The Importance of the Internet and Commercial Real Estate
A study performed by Loopnet and Google state that 78 percent of American adults are searching online platforms when they are buying a product. Additionally, 61 percent of adult internet users bank online, 96 percent of the baby boomers are using online job searches to find work, and 90 percent of those buying homes are searching online during the process of buying.
Commercial Real Estate isn’t any different. The decision makers who are charged with finding a location for their business are typically extremely busy, and their time is very valuable. If you were looking to find an office space 20 years ago, that consisted of having landline conversations with your broker, having him drive round to preview all of the locations, trusting the listing broker’s description of the space as it was difficult to review pictures (if they even had any), mail you lease copies to review, mail them to your attorney to review, he emails them back to you…. You get the picture.
The amount of time to complete a transaction is drastically cut down due to relevant technology. Today, a tenant should be able to view a property, see pictures/videos, receive demographic information, review and edit leases, all within a day or two. That isn’t typical, but the ability is there. The more prepared your broker is and the more technology he knows how to use, the more money you can make as a landlord.
For questions regarding commercial real estate in St. George, Utah, contact Brandon Vandermyde at brandonv@naiutahsouth.com
