The impact technology has had on various industries in the commercial economy has been vast. According to real estate investor Shalom Lamm and others, this type of impact has not only been felt by the retail and hospitality sectors. Indeed, the real estate industry has been far from immune from feeling the ramifications of the technology boom. The industry has indeed exhibited changes as a consequence of the innovation that technology has brought upon it .
For instance, the roles of real estate brokers and agents have changed dramatically due to the technology innovation that has transpired over the last several years. Whereas in the past everything was done in person and on pen and paper, now everything is able to be done technologically.
For instance, during the Coronavirus pandemic, with so many investors and prospective buyers worried about social distancing, there have been virtual showings of apartments. And indeed, some of these showings have even led to successful sales and rentals. Real estate brokers are also able to market themselves in the digital world in a far more aggressive and efficient way than they were before the advances in technology we’ve experienced. Shalom Lamm believes these changes have been a net positive for the real estate industry. Indeed, many agree with this sentiment.