As is our tradition here at theBrokerList our first introduction of our newest Marketplace Partners typically include a kick off blog that we craft. Today however, the team at RealMassive, really wanted to hit it home and tell it like it is about how RealMassive is truly embracing the idea of open-data for CRE and compares it to other market inefficiencies that we are sure you have heard of! Please help us give a warm welcome to RealMassive in joining theBrokerList Marketplace! Thanks to Craig for writing this thought provoking blog to help us all understand the concept of open-data. ~Linda
“On the one hand information wants to be expensive, because it’s so valuable. The right information in the right place just changes your life. On the other hand, information wants to be free, because the cost of getting it out is getting lower and lower all the time.“—Stewart Brand to Steve Wozniak in 1984.
Information Wants to be Free
Withholding it creates mistrust, quality concerns, and produces relentless inefficiencies. Anyone who works in CRE knows this to be true. Despite historically lengthy adoption curves in commercial real estate, the industry is finally headed in the right direction. RealMassive is helping lead this change as we empower CRE professionals with the best open data marketplace and technology available.
The Way to Open Data
Who is doing it right and what do they have in common? Data.gov, Airbnb, and Uber all connect users with what they really need. From the way we hail taxis to the way we search for hotels, niche companies like Uber and Airbnb are changing the way that entire industries operate. Successful innovators have effectively unbundled stagnant industries by identifying basic needs and designing specialized services to serve users, not disrupt them. Value-generation is therefore shared by the innovator and the users adopting the new way of doing business.
|Data.gov is the new initiative by the United States government to open up data access for developers and the curious. Estimates put the latent value of open government data in the many billions of dollars of economic impact. In fact, opening up GPS technology to the masses had a reputed economic impact of between $37–$74.5 billion and continues to grow.|
|Airbnb has disrupted the traditional branded hotel and hospitality industry by leveraging shared economics, creating an unbranded, consumer-driven marketplace connecting travelers with premium residential lodging options across the globe. But their corporate ambition is much larger, as CEO Brian Chesky urges his employees to “create a world where everybody is opening up their homes, where everybody gets a greater sense of belonging.”|
|Uber wanted to make hailing a cab more efficient and did so by connecting people with drivers through the use of real-time data and mobile phones. In fact, Uber even took car-hailing a step further and introduced “Uber Pool,” which allows riders to share a car and split costs. In making an industry pivot, the company’s revenues in San Francisco are now three times larger than the size of the taxicab market. Eventually, Uber hopes that its on-demand platform will go as far as aiding traffic congestion, removing extra cars off of the road.|
Reducing CRE Inefficiencies
Disruptive innovation is happening all around us. It is as ubiquitous outside our industry as is stale data within our industry. Industry titans with large reserves may weather the storm, but will not endlessly endure—without, at the very least, disrupting themselves.
Under Secretary of the US Department of Commerce, Dr. Mark Doms, in response to learning about RealMassive said, “As a classically trained economist, I like to see companies reducing market inefficiencies.”
RealMassive is building the technology needed to promote open-data collection and sharing in CRE. With premium marketing and analytics services built atop an open-data platform, we’re helping industry professionals do more with their data than ever before.