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The impact of information technology on the property market

Real estate buyers in Florida and around the country are now able to make more informed decisions thanks to the amount of data that is now widely available online. Property buyers can review comparable listings on real estate websites and see how much properties in a neighborhood have recently been sold for. However, property managers and developers have also benefited from recent advances in information technology.

The abundance of data has made the commercial real estate market more transparent by giving all property buyers and investors access to valuable information that was previously only available to a select few. Technology companies use complex algorithms to provide information about matters such as the structural integrity of a piece of commercial property and the financial stability of its owners or managers. Commercial property buyers and investors can also find out when a property was last renovated and how much space is being rented for in nearby buildings.

Commercial property managers are also taking advantage of developing information technology. Sensors placed in commercial buildings can monitor heating, ventilation and air conditioning systems and generate repair orders automatically when problems are detected. Automated systems can also reduce utility bills by shutting down equipment when workers have gone home for the day.

While an abundance of data may be extremely useful to property buyers and investors, it will likely not be enough to help them avoid the pitfalls and legal challenges common to real estate transactions. An attorney with real estate experience will likely be familiar with these challenges and may be able to help the property buyers and sellers to avoid conflict and complete their transactions. Legal counsel could review documents to identify points that may become contentious and also provide assistance with zoning issues or permit applications.

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