It is critical for industry professionals
to determine the ways in which they
will organize and use the data that is
available to them. Industry information
technology systems currently assist
professionals in a broad spectrum of
applications.
Recent technological advancements have changed the real estate brokerage industry. Using technology to
sort through and analyze data is important to keep a competitive edge.
Information is Key
Business intelligence is crucial, now
more than ever. As new technology becomes available it is changing the real
estate industry and it is important for
professionals to stay current and up-to-date. As with most professions, the real
estate industry has changed drastically
over the past decade due to innovations
within the information technology arena. For example, innovations in mobile
applications are changing the ways we
stay in touch on-the-go. The ever-increasing presence of social media is
changing the way in which we interact
and share information.
Those who use and adapt with technol-
ogy for their benefit hold an extreme
advantage over those who don’t. In his
book Business The Speed of Thought,
Bill Gates, the founder of Microsoft said,
“Information technology and business
are becoming inextricably interwoven.
I don’t think anybody can talk meaning-
fully about one without talking about
the other.” Business and technology
have become intertwined due to the
large role they play in our lives. We now
have access to mini computers in our
pockets at all times, providing us vital
information for our everyday lives. With
There is an ever-pressing issue in real
estate to know the crucial information
about a property. There are hundreds of
different property data fields providing
beneficial information when pursuing
real estate transactions. In the past, this
information was only accessible through
word-of-mouth or public records. Today,
as a result of mobile technology, entire
libraries full of information are at one’s
fingertips.
As real estate information
becomes more readily available,
it is essential to maximize the
use of technology in order to
be as productive, efficient, and
informed as possible.
As technology advances the need to
obtain more information to remain
competitive increases. Real estate databases derive from a variety of sources.
They can be free or very expensive. They
can originate from internal or external
sources. The only thing they all have in
common is that they are all different.
The key to having the correct database
is specific to each user’s needs.
As real estate information becomes
more readily available, it is essential
to maximize the use of technology in
order to be as productive, efficient, and
informed as possible. Improvements in
research and analytics are making real-time data readily available for more
informed decision-making. Databases
have evolved over time and are an extremely important part of this trend.
“Time and knowledge are key assets
in the commercial brokerage industry.
Technology allows us to more quickly
and more collaboratively offer expertise
to our clients.”
rapidly changing technology, real estate
professionals mush adapt as well and
use it to our advantage.
How This Effects Real
Estate
As technology advances, information
regarding real property becomes
more and more readily accessible.
Bruce Harper, SIOR, president and
broker-in-charge of NAI Avant believes,
Creating an in-house database is an
option chosen by some firms to orga-
nize property information. Examples of
available programs include Microsoft
Access and Excel. There is no one
database where you can pull all the nec-
essary information. The data must be
cross-referenced and carefully vetted in
order to understand what errors might
exist. Double-checking data with reli-
able sources is key in this industry. One
benefit of an in-house database is that it
provides control over where information
originated to ensure it is not “garbage
in, garbage out.” A primary draw-back
is that many offices don’t have the time
to spend creating and updating their
database. A potential solution to this
dilemma is the use of a summer intern
from a local university. As a summer
