Technological innovations coming to the New York real estate business
Involved in New York real estate? Thank to technology, the scene is changing, and you need to get up to speed.
October 16, 2013 /24-7PressRelease/ -- Technological innovations coming to the New York real estate business
Article provided by Warshaw Burstein, LLP
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The real estate industry is not always quick to adopt new technologies. The New York real estate landscape in particular has long been characterized by the same business practices that have been in use for decades.
Yet, while change has been slow to come to the New York real estate business, a handful of innovators are beginning to bring more advanced technological tools into the equation. If you are involved in New York real estate -- or might be in the near future -- a basic overview of the new developments can help put you a step ahead of the game.
Three-dimensional models of spaces under construction
Marketing space in a building to tenants or buyers when construction is not yet completed can be difficult. Today, many real estate marketers rely on two-dimensional virtual tours. A quickly growing New York company called Floored is attempting to expand and vastly improve upon the virtual experience in real estate. Floored uses sophisticated 3D scanning technology to virtually map any space, and then allows users to experience the space in an interactive environment. These three-dimensional interactive maps can help users get a feel for the depth, lighting and potential layouts of the completed project,
Crowdfunding for developments from neighborhood investors
Private equity money is usually essential for developers. But, an ambitious new crowdfunding company called Fundrise is trying to sever this traditional dependence. The concept is simple: raise money from investors in the community. Fundrise handles taking development projects public and registering them with the SEC. The concept is new, but Fundrise's founders hope the model will attract developers who wish to be free from absentee owners and investors who want a stake in real estate development in their own neighborhood.
Online network for developers, landlords and vendors
Honest Buildings, a Manhattan-based company launched in 2012, is an online network that links developers and landlords with designers, engineers, architects and other vendors. Their online platform includes searchable vendor lists that simplify the process of kicking off the bidding process among a targeted group of the most suitable candidates. The founder of Honest Buildings hopes it will increase access to information and expand developers' and landlords' vendor network.
Informational transparency websites
A number of new web-based projects are aimed at increasing transparency in the New York real estate business. Accurate, publicly available information about the real estate business has been hard to come by in the past in New York City. CompStak (focusing on real estate pricing and deal terms), RetailMLS (focusing on retail spaces), and Urban Compass (dedicated to residential listings) are among the new startups in this area.
Involved in a New York real estate transaction? Discuss your deal with an attorney
It is an exciting time in the world of New York Real estate, and a number of technological innovations are changing the way deals are made. Of course, while these new tools can be great for gathering and sharing information, it is still imperative that you cover all your bases legally. Talk to a New York real estate attorney for assistance with the transactional aspects of your real estate venture.
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