For years, the commercial real estate profession has been a laggard when it comes to embracing technology. That is according to Jeff Finn who is president and CEO of RealNex, a commercial real estate technology solutions company.
Finn tells GlobeSt.com that 15 years ago and even up until recently, the industry had been slow to adopt technology for many reasons. "One is structural, as historically agents have been independent contractors and there has been an issue with regard to how technology solutions where funded and how implementation could be controlled."
Next, he says, "the industry is highly mobile and there has been the belief that being tethered to a device would not increase productivity." And finally, he explains, "top producers have generally been more senior and their ways of 'relationship' selling had been extremely successful."
These factors, Finn explains, lead to a perpetual cycle of low tech adoption.
But this is all changing now, he explains, as a next generation of client is demanding a more sophisticated level of service delivery and as larger and better capitalized CRE companies are standardizing and systemizing their approach to the market. Further with technology now being available at your fingertips 24/7, capital is now available to build great new technology solutions that are mobile, more user friendly and do in fact result in greater efficiency and productivity. Another enabling factor is the transition from "lone ranger" to a team based approach – which allows even technophobes to leverage the power of technology.
And there are several technology tools available that the industry is now embracing, he says, including property listing systems, financial analysis software, customer relationship management systems, e-mail marketing distribution system, lead generators—even comprehensive news sites and blogs to follow industry trends. "Other exciting areas are in deal automation and more effective use of video to fully immersive 3D virtual environments."
Continuing on from the current tools and trends, he expects to see a more rapid and comprehensive adoption of technology in the coming years. "Only those that adopt and implement will realize growth and market leading positions."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
