Wazzup Pilipinas!
Can online access to data change commercial real estate?
Buying property is usually the single biggest purchase a person will make over the course of their life. The process of searching for a new home is arduous and any prospective buyer will consume vast quantities of information before tenuously making their final decision.
The Internet age has ushered a new epoch, where consumers have most of the power. When shopping for a house you can use Lamudi an online portal that provides a prospector with numerous data points: recent sales in the area, price fluctuations in the past year, average prices per square meter and even mortgage prices. This puts the customer in the driving seat when it comes to negotiations.
Although information is now readily available online for private real estate, commercial real estate remains a different animal. It is still quite difficult to obtain information about lease and sales transactions and even in some cases the available space. Transparency of data has completely disrupted other major markets recently, Uber being the classic example, so is commercial real estate the next to change, change utterly?