While some will tell you that software is eating the world. The rise in technology in and of itself is astonishing in the last few decades – what’s interesting is that while tech as its own industry is large, many other sectors rely on technology as a part of their critical operations. We’ve seen disruption of countless industries such as hospitality (think Airbnb) and taxis (think Uber). One seemingly laggard example of an industry that is just now beginning to be disrupted is real estate. More specifically, the commercial real estate side of lending.
The more of these features an investment property can offer, the more appeal it will have to both renters and buyers. This encourages competition when the Cincinnati Ohio commercial real estate property is available (to rent or for sale). It also encourages renters to stay for longer periods, instead of having to move when their lifestyle changes.
A considerable amount of the commercial real estate lending industry is still running on COBOL, a computer programming language that considerably predates the internet. This, along with other factors, makes the borrowing and lending deals to take a considerable amount of time. Moreover, many specific deal criteria are missed, leaving considerable room for improvement in dealflow. It’s time to improve this situation now and for the future. Real estate must adapt to the new normal that the global pandemic has presented us with and get creative about the usage of commercial real estate.
Learn how and why it is time to modernize commercial real estate lending in the following visual narrative below: