During yet another panel on the future of CRE tech, I heard many of the same things I’ve heard before. How the driver-less car, 3D printing, mobile connectivity and VR are going to change the CRE industry. How the agent will transition from salesperson to trusted advisor. Better tools for agents, standardized transactions, more transparency, the importance of data, etc and so on. What made this panel a little different was the presence of CoStar CEO Andrew Florance. Not only was he … [Read more...]
My Advice for CRE Tech Developers
I get lots of requests for advice. But with a day job, I don’t have time to give it. That’s why I have this blog - to share some solutions for common problems agents have and suggestions for developers. So here’s my advice all in one convenient post. Know Your Market My experience in small-mid-sized markets. Institutional investors, big developers or national headquarters? Few to none. Agents can’t afford to specialize and they rarely work in teams like they do in major markets. Maybe half … [Read more...]
How Much Does LoopNet Earn?
Continuing the fun with LoopNet numbers, let’s make some LoopNet revenue guesstimates for their agent/brokerage product line taking numbers from their Premium Listing pitch and other numbers I found around the web. Something to keep in mind as you're reading this - The CoStar Group is aiming to generate $1 billion in revenue by 2018. Money for Search As mentioned last week, there could be as many as 140,000 people paying for search. The best deal is to pay $245 a month for search on the … [Read more...]
LoopNet’s Marketing Numbers Deconstructed
I had the opportunity to see LoopNet’s Premium Listing pitch. That it targeted brokerages is interesting on its own, but that’s not what I want to write about this time. Of course it was a slick presentation full of impressive numbers. And just for fun, I thought I’d dig a little deeper into those numbers. Let’s take a look. Only 2% of Those Who Search Loopnet Can See All Available Listings That means 98% of visitors leave the site disappointed. How come that doesn’t happen on … [Read more...]
A Belated Prediction for 2016
A lot of CRE tech types claim that 2016 will be a big year for CRE technology adoption. I’m not sure what that means since I don’t know any agent or brokerage that doesn’t use technology already in their work or within their company. I suspect it means that everyone will upgrade whatever it is they’re using. Get their acts together or whatever. That may be true in major markets. They have little choice since they’re working with a level of clients who are demanding more data for better … [Read more...]
CRE Tech – Just Like it’s 1999
While doing some research for a post, I found this CRE tech success story: A provider of consulting and lease administration services, [they’ve] implemented a system that can work with any property management software. As a result, "When one of the operating units wants information about a leased or owned location, they simply log on to the site, enter their password, and have access to their abstracts, image copies of the legal documents and even reports." And this review of a CRE tech … [Read more...]
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