In the property investing field in Los Angeles and elsewhere, there are plenty of myths and misunderstandings. This is particularly true, considering that the industry has many technology startups poised to drive changes in the industry. Here is a look at a couple of notable myths related to transactions involving buildings featuring commercial leases.
First, a common real estate myth is that the relationships fundamentally drive the industry, so technology cannot replace many aspects of the industry. The reality is that commercial real estate transactions and tasks, such as property management and office leasing, are quite unique and complex. New technology can easily help with streamlining transactions, as well as aggregating data and matching potential possible lessees with appropriate options, for example.
Another common myth is that new commercial real estate technology is useful only for smaller deals — for example, those valued at no more than a couple million dollars. However, new technology is expected to be helpful for deals both large and small. In fact, larger deals might actually benefit the most from the newest technologies, due to their ability to drive efficiencies and thus save large sums of money.
New technology is no doubt making the commercial real estate industry more complicated in some aspects, but it is also making the field more exciting in other ways. Of course, one aspect of transactions involving commercial leases remains the same in all of this, and that is the complexity of the legal aspects of these types of deals. Fortunately, an attorney can help those interested in buying or selling commercial properties to navigate their transactions’ legal aspects in the most personally favorable manner possible in Los Angeles.