There are a lot of smart people trying to get rid of the brokerage model. They say things like it’s inefficient because brokerages don’t embrace technology or they rely too much on relationships. Whether they’ll be able to fully rid the industry of relationships is another story. But there are some groups of users who do feel under-served. In fact, those smart people trying to get rid of you have done the work of identifying them for you. That’s why brokerages have a great opportunity … [Read more...]
Is Commercial Real Estate A Target for Disruption?
Lot's of people* insist that real estate is due for disruption. They point to common markers – tell-tale signs that an industry is not serving its customers in an efficient or cost effective way. And because of that, just one person or company can appear on the scene and change the way things are done. Just what are those markers – and how do they apply to real estate? Read on… Disintermediation The existence of an intermediary (the agent "middleman") is a primary marker for industry … [Read more...]
CRE Data – Stop Thinking Small
Someone asked me to summarize what’s going on in CRE regarding data. While the CRE data conversation has mostly revolved around what CoStar/LoopNet and Xceligent are up to, there’s a lot more going on than that. Yes, I’m talking about big data. But everyone in CRE seems to be thinking small. Properties and Listings There’s way too much emphasis on property and listing data. And most of it is “out there” already. You just have to do some work to get it – or pay for it. Except in a few markets, … [Read more...]
What Makes a Salesperson Great?
Early real estate agents were the town know-it-alls. They just knew what everyone was doing, who owned what, what kind of financial condition they were in and which way the political currents were flowing. How did they acquire this knowledge? They liked getting around, meeting people and kept their ears open. They have what I call “Rolodex brains.” They remembered everything. According to psychologists, this is a unique characteristic - a strength - that not everyone has. Sometimes … [Read more...]
Main Street Fairness Act – Not About Main Street & Not Fair
Once again, the Main Street Fairness Act is kicking its way through Congress. The law will give states the authority to tax internet sales so that brick and mortar retailers will no longer be penalized for doing the "right thing" all these years. As an aside, the states should get an estimated $20 billion in sales tax revenue. But forget the tax money. I know I'm relieved to know that Best Buy can, finally, fairly compete with amazon.com. You thought this had to do with mom and pops? … [Read more...]