Does CRE Need More Technology?

Michael DeGiorgio is the CEO of CREXi.

LOS ANGELES—There is no doubt that the commercial real estate industry has yet to be affected by technology, at least not in a major or meaningful way. But, does the industry nee more technology, or is it an industry that is never going to be changed by technology? Michael DeGiorgio, the CEO of CREXi, a new technology company that is streamlining deal flow and the transaction process, says that CRE is definitely an industry that needs more technology, suggesting that the impact would increase transaction volume.

“There was a time 10 years ago when brokers said that our industry is never going to be changed by technology, and that was a common thought,” DeGiorgio tells GlobeSt.com. “People today understand that technology has to impact the industry, but that it just hasn’t happened yet. Some of the poor technologies and some of the “world’s shrinking” ideology has really helped to pull people away from that idea of brokers selling deals because they are connected to five buyers to the idea that there are hundreds of buyers out there for one property. There are better ways of selling real estate and speeding up the process. Everyone understands that and at least is open to it. Now, it is just finding the right technology to do it and to get everyone on board. We are definitely off to a really good start.”