With the shift in technology, we are at a point in history, where information, networks, and opportunities, are available in such a saturated format that being online is becoming more and more laborious.
From Internet Listing Services, 1st Generation Research, Industry Disintermediation, CRM Management, Public Data Aggregators, Crowd Sourced Data Providers, Workflow Platforms, Retail & Demographics, Marketing, and Transaction Engines. Other funding platforms, capital raising platforms, investment sophisticated business development tools, syndication sites, crowd funding, and networking..
Time is in short supply and professionals are tasked with constantly keeping apprised of new technologies and their real estate markets. Some of these sites provide laser focused results, however even those, need to be aggregated, sorted, validated, etc.
If you happen to be a “early adopter or member of the tribe” you probably have attended at least one of @Michael Beckerman's CRETech events...or have subscribed to Quantum Listing, InvizenIT, Loopnet, Yardi, etc, all in an effort to increase your returns while remaining competitive.
#CRETECH continues to enjoy explosive growth with over 3,000 companies now in the space and over $12.5 billion dollars being invested.
So what has to happen for continued growth?
- In 2015: "Our clients wanted more information, that need, leaves us with the only option of evolving a historically fragmented industry into a network of unified information exchange."The availability of information coupled with new technology entering the field made commercial real estate more expansive then ever.
- In 2016: Growth continues across the CRETech space with slow adoption by Institutional real estate companies. The focus for growth was on FINTech.
- In 2017: There are examples validating our need for a unified information exchange such as, Open architecture, Consolidated MLS, REtechnology and public data sharing initiatives, etc. For example highlighting the need to aggregate different data sets, such as the merger of Hightower & VTS
- By 2018: The majority of today's platforms are virtual silos, inaccessible to one another. Hundreds of sensible companies are ceasing to exist. As the CRETech space expands and contracts.
- For success in 2019: The CRETech / PROPTech space end users, are in most instances, Real Estate Professionals who have profitable businesses operating the way they always have.
So how do you decide on your technology strategies or needs? There are over 3,000 + "deal winner" resources available to you and everyone else....
- Ask the right questions. For instance, what are the pain points in your day to day communication with your end users?
- Where can I find the right technologies to solve these problems. Directories, news outlets, and conferences are readily available
- Whiteboard out the problems, the proposed solutions, and then how change will affect the company
- Sanity check? MAKE SURE THESE SOLUTIONS TALK TO ONE ANOTHER, TALK TO YOUR WEBSITE, HAVE A MOBILE READY VERSION! (*Make sure you own your own data)
- Now it is time for implementation, management, and adaptation.
- Track results! If you need multiple functions from multiple sources you will want to have everything available on one simple to use portal. Avoid multi tenanting where possible.
Don't Forget: Do homework, keep asking questions, and look for competitors (chances are, there are a few), avoid redundancies and track what matters.
There is no one size fits all solution, everyone runs their business differently. Just because someone is bigger does not mean they are better. For instance RealtyShares has now closed their doors with over $900 million in committed capital for real estate development deals... Why?
The fundamentals of the Commercial Real Estate Industry have not changed. Relationships, knowledge, and access to deals are still paramount to success..... as originally published on RealConnex Blog Brokers, Bytes. The real disruption in technology is one that takes a... wide approach by now aggregating useful data.. while providing the richest experiences thru vertically integrated data exchanges and the best functionality from individual Commercial real estate platforms.
"A truly vertically integrated user experience/environment will be essential to any serious real estate professional, and the ability to communicate that experience, environment to your end user will be competitive advantage. "
By Andreas Senie
Founder, Business Development Leader, and CRETechnophile
Join other @CRECollaborators using custom #CRETECH toolsets to #connect #transactcre…#settleBlockChain...access #Internetlistingservices... find #PublicDataAggregator…#RealEstateSecurities or when the #brokers #selling #buildings #brick&mortar using #bytes to #CRETECH #InvestingCRE #blockchain ie; completing #realestatetransactions using #realconnextions, #marketcomps, and much more!!!!