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Commercial Property Financing and the Role of the Gig Economy

There is no doubt that the gig economy has created a lasting impact in the labor market. Approximately 40 percent of Americans will work for themselves by 2020.

At WeGoLook, we are at the forefront of this shift in how we work, and how businesses leverage on-demand workforces. But more on this later.

This is not only happening in the U.S., but this is a movement that has been taking place across the entire planet!

Advances in technology have influenced the way we seek professional services. By using platforms like WeGoLook, we gain access to on-demand workers in a much simpler way.

 

What Does This Mean for Companies?

This shift means that qualified individuals are joining these job networks to find relevant jobs. Now, different industries are paying close attention to this on-demand gig workforce concept.

Industries that often deal with ups and downs in the market can take advantage of this movement by leveraging flexible workforces without significant overhead.

A perfect example of this is the real estate industry.

The use of consultants in real estate it is not unique. But, gig platforms have changed the accessibility to such services.

You can now access brokers, lenders, crowdfunding, consultants, laborers, and so much more at the swipe of a smartphone.

You can even fund entire commercial developments through digital crowdfunding platforms like RealCrowd.

But this disruption isn't limited to investments; it's affected how companies operate on the ground as well.

The use of on-demand workers has increased dramatically over the past few years. 

For real estate specifically, this allows commercial lenders and builders to obtain professional labor on-demand at a moment's notice. Need someone to verify a construction site? Or, to deliver documentation? Or even submit condition reports? There are now powerful apps that can facilitate this.

Platforms like WeGoLook allow for easier monitoring and access to gig workers in remote areas. Many real estate developers, financial analysts, and mid-size funds are taking advantage of this.

But, there is still a lot of untapped potential. For example, commercial property financing has yet to take full advantage of the gig economy trend.

 

On-Demand Workers and Real Time Information

Construction lending is an industry that can take advantage of the gig economy by tapping into on-demand field experts.

Imagine you could dispatch a gig worker in real time to travel to a construction site to obtain real-time data, pictures, videos, and other information about the progress and state of a construction project.

All of this information could be relayed to lenders through a secure mobile app, presented in a user-friendly report for commercial lending professionals.

This allows clients in the decision-making and approval of milestones or tranche payments.

The gig economy is empowering enterprises across the world to tap into a professional and on-demand workforce; ultimately reducing the cost of labor and the need for a national footprint.

 

Opportunity For Commercial Property Financing

In light of recent directives by the Trump administration, it appears as though there will be a heavy focus on rebuilding our aging infrastructure.

Financial Institutions must be prepared for this and take advantage of this opportunity. As the intention of this rebuilding, apart from upkeep of the country’s infrastructure, is to also assist in the “creation of new jobs”.

Lending institutions can begin to plug gig workers into their supply chains as needed to act as a virtual nationwide footprint to conduct a variety of tasks.

These include such things as condition reports, status updates, damage verification, and retrieving and delivering necessary documentation between lenders and borrowers.

Many financial institutions are already doing these types of activities, with great success.

WeGoLook can assist with the access to the proper verifications and inspections for a variety of purposes, from an inspection of a large construction site, to a verification of a large asset or even a piece of equipment.