Technology in Real Estate

Despite being the single largest industry in the United States in terms of assets, the real estate sector has been surprisingly behind the times when it comes to the adoption of cutting-edge technology.

According to a recent article in Forbes, the real estate industry is at the same place now that many other industries were just getting to in the late ‘90s and early 2000s. Many of the largest real estate companies are using proprietary technology, which entails frequent updates, patches, and ever-expanding functionality, along with all of the known problems that those sorts of fixes bring.

At the same time, there has been little interest in adopting industry-standard platforms in almost all other sectors. This has led to terrible inefficiency, a sort of constant reinvention of the wheel as 20 different companies develop 20 different solutions to precisely the same problem without ever collaborating with each other or determining what an optimal solution might look like based on their collective experience.

All told, the real estate industry is behind the technological times.

Some innovations are showing big promise…

See my blog at JasonCohenPittsburgh.org for my full article.

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