How Will Innovations Affect the Real Estate Industry?

Commercial Real Estate InsuranceHow Will Innovations Affect the Real Estate Industry?

In recent years, many industries have been affected by evolving technology and “disruptive” innovations. Take Uber for example, the ride-sharing network that is revolutionizing and perhaps even challenging the taxi industry. Another example is Airbnb, a community marketplace where people can find fellow travelers to stay with while abroad, disrupting the hotel industry.

The real estate industry is no stranger to the challenge of new innovations. Some believe that there is a fading value proposition for residential real estate agents, for example; with websites such as Zillow readily providing what potential homeowners and home sellers want to know. Not all is lost for real estate agents though! Experts believe that this industry is one that’s ready for a change and agents are the ones that can implement that change.

Innovative ideas are not exclusive to residential real estate agents; the commercial real estate industry is feeling it too. Commercial real estate agents are seeing the advent of collaborative workspaces and open space plans. Many agents see this idea s a temporary fad that will eventually pass, however experts advise that although this may seem like a temporary trend, it’s not one real estate agents should ignore.

Another innovation for commercial real estate agents to be aware of is that small to mid-size businesses no longer have a desire or need for committing to long term leases, based on a prediction of what their space requirements are going to be in three to five years. Companies are more adaptable these days than ever before, and this type of flexibility means that agents must be flexible as well.

At Tri-State Insurance Agency, we understand the unique challenges and risks you face as a Commercial Real Estate agent or broker. We provide the various segments within the industry with comprehensive insurance solutions to address these challenges, which can mean the difference between success and failure for a business. To learn more about our Commercial Real Estate Insurance policies as well as the other specialty industries we serve, please contact us today at (888) 990-0526. 

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