We’re seeing digital and tech transformation in all areas of our lives. In general, this is a welcome transformation. Not only does technology save us significant time, it also ensures much greater accuracy, which is imperative for improved decision making. Not surpisingly, slow manual processes can be a breeding ground for human error.
The tech revolution is making its presence known in the real estate world, too (albeit, with some hesitation). We’re seeing more and more brokerage firms adopting a technology-first mindset. That said, the idea of what it means to be a tech company is still loosely-defined when related to real estate. Brokerages that are self-proclaiming as tech companies rather than real estate companies allow for a wide variety of interpretations.
As we watch this transition, it’s helpful to understand what this “name game” means, and how it might impact brokers, brokerages and customers at scale.
What it means to be a tech company
For real estate firms that have transitioned to calling themselves a tech company, it may mean one of two things. For some, it could mean they are ‘tech enabled,‘ and actively investing in improved digital processes. For example, they are improving the way they manage customer relationship contacts and communication with an integrated CRM, or they are modernizing some of their dated processes to be digital-first.
For others, it may mean they are shifting their staffing focus towards technologically savvy talent, and decreasing administrative roles in their organizations. Or, they’re investing in the adoption of advanced technology platforms and data resources (or building them internally). Regardless, the integration of new technology can improve the way both clients and commercial real estate brokers make transaction and investment decisions.
The changing brokerage landscape
Technology is enabling clients and individuals to put themselves in the driver’s seat, which has not always been the case the reputably outdated commercial real estate industry. With an ever-increasing repository of data hosted by some of these technology companies, faster and more accurate decisions can be made by REITs, investors, and all other entities benefiting from CRE transactions.
At RealMassive, we are re-imaging the intersection of technology and commercial real estate every single day. As CRE continues to change and brokerages begin to rely more heavily on technology, there will be a paradigm shift to automate all processes that are time-intensive – such as manually gathering market data. Our database is complete with the real-time and historical commercial property data to ensure that you’re making the most accurate decisions for your business.