Law Office of Henry B. LaTorraca Civil Trial Attorney

Updating the commercial real estate industry

California residents have had many years of access to excellent online and mobile tools as they've searched for the right home or attempted to sell a residence. However, the commercial real estate industry has lagged significantly in providing similar tools to its buyers, sellers, leasing agents and brokers. That shortfall is currently being addressed through several trends that are modernizing issues such as data management as developers work to make more intuitive tools available.

One of the primary issues for commercial real estate activities in a mobile era is that data management has been handled with spreadsheets that require a great deal of time and manpower to evaluate and translate into intelligible information about trends. Programming has required intensive training while offering an awkward user experience. As these programs are updated or supplemented with user-friendly features, management of CRE data can be more timely and competitive.

With more efficient data management tools, CRE professionals and investors have the ability to assess their progress in a real-time setting, which promotes more effective decision making. Up-to-date data is crucial for maintaining a competitive advantage while minimizing risks. Further, today's development of CRE tools must include mobile integration because of the need to access information from any setting. Apps have been available for the residential sector for quite some time, and the commercial sector is beginning to follow suit. Consumer-friendly tools promote access for those with long histories of involvement in this industry. These tools also make it possible for newcomers to adapt more quickly.

In managing commercial properties, professionals may find that more reliable tools are a necessity for success. However, reliable information about legal issues can also be crucial. In addition to using technology and mobile tools to evaluate zoning concerns and other legal matters, a CRE professional may find that it is helpful to work with a lawyer who is familiar with these types of land use issues.

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