Riding a wave of change

Real Estate Technology: Riding a wave of change

Kodak missed a tipping point and went bankrupt. Blockbuster Video fought the wrong enemy and went bankrupt. Taxi drivers, hotels, travel agencies, and so many other industries are now fighting less against themselves than against new entrants that actually seek to solve a problem, to fill a need, to change old norms. Perhaps more so than most of these industries, the commercial real estate industry has been slow to both recognize and embrace change. I am convinced messenger service companies remain in business solely because the CRE industry continues to mistrust the transmittal of critical documents to anyone or anything not human!

But that is changing, and it is changing fast. The next big thing for our industry, if we are not careful, will happen without the industry’s current players. And the industry is finally waking up. The influx of tech-dependent Millennials into the workforce, combined with increasing pressure to streamline communication and access to information, has made inroads into the business practices of even old-school brokers and traditional owners and investors. They have begun to recognize the importance of innovation beyond just the in-house research listings database and better presentation tools to both new business development and current client service.

As a result, attention (and, therefore, funds) devoted to technology for commercial real estate have skyrocketed. Company-sponsored competitions between internal groups complement existing IT resources in the quest for innovative ideas, while former real estate professionals, now tech innovators, are filling known informational and service gaps with external all-in-one marketing, database or analytics platforms, digital mapping and other architectural applications, and automated building management systems. Beyond that, we are finding more players from outside of the industry finding ways their tools and technology solutions can meet our needs. And much of the activity is being driven by incubators and accelerators like 1871 in Chicago, MetaProp in New York, and new players like Motives in Dallas.

I use this space to talk about leadership and trends in technology. I will talk more specifically about real estate technology over the next few months and will likely have guest bloggers from a few startups as well.

Thanks for continuing to connect with me.

Other related blog posts:
Thinking Like Our Ancestors
Excerpt: At the end of the day, perhaps disruption is a lot more simple than we make it seem at these mega conferences like OpenWorld. Perhaps disruption is simply a relentless focus on consumers: your clients, employees and investors. Dream every night of how you can better meet their needs and there is no way you can NOT disrupt your industry. Perhaps the only way you will get left behind is if you leave your consumers behind. Perhaps disruption is simply about a return to the past.

Facebook, Snapchat, and the new new thing
Excerpt: The bottom line is I don’t necessarily believe the Facebook is in its final days. I do believe, however, the company must drastically rethink their strategy and consider alternatives for growth in the United States. If they truly believe that growth in other markets will counter dramatic drops in USA, I believe that is misguided. Other markets will eventually follow the same path of the United States. Younger users will leave; older users will join the platform at a much lower level of engagement; upstarts will create the next next big thing and advertisers will be tempted away.

Innovations Changing Our Industry
Excerpt: In the interview, I discuss the rapid pace of technological changes in commercial real estate; the use of virtual reality for viewing property; DTZ’s use of analytics to help clients make smarter decisions; as well as the future potential for drones and the Internet of Things.

Be Well. Lead On.

Adam

Adam L. Stanley Connections Blog

Technology. Leadership. Food. Life.

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