Here is a Tweet from the one and only… asking.
— CarolinaRetailXperts (@CarolinaXperts) August 31, 2018
If you happen to click on the article it covers a broad spectrum of commercial real estate and makes some pretty stout observations.
I thought I would take it even further and drill it down specifically for brokers and answer John’s question which was “Are #CRE #Brokers safe from automation?
To the first point, I would say yes they are safe for now. Safe in the sense that what a broker does right now on a daily basis is not that far removed from what that same broker did 5-10 years ago. Therein lies what some outside of #CRE sees as a huge opportunity.
That opportunity for some is to basically do away with so much of what a broker is “paid” to do and just do it all themselves instead. Now before you click off and go running away to your Excell spreadsheet hear me out. There may very well be companies and or parts of companies willing and able to do this but in my opinion, that will be an infinitesimal part of the entire market. A quick example: Company A acquires and aggregates a humongous amount of data on three certain markets. They take that data and go directly to the owners of specific buildings and or portfolios and do deals. But of course that’s already done today so why use this as an example? Because it’s the way that they will be able to do it. It’s called quantum speed. Look it up. And that has nothing to do with a broker as much as it’s about that process I mentioned before.
The second point I want to make addresses what I think the key issue is and will be. Automation or the process that automation will bring to brokers will be one of the biggest opportunities for every brokerage to leverage. It may be one of the biggest opportunities to come along since…what? The cell phone, or email? Yea, maybe that big. And here is why. Quantum speed. Yes, there it is again and it’s because that quantum speed with help you the broker do what? Better define the market. How will that be possible? With more timely and accurate data. Everyone with a brain in this business knows brokers create the market. I call it market velocity. The ones that don’t think so time and time again get hammered out of existence.
The third point I want to make is how this should can and will happen. Let me ask you this and I have about a thousand times, but why hide and hold your data? What if I said that might be the best thing you could do. What if you could use it with more transparent and credible sources while still maintaining your market advantage? You like the sound of that don’t you. What if that data was automated and filtered for you. And done using your proprietary platform? You like that even better!
So John asked a simple question “Are #CRE #Brokers safe from automation?
And I replied with…
That's up to them! https://t.co/fvS5mwKErA
— Dukelong (@dukelong) August 31, 2018
Just remember “Automation or the process that automation will bring to brokers will be one of the biggest opportunities for every brokerage to leverage. It may be one of the biggest opportunities to come along since…” -Duke Long 2018
+1 Remember when everyone thought the fax was about as tech edge as it could get?