Technology continues to be a catalyst for change in all areas of business and industry, and the real estate market is no exception. Today’s worker is more mobile and more connected than ever before, which means that businesses can operate anywhere. Especially in mature urban centres, the pushback against escalating real estate leasing and ownership costs is escalating.
In addition to reducing the amount of office space a company needs, and re-imagining how that space is used, technology is also bringing down barriers between potential tenants and real estate owners. Developments in cloud computing combined with mobile and social media are resulting in cost-effective and real-time property information, which means many leasing activities are happening online.
In an environment where real estate businesses must direct marketing budgets across a range of channels – and interact with clients and prospects anytime from any location – harnessing the efficiencies of technology is vitally important.
Technology’s impact on the real-estate industry has played a major role in improving communication, storage and accessibility of information and will continue to do so. As real estate is a customer service focused industry, businesses that fail to adapt to change risk losing touch with customers. It is clear that technology has the capacity to cause changes in almost every industry; real estate is no exception.
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