the fastest growing segments of the finance and technology sectors, started? Some footprints detected.

Either way, as the number of players in this technology-rich segment of the real estate market continues to grow, comparisons will grow.

There are now several platforms that provide real estate information that has no direct ties to the industry – and Zillow, Trulia and Realtor.com have played a major role in what has been branded as a start-up binge in “virtual” real estate. Technology and real estate are inspiring innovations.

Now from the web, what’s happening on the ground?

Is the intersection of technology, innovation and property limited to web platforms? This seems to be the case from the start, but when you investigate more deeply, you will realize that it spans all levels, especially in commercial property.

Due to the ease of securing office space through online booking, the demand for collaboration spaces has increased tremendously. Today you can easily rent an office space for a day, or even a few hours without complaints from the realtor. The flexibility created by using online platforms to book and pay office space means brokers can easily allocate different time frames to different clients.

As such, more real estate agents now ensure that a significant percentage of their commercial properties include co-op space. This new segment of the commercial real estate market has attracted the interest of all kinds of clients, including small technology startups, freelance consultants and large companies such as KPGM, Microsoft, HSBC, Cisco and Menlo Innovation. Global office space brokers like Offices.co are meeting this demand, offering a wide range of flexible office solutions for businesses in all corners of the world.

This means that realtors and tenants are all willing to accept the unstoppable change that is now shaping the real estate market. Recent projections from the U.S. commercial real estate market are currently tipping the rest of 2022 to serve as an ongoing consolidation period for an industry that has struggled to keep its feet in the course of the pandemic. Collaborative spaces are at the forefront of this quest for consolidation, with the demand for flexibility among workers reviving a sector that fired on all cylinders before the pandemic. This idea of ​​sharing space is also what inspired the creation of the popular online marketing and hospitality services app, Airbnb. It has since grown into one of the largest companies in the hospitality industry.

Not all changes are positive, are they?

Just as technology did to every other industry on which it had an impact, many people lost their jobs in the real estate market as companies adopted automation.

In addition, even while the real estate market continues to grow, some realtors are losing business as companies and multiple tenants want to reduce their rents.

Telecom is one of the most popular terms in the business environment. And while it has its risks, many companies have been forced to start accepting it in the wake of the COVID-19 pandemic. In fact, some of them have already reported massive cost cuts on rent and other related overheads associated with office workers.

For example, this article published in the World Economic Forum reports that health insurer Aetna, which has been using telecommuting for more than 20 years as a tool for employee retention, has managed to reduce office space by more than 2 million square feet, which resulted in annual savings. of about $ 78 million.

Many other companies have used the same telecom measures, especially those operating in the cloud computing market, such as Oracle, Google, Microsoft and Salesforce. Applications such as Skype have also facilitated the implementation of overseas conferences, helping companies to grow globally without incurring exorbitant office rental costs.

Educational institutions do not need to build additional teaching blocks to accommodate all qualifying international students. They can save on property costs by using various technologies to offer online courses through virtual education.

In the end, it seems that some may not be happy with all the changes that technology is making to the real estate market, there is always someone smiling on the other side. This is the case of brokers and companies who want to cut costs by telecommuting.

There is an old saying that necessity is the mother of invention. In the modern world, technology is the mother of innovation. It seems like every sector is trying to explore ways to leverage advances in technology to bring efficiency to the market. The real estate market may not have been one of the early adopters of this paradigm shift, but based on recent developments, it is catching up fast.

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