Bernstein & Feldman, P.A.

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Technology is changing commercial real estate

Those who want to buy or sell commercial real estate in Maryland would do well to take a lesson from the experts on how to use "big data" to make important assessments such as property value and price point. Real estate experts are using technology to supply instant information about important data, and this is changing the way that property is bought and sold.

Real estate agents, appraisers and others now use technology to assess property damage, check title facts and even to project improvements to commercial property. The use of technology means that big data is creating a transparency in the real estate industry that has already changed health care and other industries significantly.

Commercial real estate finance has been particularly influenced by the ability to run instant credit reports, assess private data sources and assist potential investors in quickly getting the "big picture" for any given sale. Complicated algorithms that were formerly difficult to use are now run in seconds, producing instant scores on everything from the soundness of the structure in question to the financial reliability of a buyer. Technology is often available for mobile devices as well as laptop and desktop configurations, making it simple to access this data instantly from any location, even when viewing the property in question. With the help of technology, investors now have instant feedback to guide them in making important decisions and can access data on-the-go.

A commercial real estate attorney can also help potential investors or sellers use available data to make wise decisions on buying and selling property. While technology is important, it is also critical for potential buyers or sellers to have advice on the legal implications of any commercial property deal.

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