How the Internet has changed the Commercial Property Real Estate Industry

How the Internet has changed the Commercial Property Real Estate Industry

Before the Internet took off in all market sectors, the average client would approach brokers and give them what requirements that they needed to buy or lease a commercial property. At this point the Commercial real estate agent would search through their books on what properties they had to meet these requirements and they would proceed to take the client through the different options available or source equivalent properties.

Suring this time, the Commercial real estate agent did all of the leg work and calling because the client had no idea where or how to start looking for what they needed. This is where the agent sales process came into place, they would have something similar to what was required and it was only a matter of convincing the client that this is what they needed.

Since the inception of the internet and placing listings on commercial real estate portals, the process has been drastically changed. In most cases, the client now has the ability to gain most of the knowledge required before they approach the commercial real estate agent. 

From the internet, they can identify what type of property that they want, the area and the size of the properties. Before the client approaches the agent, they have already narrowed down the choices to a handful of options.

Most of the research and leg work has already been done and the sale process comes when they give the final information about the displaying of the property, pricing, availability and terms for leasing or selling the properties. 

The main reason for a client to call the agent is because the agent is the contact person who is offering the properties that the client wants to look at and is listed on the portals.

This has changed the sales process of a Commercial property real estate agents in some cases to more of a negotiation process to gain the best price for the sale or lease of the property, because the client already believes that they know what they want before talking to them.