NEW YORK CITY-Dale Anne Reiss, an e-business expert for Ernst & Young Kenneth Leventhal Real Estate Group, reports a dramatic shift in the commercial real estate industry’s acceptance and usage of current technology.

The real estate industry is now jumping onboard the e-business bandwagon. Mortgage lenders are posting web sites, behemoth REITs are using new technology to update their processes and brokers are selling over the Internet. There are more than 30 sites on the Internet currently where commercial real estate is bought, sold and leased.

The study notes the following have been most impacted by new technology: transactions; customer/tenant services; asset and property management; development and construction; facilities management/MRO; and financing.

Not only have companies been able to improve functioning, but also all new companies have sprung up as a result of the emergence of technology in the real estate industry. Dot-coms are answering the growing call of introducing technology to existing real estate companies and taking advantage of the growing virtual marketplace themselves. According to Reiss, hundreds of new technology firms are now in existence, with more on the way.

Joe Rubin, national director of Real Estate eBusiness Solutions says in a statement responding to the study, “Real estate companies embracing the online revolution will ultimately realize substantial cost savings, increased net operating income and higher values both at the property and enterprise levels.”

Reiss concludes, “Technology and its proliferation via the Web is opening the door to far greater standardization of industry practices and processes.”

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