A few days back there was a big press release and announcement that Xceligent had agreed to purchase e-property data and partner up with NAR. Also within the release there were some details about Xceligent getting some big money to expand. Not being one to shy away from the C-suite in the past I thought I would pen a little letter to Doug The CEO of Xceligent.
Here is what you are going to do.
Listen to your own yes men and think that the money solves all problems.
Try to compete with Loopnet and end up being just the same as.
Loopnet is just a billboard and has not changed in 10 years
Now you think you have the Holy Grail which is a marketing platform with a data platform. So what. Everyone has that now.
Your target is 60-65 of the top markets. Big deal. www.airbnb.com has the whole world targeted and is kicking ass.
30 months to get to those markets? Wow nothing will change in that amount of time. The world will stand still.
Keep that Xceligent or Exceligent or Xlicegent brand name. Thank god for spell check.
Here is what you should do.
Forget that Co-Star and Loopnet exist. The way you are doing it now makes your company look like 3rd graders.
Get talent and more talent from outside the industry…or it will be the same as always.
Create product ship and recruit. Some kid out of Harvard named Zuckerberg is doing OK with this simple strategy. Why in the hell would you not do the same!
Branding for www.commercialsearch.com it is what may save your company….or not!
Read up on the commercial real estate data space including fame money sex power and the kitchen sink.
Pay no attention to the brokers …or press…really they have no clue!
Not so random thoughts.
Over promised and under performed it’s your companies rep….as we speak.
So if you are a member of NAR and in commercial you get a discount. Ok members of NAR at CBRE JLL Colliers and so on raise your hands. Come on let’s see them. Yea, that’s what I thought. ( As a side I do enjoy duck breast soup.) 🙂
Ownership of the data…who cares!
You have a CIE “product” which is nice but the brokers barely keep up with their own. Why will they use yours?
Pricing. You want to be the cheapest. Name one company that still exists with that strategy.
Scale.Hard to comprehend? Wait…. no I did mention Air BnB somewhere did I not?
Honest Buildings is the opinion of commercial real estate.
Building Information Modeling is the true data standard.
42 Floors is real consumer facing search.
No one “established ” in the industry is giving the above platforms any chance of succeeding. The reasons they give are many but I think it is classic stare at your own belly button and protect your ass and business model rhetoric. Think Kodak Borders RIM…..and soon to be Best Buy. How “established” are you?
Fear the brokers big and small. Enough pain and they will not want to pay for data and worse yet for you they may just collect it and share it among themselves. They don’t need a “partner” any more. They have themselves and technology as partners!
All the opportunity in the world staring you in the face and some fat blogger sitting in a robe slippers and White Sox hat is spewing out the who what where when and how of YOUR business.
Doug you truly have a chance to change the world for commercial real estate and I think you may be THAT guy.
Do me a favor and don’t fuck it up!