What is The New #CREcosystem?
The commercial real estate (CRE) industry has reached an inflection point as conventional business practices give way to market pressures that new technologies are creating. Despite negative rhetoric around lagging adoption rates in Commercial Real Estate, we see professionals discovering clever ways to leverage data transparency and real-time collaboration. Still, as business processes respond to the arrival of new solutions, the basic building blocks of the industry remain intact. Research, due diligence, and relationships will always be the bedrock of CRE. At RealMassive, our strategy is predicated on innovating and collaborating with the industry, not disrupting it. We rely on the collective ingenuity of the market to inform our product roadmap, which is why I’m excited to jumpstart this particular initiative. We recently discussed the trends in data and technology that are enabling a new normal in CRE with the industry’s emerging and influential voices. This is the start of an ongoing conversation and below is a glimpse of what we learned.
Timely access to accurate and relevant data once thought of as a competitive advantage in CRE, is becoming an industry standard. Open source platforms and API’s are quickly replacing prohibitive knowledge monopolies, and with more market data, we’re seeing heightened demand for actionable insights. Real-time analytics can become a significant informant to CRE, providing faster, more accurate information on changes in supply and demand. Barbi Reuter of Cush-Wake | PICOR reminds us, “Data underlies sound CRE decisions – access expedites and informs decision making.” While data will never replace instinct and experience, it’s clear that even marginal investments in technology will have a dramatic impact on business. Improving access to data addresses the challenges facing the industry and opens up an incredible potential for profitable growth.
Mobility is all about staying connected and engaged with your marketplace and stakeholders. New mobile offerings are helping professionals modernize the concept of exceptional and on-demand customer service. Given the fast-paced nature of the job, brokers are uniquely positioned to leverage advancements in mobile-optimized information and collaboration. For industry professionals on-the-go throughout their day, premium mobile technology is both an accelerator and a necessity. GPS, wifi hotspots, and multi-screen experiences have redefined expectations of how and where we work, enabling full-fidelity business impact through remote work and 24/7 connectivity. According to Evan Stone, Managing Director at JLL, “Mobile technology usage by CRE professionals is freeing people from their desks and helping them become more efficient.” Vast computing power now resides in the pockets of professionals enabling remote, real-time access to verify data and stay on top of market dynamics, not to mention critical collaboration opportunities with clients and partners.
A culture conducive to transformation is the hallmark of modern, maturing organizations. Forward-thinking firms seek to establish a culture of innovation that ensures perpetual idea generation while remaining highly efficient and productive. Organizations that have a strong propensity to encourage risk taking, foster innovation, and develop collaborative work environments will succeed in the modern ecosystem. Owner of SVN/Dunn Commercial, David Dunn, explains “We stay on top of the current real estate trends, and we embrace innovation any way we can.” Early adopters of social media, for example, are strengthening customer and stakeholder relationships and engaging new audiences where they live. Digital leader and best-selling author Erik Qualman affirms, “social media isn’t a tech play, it’s a relationship play. It’s living, breathing…it’s your customer…your lifeblood.”
Becoming a data-driven organization is about more than just being tech savvy. Success in the digital age still depends on human touch and the adaptability of the people who wield modern technology. While CRE technologies often encourage professionals to look beyond “business as usual” to a digital-first future, successful outcomes will rely upon the industry’s long-standing foundation of relationships, collaboration and access to data.
This ongoing conversation will take many different forms, beginning with this report which features emerging and influential industry professionals. Over time, we expect to explore these topics by vertical, geography, and function so insights and evolution can be shared with a broader audience. We invite you to join us in this discussion which we hope will pervade business meetings, digital and social media, and industry events. We want your unique perspectives and look forward to innovating together to modernize our dynamic industry.
Download the full report here.
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What is The New #CREcosystem? Guest Post Craig Hancock.