Historically, anyone interested in purchasing and or leasing brick & mortar assets, i.e. buildings or #bricks, in a market area sought Beltway Broker Bob for their real estate needs, because “Beltway Broker Bob” scours his market for information. He gathers, hoards and makes calculations. He is the one with all the answers and, naturally, anyone interested in #bricks in his market go to him, business flourishes and returns are realized.
However, cyclical in nature, the limitations in available inventory force Bob to run out of #bricks to sell, or #clients to buy them.
What does Beltway Broker Bob do? Well, Beltway Broker Bob seeks out “Main Street Broker Mark”, connects, communicates, and closes transactions in Mark’s area of expertise. Both brokers businesses flourish in the same (cyclical) manner, but have widened the field with their collaboration.
Both covet their own data, continue to stay immersed in their own markets and never knowing quite competing for new business. Clients came to them or didn’t, some brokers sought out others but essentially only a few servicing any particular market.
As you know, this story continues in many ways. The one prevailing conclusion, in investment, if you are in a buyers market naturally, it is not also a sellers market. Generally any market cannot be both optimal for both the buyer and seller simultaneously.
Having succeeded Beltway Bob and Main Street Mark, still both constantly looking for new opportunities, start seeking out other brokers, thus, the birth of the first network/associations working as a group, uncovering and sharing opportunities, through feet on the street knowledge. They attend monthly meetings and luncheons, behind closed doors, to selectively cross over into each other’s markets.
In time, more brokers see the benefit of communicating across greater distances to allow them to uncover more “bricks” in markets the formerly had no access to, and finding new clients further and further from home. Generally what was a 3-5 miles area, becomes 40-60 miles, continuing outward to an hour’s drive or more, from the market they reside in.
Those embracing an outward vision through networking, essentially work smarter and more efficiently, rising ahead of their counterparts. This is done without the need for frequent gatherings, resulting in a more efficient use of time to close more transactions.
Brokers selling brick & mortar, became brokers gathering bytes and bytes of information (bricks/buildings) . Nothing really changes in brokerage, except brokers with larger networks, collaborating with other brokers, scale from luncheons, to conferences, to associations. Communication now more efficient thru email, or by phone. Brokers still hoard their data/expertise in their respective markets or choose to share the opportunity with a colleague to put together a mutually beneficial transaction.
So we see the industry return to a more efficient albeit infant state with silos of Bytes, bricks, money, people, and their resources working one on one or in twos…disjointed, fragmented, and isolated.
So now we have massive amounts of data, countless networks, there are still occasional gatherings, but again, bytes like bricks before them are too plentiful to count, and good ones hard to find.
Beltway Bob was ok, Highway Jim with Beltway Bob was better, and Round about Jonny provided great service but it was not until they shared their knowledge and *skill sets that their businesses truly scaled upward.
Bytes, bricks, ie digital networks and service providers combining not only data & skills must also evolve by vertically integrating the professionals they were created for, into large collaborations or collectives capitalizing on the removal of all the complexities and inefficiencies that plagued professional real estate in the past by layering and cultivating the exchange of data.
It was great to be the expert in your market or your specialty, however unless someone equally as great comes along looking to join forces, then your value eventually fades, the bricks lose their appeal and the bytes like bricks eventually become rubble….
So how does Broker Bob (fully deploying CRETech) or Investor Platform Jim or Service Network Nathan advance and accelerate their level of transactions.
Well first like Main Street Broker Bob, technologies must evolve and communicate, as legacy real estate has, they must seek out other brokers/technologies to adapt and provide more “bricks” buildings, and value to our “Clients”
or in technology specifically look to National Association Of Realtors #AMP Architecture (standardized communication structure) or Open API Architecture(round peg to round hole)… represent the most efficient way, for all data relative to a deal being shared and adopted across brokerage technologies, allowing layering of data from segments then silos and creating the most valuable tools in the industry to date.
The real disruption is technology that takes a deal centric and industry wide approach by aggregating capital, investments, services, through the professionals that provide them like RealConnex, but technologies that use machine learning and AI intelligence to push out qualitative data and the richest experiences thru vertically integrated people and platforms, a truly vertically integrated users/experience environment.
You don’t need to look far for the front runners in area ; If you want more data, look to those that provide layering of data powered by #artificialintelligence, and or #bigdata that takes 1st Generation Research providers like #realmassive, and or #ProspectNow; unearthing forgotten or unseen bricks, and #Xceligent providing constantly richer experiences and more in depth analytics to RealConnex bringing the people who use all of the above… Now start blending together technologies…
@RealConnextions utilize @RealConnex to #connect #transactcre…#settleBlockChain…#RealEstateSecurities or when the #brokers #selling #buildings #brick&mortar using #bytes to #CRETECH #InvestingCRE #blockchain ie; completing #realestatetransactions using #realconnextions, and #CreCollaborative
Director Business Development & Strategic Relationships
[email protected] 203-414-0294