Commercial Real Estate Data Is Its Own Platform.
Commercial real estate data and more specifically its core data can and will become its own platform.
Commercial real estate data has sufficient size and has a uniqueness that will be very useful to other users outside our industry.
Commercial real estate data can and will be exchanged with other data sources to create new data, services and products.
Commercial real estate data costs to create store and analyze are plummeting and will continue to do so.
Commercial real estate data is:
Price/Value, Rates, Size ,Inventory, Market time,Supply,Class, Absorption,Vacancy,Comparables,Geo-Location,7 different property types,etc.etc.etc.etc.etc.
The challenge for commercial real estate:
Amassing and exposing vast amounts of data to third party partners so that they then can effectively create the Data as it’s own Platform.
Reread the last sentence. YES. You read it right. I said to give it to third parties. I have not seen anything in the last ten years that would indicate that we as in the commercial real estate industry can want to think it’s a good idea or have the balls to do anything but give it away and then…..bitch.
The third party “partners” as I will call them are changing the commercial real estate industry….for the better yes the better and don’t think for one minute I mean Loopnet and Co-Star.
The “partners” that I see are providing the platforms that the industry is not only willing but eagerly wanting to help them create.
WHY….. you ask?
SIMPLE. They see a better solution that…..provides value pushes the industry forward and yes most importantly creates a transaction.
So you want me to name them? There is not really any need. They are not hiding ( just check my blog for all the site features) and they are sure as hell hitting the streets and creating “partnerships” with brokers data providers and between themselves every single day. Just yesterday I was in a room with no less than five of them. Every single one of them is….kicking ass!
So what the point? Is it time to just lay down and give up all the data and pay out of our ass to get it back again?
We are smart and brilliant people in this business.We are not going to make the same mistake again twice are we?
Simple strategy: Don’t pay to get the data back. Repeating. Don’t pay to get the data back.
Example: You sign up with “partner” A to give your listings feed. They say it will be “free” for a certain time or that there will be a “premium” tiered structure later.
Just say NO!
Tell them this.
IF you (“partner”) cannot figure out a way to make money from our data without charging us out the ass to get it back….NO DEAL!
No Deal Period!
What will this do?
1.Change the structure of commercial real estate data forever.
2.Create an environment of quality and innovative ”partners.”
3. Save a *%%&*$ of money.
4. Level the playing field for…….brokers.
5. The data becomes it’s own platform and…
6. Create’s THE NEXT !