Hyper Local Commercial Real Estate. You Control The Data You Control The Inventory?
Walking or Driving.
You next potential client/user is walking or driving down your main retail/mixed-use/business park street in your back yard head down and their face is glowing because they are looking at what? You know what. That damn smart phone. The same smart phone you use and look at an average of 150 times a day. They are looking at the phone because it gives them what? You know what. DATA. Real Time Data.
Real time commercial real estate data. You of course assume that the user must be looking at some sort of national regional or local commercial real estate database. What else is there? That’s the only way for them to see commercial real estate right? Sorry the odds of that are about 99% percent against that possibility.
Here they are standing in front of a building and staring them in the face is a sign. Guess what it says? You know the answer. For Sale For Lease company name and logo. Name of broker ( it’s always Tad Brad or Chad ) phone number and a www.ourcorporatewebsite.com at the bottom. What’s the first thing the potential users does? Google the address or better yet just click on the address because they are already in Google maps. The next thing they do is go to Google images to see if there are any inside shots of the property. After scanning those they click on video to see what is available. Then they have an ADD moment and click back to Google maps and drill down specifically to see what businesses are listed for the property and what is really close and useful in the immediate neighborhood.
And then they walk on….do you know why? If they have any interest at all they will bookmark the address and then go back and do a more detailed search of the available data for the location. Guess where you are in that process? No where! The sign serves what purpose again?
Oh sure it’s 2013 and you totally get “It.” Let them dig search and accumulate all the data they want to make an informed decision. When it gets down to making the deal and get they ready to pull the trigger BOOM there you are ready able and willing to make bank!
To this point you are not really worried because they have to come to you to do the deal no matter what. That’s the way it is and that the way it looks like it will always be……… Maybe!
Can you share? Do you want to share? Is it already being done without you? Will you have no choice?
It’s been around for a while now. You have heard about it more and more lately it’s called The share economy. More specifically you need to pay attention to the share your data economy. Data that you think by law of the land birth or god given right is yours and only yours to have and hold on to is now being shared and shared openly and for free. Want a little reference? Data+ Location = Commercial Real Estate. No one in the share economy thinks that means ” special data only” they think ALL DATA! You have what you think are your rules. They think and know that there are NO RULES!
The rest of the world already realises this….we need to push this further and will given a little time. This is a good start.
Chest Puffing?
So big deal a few organisations have put together a standardised data set for property. Nothing new to you. You see it as a basic attempt to control what data sets are in their minds important and maintain an outdated business model right? It the same stuff they were doing 10 -20 years ago? Now it just has fancy bars and moving graphics to make it seem fluid and more important.
What you may be missing is that this how commercial real estate data is evolving to help you compete and it is happening right in front of your face.
This means what to me again?
1. Standardised data sets agreed upon by all property users/owners in the world.
2. The ability to integrate that data with localised hyper local data. Street by street. Block by block. Building by building.
3. Real time data sets updated across multiple platforms and pushed back to commercial real estate.
4. Decentralised network of data that allows specific hyper local input.
5. Client/user engagement with ability to compete in real time….not months or years.
This helps me how?
Come on really?
You get to compete on every other level.
Come on think about it.
Yes you do!
Hyper Local Commercial Real Estate. You Control The Data You Control The Inventory?
You tell me!
