This post originally appeared on Marketplace Partner, RealMassive News Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
This has been a big year in the world of commercial real estate technology. From the inception of numerous innovative startups, to the historical amount of funds invested in them – in 2018, technology disrupted the commercial real estate industry.
We had the opportunity to wrap up the year at the CREtech New York Venture Conference on December 6th. CREtech founder Michael Beckerman and his team veered from the traditional hotel or conference center space – shaking things up by hosting the event at the well-known concert venue, Terminal 5.
Beckerman kicked off the lineup of panelists with his welcome address as the room filled with over 1,000 commercial real estate professionals and enthusiasts – making the event the largest in CRE tech history.
With the help of event networking matchmaker app Brella, CREtech organized a networking lounge for like-minded attendees and potential business partners to meet and engage. We met with several innovative companies (like SharpLaunch & Attom) to learn about what they’re doing to shake up the industry.
When we weren’t networking or discovering, we were front and center for the informative lineup of panelists. Here were some of the takeaways:
Find a problem before creating a solution.
While creating a product based off an idea that we’re passionate about sounds fulfilling and exciting, it’s not always the best method when it comes to launching a startup. Boost your success by first thinking about the client you want to serve and which of their problems you want to solve. It’s a lot more difficult to try and seek out a problem for a brilliant solution.
Find a niche and do it well.
As a tech company in the commercial real estate industry, there’s nothing wrong with being multi-faceted. But, focusing on one key product or solution and excelling at it may be the key to success in the long run. Brokerages and venture capitalists are more likely to invest in multiple technology companies that each focus on one product or solution rather than find a single company attempting to deliver an all-in-one solution. Don’t try to solve all of the industry’s problems. Find a niche and do it well.
Finding the right data.
There are many players in the game of commercial real estate data, but VC’s are still expressing the need for more qualitative and quantitative data solutions in the industry. It will be worth-while to pay close attention to what companies make moves toward owning the space of commercial real estate data.
CREtech New York Venture Conference gave us an exciting preview of what 2019 has in store for technology in commercial real estate.