When we think about high tech, we typically think about industries such as social media and SaaS. Maybe autonomous vehicles and IoT. But real estate?
Sure, some have become disruptors such as the case of Airbnb. Still, commercial real estate isn’t usually at the top of anyone’s list when it comes to being a technological innovator. Consider this: nearly half of commercial lending systems were written in the COBOL programming language, a language that predates the internet.
If there ever was a moment and an industry begging for tech disruption, this is it. COVID changed the way commercial real estate works, and many are thinking about how to be agile to best use space to meet demand of the modern marketplace.
New technologies such as FinanceLobby look promising to be disrupters, as they allow the lenders and those looking for specific types of deals to be more nimble. Given the sheer amount of time that deals often take, it’s easy to imagine that deals that should have happened in a bank’s own backyard won’t occur without proper agility.
Learn more about the hope of modernizing the commercial real estate lending market in the visual deep dive below: