Stakeholders in the California commercial real estate industry have long been about adopting technology. Despite the slowness of commercial real estate brokers to embrace technology, some are now starting to understand the value of using what it can offer.
In the past, commercial real estate brokerages that had more data had competitive edges. Brokers would spend hours combing through information to uncover the data. With the advent of data analytics firms, this is no longer necessary, freeing brokers to attend to more important tasks. Today, technology has helped to increase transparency so that data is more readily accessible. While people understand the value of data sharing, some are hesitant to do so because of past experiences.
For example, some stakeholders worry about the accuracy of the curated data that they can get from such companies as CoStar. Firms are now curating huge amounts of data for their clients to make it user-friendly and easier to use. The companies work to filter out the bad data so that their customers receive data that has already been curated and that is trustworthy.
Commercial real estate transactions are very complex and require thorough analyses. Prospective buyers should conduct due diligence on the properties in which they are interested before proceeding with their deals. Experienced commercial lawyers may help their clients to find the data that they need so that they have better understandings of the fundamentals of the properties. They may then use what they learn to renegotiate transactions or to decide to move on from them. Lawyers may also advise their clients about legal issues with different properties such as zoning problems, easements and others. The lawyers may advocate for their clients to get variances and to solve other legal problems.