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Commercial real estate and blockchain technology

On Behalf of | Feb 14, 2019 | Commercial Real Estate |

Making the decision to invest in commercial real estate in California or any other state can result in profits if wise investment decisions are made. However, it is important that investors recognize how the commercial real estate industry is changing. One significant change is the integration of blockchain technology.

One way blockchain technology is disrupting the industry is by changing how property searches are conducted. Using multiple listing services to arrange a contractual offer and conduct property research is still prevalent. Many players in the industry, including potential buyers, brokers, tenants, owners, and managers, make use of the MLS to find important information that can help them make an informed selling or purchasing decision. However, the data must be obtained from multiple sources, which can be an inefficient process that not only makes researching for properties slower but also prolongs decision-making.

Many blockchain start-ups have begun using blockchain technology in real estate to manage data. While the first attempt in 2017 to create a blockchain-based MLS failed, the idea is still being promoted as an improvement over the older system.

There are several issues related to a blockchain-based MLS that must be addressed, including scaling, interoperability and regulation. However, the benefits of the system become more evident as brokers are able to have more control over their data, and the accessibility to listings increases. Commercial real estate professionals can also use predictive analytics to gain actionable insights practically in real time.

An attorney who practices real estate law may assist clients with buying or selling a commercial property, such as an office building, shopping mall, warehouse, retail space or industrial property. A lawyer may protect the rights and interests of his or her clients by reviewing and negotiating contract terms, overseeing real estate closings, addressing zoning law issues or providing representation during foreclosures.