Friday, April 23, 2010

Technology in Commercial Real Estate

Facebook, Twitter, Linkedin; all this social media helps drive business, including Commercial Real Estate. It's simply the old networking model of going to meetings and local gathering points and handing out business cards and talking to people. But with the internet the world becomes the local meeting place. These sites are great for putting you in touch with buyers and sellers for your Commercial deals, but how can technology speed up a painfully slow sales transaction process?
Online auctions can be the answer. According to the Huffington Post, In 2008 alone, $15.5 billion in commercial real estate was sold via auction, and that number is likely to increase once the 2009 figures are released.
A responsible agent, doing the best for their client should not overlook the online auction process. While you may not get the full listing price, the speed of the transaction from original listing to final sale will save your client money.