19 years into the 21st century, and more than half of commercial real estate executives are embracing technology according to the 2018 DNA of #CRE survey conducted by theBrokerList and Buildout.
For the last four years, theBrokerList and Buildout have conducted an annual survey, the DNA of #CRE. The study takes a deep dive into how real estate brokers and marketers conduct their business. It explores the demographics of the industry, how we spend our time, how we get new business, the tools we use, predictions for the future of CRE and so much more.
The results of the 2018 survey were just released. As a broker, I like to use the survey results to benchmark my company with the other respondents. As the founder of a real estate technology company, I like to see how the industry uses existing technology, and what’s on their wish list for the future. It’s these wish list items I’ll focus on here.
The information below comes from the infographic, raw data, and appendix for this year’s DNA of #CRE results.
CRE Tech Platforms
More than half of the respondents said that they use technology for the following (in descending order): find and list space (90%), email marketing (77%), document sharing (73%), source date (68%), CRM/relationship management (64%), electronic signatures (62%), and marketing software (58%). Other top tools are video and photography software (36%), and commission and back-office software (26%).
Unsurprisingly, CoStar and LoopNet are cited as the top sources for property information. They’ve been around a long time, and arguably created the online commercial real estate information industry. Numerous other services, including QuantumListing, are making inroads, though. CREXI, theBrokerList, Catylist, OfficeSpace, 42Floors, Brevitas, RealNex, RealConnex, QuantumListing, Leavitt Digital, Rofo, Harken CRE, RealMassive, RealtyZapp, Spacelist, and Koss Resource are all cited by respondents as top listing sites.
LoopNet is cited as the most valuable site, because of the exposure that it can provide its premium subscribers. The up-and-comers cited in the above paragraph have made inroads in this space—and when you conduct a Google, Bing or Yahoo search for a property, you are as likely to see one or more of these names in the search engine results. This competition is healthy for our industry, as competition should improve the quality of information, the range of features, and put downward pressure on the price of information.
What the People Had to Say
Clearly there is demand for emerging competitors. Look at the comments cited in the Appendix to the DNA of #CRE survey in response to the prompt, “What is the tool or technology missing from the CRE landscape that would help your day-to-day work.”
MLS/National Listing Site
- “A comprehensive, reasonably priced commercial MLS like residential agents have”
- “Better and more affordable listing service. LoopNet is expensive and doesn’t function as accurate as the MLS”
- “National listing/data service other than LoopNet that is affordable by smaller firms”
- “One database where all brokers can list for free but would have to pay a reasonable fee to search it.”
In relation to affordable and efficient data sourcing:
- “Open access to data.”
- “Better, more complete data set on properties and ownership”
- Straightforward, easy-to-use CRM or database
- “A better data collection software that can accurately accumulate important performance and market data and input it into a usable format.”
- “A CRM that syncs to outside sites used in everyday business”
- “Better CRM for commercial real estate professionals”
- “Really good, straightforward CRM”
- “An established “user-friendly” database to track buildings and tenants”
And regarding integration across tools:
- “The listing service that can competently integrate listing/marketing, prospecting, document sharing, and CRM into one easy-to-use service will win the technology battle.”
- “Affordable one piece of technology that does it all”
- “Integrated, seamless & comprehensive CRE Tech”
- “Integration between the listing platforms and the data platforms.”
That’s a lot for any technology company to digest!
What’s the best way for CRE tech companies to provide the industry the features it wants?
There are probably as many answers to that question as there are CRE tech companies!
QuantumListing’s approach is to provide features related to listings in an affordable and easy-to-use service, and work with other tech companies on syndications and integrations to enhance what we do. This gives our members and visitors a range of options that puts them in control of the types of services that they want to subscribe to and use, as well as the expense.
In addition to the vast array of features QuantumListing offers, we already have a stellar line up of collaborators and partners that includes StackSource, Buildout, theBrokerList, Sharplaunch, Leavitt Digital, Digsy, CRE Radio & TV and CRE Collaborative. In the coming weeks and months, we’ll continue to grow both our own features and those offered in conjunction with our various partners. Keep an eye on our blog for coming announcements!