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Robots may affect commercial leases, buying and selling in future

Thanks to the advent of technology, machines may end up dictating real estate's future in Los Angeles and other parts of California. After all, start-up real estate companies are trying to pinpoint new ways of selling not only residential property but also properties featuring commercial leases. This may result in cost savings that will benefit buyers and sellers as well as business owners interested in leasing spaces in commercial buildings.

A company in Silicon Valley, known as Zenplace, utilizes a tablet for renting hundreds of properties throughout the northern part of the state. The company has made the whole leasing process more efficient so that the process takes between 15 and 20 minutes instead of days or even weeks. A real estate agent who is licensed essentially controls a robot remotely so that prospective buyers can tour a property with the robot's help, for example.

With the newest technologies, leasing agents can now do between 15 and 20 showings per day. In the past, agents were able to complete only three to four showings each day. The reason for the drastic change is that factors such as individuals running late, parking and traffic are no longer an issue when the agent can operate remotely.

The changes taking place in the real estate world may seem exciting to business owners interested in commercial leases. However, some things do not change -- such as the need to thoroughly review lease agreements and negotiate them effectively. A qualified attorney in Los Angeles can provide the necessary guidance to ensure that a business owner's best interests are protected before he or she signs on the dotted line of a lease agreement.

Source: wtkr.com, "Are robots the future of real estate?", Feb. 13, 2018

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