The real estate industry is facing disruption on two fronts: brokers are getting younger, and technology is changing how business is done. With older professionals retiring and recent grads entering the industry, it’s not surprising that this shift in demographics has brought other changes.
Along with a shift in industry professionals comes an increase in the adoption of real estate technology, often referred to as proptech. All generations are embracing technology at a fast rate, using the latest software in new and innovative ways to accomplish more.
Historically, technology adoption rates have been driven by how good the commercial real estate market is. When the market is strong, professionals often stick to their steadfast practices. Why change if you’re still making money doing what you’re used to? However, when the market starts to fall, people search for solutions that will increase business and revenue.
Currently, the commercial real estate market is thriving. Despite the rapid decline of malls, the emergence of new types of shared or rentable office spaces, and the trend of e-retailers and digitally native brands opening, brick-and-mortar stores have helped the industry stay strong. With this market growth has come the unique phenomenon of proptech tools as a professional must-have, despite a strong market.
Proptech has an opportunity to turn our everyday mobile devices, which are in the hands of almost every industry professional, into powerful business tools. Commercial real estate sites optimized for mobile allow brokers to have access to full data sets when they’re in the field.
This on-the-go model empowers professionals to act in the moment, provide a client with an in-depth analysis of a potential property or capture insights for other properties in the area during a site visit. Mobilizing proptech unchains real estate professionals from their desks and helps them connect with clients and properties in the field.
Widespread adoption and a thriving market suggest that technology has continuously streamlined and improved the work that real estate brokers are doing on behalf of their clients and communities. Professionals are working with clients in new, more efficient ways. Deals are being made and closed faster. Properties that sat dormant are being recognized with new potential by new audiences.