What are the roles of information technology in the real estate industry?

Role of Information Technology in the Real Estate Industry

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Role of Information Technology in the Real Estate Industry

Executive Summary

The Real Estate Industry is a crucial component of the economy of any country . It plays a crucial role in the economic health of the country Information and Communication Technology has taken the world by storm and has pervaded almost all fields of life and work . Real estate is an information intensive business . It is therefore inherently amenable to

application of ICT tools and services . The coming of the Internet and the World Wide Web has provided unprecedented impetus to the Real Estate industry . ICT has also been instrumental in helping the major players in the Real Estate industry to boost the value of the social capital that is a critical factor for success in any real estate endeavour

Information Management has helped in streamlining the real estate sector and in managing the voluminous documentation processes that is inherent of the industry . In the aftermath of 9 /11 , ICT has added value to real estate by providing much needed security systems . Computer Aided Design (CAD , Geographic Information System (GIS ) and GMN have taken the Real Estate industry to new heights of efficiency and business achievements

The brokerage firms , the real estate agents , the property managers and the sellers - everybody has benefited from the proliferation of ICT in the Real Estate industry . It has however been the buyer who has been at a distinct advantage in comparison to the rest of the players in the sector . ICT has opened many new avenues for the buyer of real estate who now has the information , the options and the means available in a variety of forms and access mechanism to make the most judicious and optimal selection from a wide variety of choices . ICT has transformed the Real Estate industry

Pro of the Real Estate Industry

valued approximately at 4 .6 trillions in 2001 (Rojen Consulting Group 2001 . Properties of the real estate market include retail , office industrial , and multifamily investments . The buying , selling and management of these properties are done by a large service sector Prominent players in this service sector are the brokers , the managers of property and facility , specialists in financial services and contractors , who in turn are supported by other service providers such as legal consultants , insurance providers , appraisal agents , surveyors etc . The sector is estimated to exceed 35 billion in the United States annually The real estate brokerage constitutes the largest service sector in the industry in the United States as in elsewhere in the world , and generates 12 .8 billion annually , out of which 7 .6 billion comes from leasing commissions and 5 .2 billion comes from investment sales commission (LaSalle , 2001

Inherently amenable to ICT

The unprecedented development of Information and Communication Technology (ICT ) in the last two decades has pervaded almost all aspects of life . The Internet and the computer have together transformed the world into...