Why the new wave of #CRE tech companies will survive.
Simple. They have people and by that I mean you.
You and everyone else. You are the people.
Without you they are nothing.
With you they are……..almost invincible.
The also have something else on their side.
Social Media Exchanges.
Sure those words seem like natural fits. It’s what we hear all the time.
It’s part of what we expect from businesses now.
It wasn’t always that way.
Think back a few years ago before Starbucks changed the coffee world.
It was just coffee until they decided it was not.
Starbucks told you that they were going to save the world and you bought into it.
Along with a $5 cup of coffee.
How about LinkedIn?
You wanted connection and they gave you connection with your permission.
They also created a social “business” marketplace.
How many times a week do you look at people anonymously on LinkedIn?
You know you do it. Yes you do.
All that business intel for free.
Think about one of my favorites Air BnB.
To make it simple they let people share.
It just happens to be space that is shared. The owners space.
They combine transparency trust and dual accountability all on a social sharing marketplace/platform.
Then there is CompStak.
Somewhere Michael Mandel is holding his breath.
What has Michael and his team created?
A platform. A social sharing business marketplace platform.
Two people decide to share.
They use transparency trust and dual accountability to help each other with a deal.
A commercial real estate deal.
And to keep my little theme as of late going let’s drill down on Zillow.
How do they do it with real estate?
1. People who search Zillows listings provide it with an extremely low-cost and scalable source of raw material. Data and eyeballs.
2. Zillow sells less of more by having tools that reduce the time effort and cost of searching. Creating their own demand/supply curve.
3. The free part of Zillow allows advocacy learning and collaboration and that equals Social Value.
4. Zillows “asset” which is its network appreciates in value.
And they do it using…..
Social Media Exchanges.
POWERED BY THE PEOPLE.
And this is……
Why The New Wave of #CRE Tech Companies Will Survive.
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