When GlobeSt.com started in 2000 as the first online-only, news-only commercial real estate publication, I thought our site was positively ahead of its time, a modern torch in a business that values phone calls and face-to-face meetings over screen time.
Now that the Web 2.0 wave (social media, cloud computing, tablets and smartphones, etc.) is crashing over businesses who think having a Web site is a high tech peak, I worry that the industry will again be very slow to adapt.
A decade ago, many CRE companies were still stuck in the past way of doing business. These firms began Web strategy meetings with mixed apprehension and confusion, asking why a company presence should be considered if it wouldn’t make money. Faxes ruled, and email addresses were alien. “Do I have to type http:// before that?” was a frequent question we online journalists heard by companies wanting to see stories on GlobeSt.com.
Today, just about every business has to have a Web site, if anything just to keep from looking foolish. The Internet and social media has become an exponentially expanding way to provide information to clients, share data internally and allow collaboration across multiple channels and mediums. The fax machine has been abandoned.
However, as amazing as these technological advances are, most business professionals are still learning, or even avoiding, the depth of Internet tools available. Even in the face of office users asking for less space as telecommunication eliminates seats, and Net chains such as Amazon lease up many massive distribution centers for e-commerce, many CRE firms are still concentrating on what is out there, rather than what the future holds.
A social media expert friend of mine, Brandon Chesnutt with Detroit-based Identity Marketing, says that he’s found that in boardrooms there is definitely a lot of discussion about social media, but the majority of professionals are still trying to figure out where it fits within their business or industry. He says this is way more prevalent in multi-generational firms where leadership is very comfortable with the way things are. The barrier to entry is higher for companies with older leaders.
In my opinion, that doesn’t give companies with older leadership a pass. As we’ve learned over and over in this past decade, technology moves at a blistering pace – as firms such as Blockbuster and Borders can attest. Netflix didn’t just raise its rates last week for nothing.
There has been some widespread online success in CRE, but the industry still has a way to go. For example, at this year’s ICSC convention (I just uninstalled the RECON 2011 app from my Droid X2 today), there was an uproar in a distressed properties meeting as the explosion of the online auction business was discussed. Who needs RTC when information about properties can be found by anyone, globally and instantly?
If you haven’t tried entering this brave new world, to borrow a worn phrase, just do it. And push the rest of your team to do it as well. Try Twitter and blogging (and fail at it for awhile like most of us have). Enjoy your Linked In membership (yes, you’re great and your resume reflects it!) but also get on Facebook – it’s not just for those crazy teenagers anymore. Put documents into the cloud. Buy a smart phone or tablet, and use them for more than just Angry Birds and movies on the plane.
And beyond all this, do one more thing – look at your new immersion as merely catching up. The fates of many firms in this Digital Age will be won by those executives who not just figure out their company’s tech strategy for today, but for next month and next year as well.
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