We Need A Tradable Data Marketplace And We Need To Build It Ourselves.

First off what is a tradeable data marketplace?

Well, it is what it says it is. You might say that we have something similar to that now? I would say not. Whatever you are thinking about it’s nowhere near what we need NOW.

Let me explain.

Tradable is by your definition what? Something of value that can be traded. Simple. But by the definition of commercial real estate today, anything remotely defined as data is not tradable it’s proprietary. I say not at all. Let me rephrase that. I say data that is tradable if it is agreed upon and a standard data set is tradable. Is there will there be priority data in commercial real estate that will not be traded? Yes, probably always.

Who knows that better than us? Sure as hell not some software vendor or tech “executive.” What is and will always be their stance? Hide it keep it and pay us to make sure it stays that way. This is the same old stuff that has been going on forever, nothing new or groundbreaking here.

Part of, no THE problem is that we have allowed ourselves to define a data standard and model that only does what? Rewards NO ONE! Think about that. Who really gains anything? Is that information attainable in other ways and in a more timely actionable manner? Sure it is.

The Global Opportunity that we are missing.

We now have the means and technology to build a tradable data marketplace,

How? Easy with basic collaboration and that collaboration needs to start in two places. The building owners and then the brokerages that service those owners. Yes, I’m talking Blackstone  Boston Properties, CBRE, JLL, and all the other major companies with a vested interest in the real future of commercial real estate.

A quick side: If these major players wanted a certain entity to NOT have any form of influence over the marketplace could they do it? Legally, Morally and Ethically? Hell yes, they could.

If those major players agreed that there was a fair and open source of data that they would use and endorse what could that mean? Everything.

Let me lay it out in simple terms. You can complicate if you want but why, what purpose does that serve other than to drag it down and back to where we are NOW!

– A FREE secured database populated by (with the contributing companies as partners) public and readily available data

– The database will have an agreed to standard base data set.

– The data will be updated by the entire marketplace.

– Each contributor will gain a Value for that contribution.

– The value is created with the database and stays within the database.

– They will NOT pay to source other contributors data.

-The source of and verification of that data will be the benchmark for inclusion in the marketplace.

-The infrastructure needed to support the database will be supported by…….the marketplace. Think about that.

-Again Zero cost and a value added for populating and updating the marketplace. Globally.

How much more complicated can this be. As complicated as you want it to be.

How simple and easy can this be if we want it to work?

All it takes is the willingness to agree we need to make the next leap and innovation ourselves.

We and only we can understand and build what we need.

What happens when this works.

The marketplace thrives.

Globally thrives.

All it takes is a few simple yeses

A simple plan and along with that simple execution.

It’s been in front of us for years.

Have we been afraid to act?

Has it been too easy?

How did we weather the last downturn? We got smarter and leaner.

Why wait. Let’s do it now.

We Need A Tradable Data Marketplace And We Need To Build It Ourselves.

 

+1 Want the flat out real world reason this can and will happen?

TOKENS.

+1+1 You have no idea what that word means is or does? I DO!

 

  • Robert Canter

    I have been saying this ever since Costar was in its infancy.
    It has always been in the Property Owners control. They actually have total control.
    It’s them relying on their brokers to do the heavy lifting of data management whatever form it takes.
    That’s what the Owners will say, that’s a major reason the brokerage or service provider was hired in the first place.
    In retail there must 80% or higher of retail properties listed with NO rental quote.
    One would think with the failing retail sector this notorious habit would go away.
    It’s a pathetic situation, and your call and constant reminders as this is not the first time you have brought this issue up is going on deaf ears.

  • Dan Mihalovich

    Nicely said, Duke. Live marketplace for office leasing deal-making is what griddig does, launched in the San Francisco Bay Area in 2014. Every office building (27,000 of them) is in the database. Owners and listing brokers upload/control their data. So it’s 100% accurate. Add asking rates, photos, videos, CAD files to the listings. All in public view. Free. Listings are pushed over social channels – free. But far more than data exchange, the collaborative tools enable all landlord and tenant teams to negotiate and fully execute LOIs. Use tech tools to double your broker production. Happy to demo for you….and meet you on the 8th at CRE Tech Conf, SF!

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