Hello again,
I wanted to take some time and discuss how I see changes occuring in the business world in general and the commercial real estate field in particular. In talking with some of our older sales staff members it was immediately apparent that over the last 5 - 6 years this business has been turned on its head. Many realized that the tools of the trade were shifting right under their noses and that their clients were expecting more and more value-added measures to justify the commissions that we charge.
I wanted to take some time and discuss how I see changes occuring in the business world in general and the commercial real estate field in particular. In talking with some of our older sales staff members it was immediately apparent that over the last 5 - 6 years this business has been turned on its head. Many realized that the tools of the trade were shifting right under their noses and that their clients were expecting more and more value-added measures to justify the commissions that we charge.
Providing the information is no longer sufficient; clients can now have access to much of the same information commercial brokers have at low cost or even free. With the upcoming recession, clients want greater assurance that the risks they have been taking are justified and clients are seeking the old-hand of an expert to interpret all the information coming at them from all angles.
For this reason, I felt a rough guide was necessary that spells out the changes I have witnessed and
Axiom 1: Data is now readily available where it was once scarce
The technology for acquiring information, the personal computer and the Internet, has opened up a world of possibilities for market researchers like myself and others whose profession depends on the currency of this new age; information.
Keeping track of the available data sources (and all the new data sources that aggregate information from the old sources) is one of my major job functions. Colliers subscribes to 17 different commercial and government sources and I personally have access to 134 different publications including newspapers national (and international) and local, trade papers and journals as well as a multitude of real estate and economics blogs.
Axiom 2: The technology for using data is anemic; there are few procedures for turning data into knowledge.
Sorting through my mountain of data, daily, is akin to drinking from a fire-house. It takes a skilled researcher to differentiate the vital information from the noise; 95% of all that is written is absolute drivel, the remaining 5% is actually useful and will pay dividends forever.
Axiom 3: Translating knowledge into sound decision making is the only thing worth paying for.
How information is used is more important than who has it. Data collection, processing, storing and retrieving facts is easy. Most of the time it can be bought from data vendors and it can also be obtained from those that maintain their own internal data sources.
Value comes from 1) interpreting and controlling the information flow 2) knowing which facts are necessary and useful and then 3) forming action plans around this data, overcoming "paralysis by analysis".
It is no longer enough to be an information provider, a gatekeeper, those days are over. There is too much competition for that. Being a value-added information aggregator and interpreter, an information-broker, these are the skills that will be in high demand.
For this reason, I felt a rough guide was necessary that spells out the changes I have witnessed and
Axiom 1: Data is now readily available where it was once scarce
The technology for acquiring information, the personal computer and the Internet, has opened up a world of possibilities for market researchers like myself and others whose profession depends on the currency of this new age; information.
Keeping track of the available data sources (and all the new data sources that aggregate information from the old sources) is one of my major job functions. Colliers subscribes to 17 different commercial and government sources and I personally have access to 134 different publications including newspapers national (and international) and local, trade papers and journals as well as a multitude of real estate and economics blogs.
Axiom 2: The technology for using data is anemic; there are few procedures for turning data into knowledge.
Sorting through my mountain of data, daily, is akin to drinking from a fire-house. It takes a skilled researcher to differentiate the vital information from the noise; 95% of all that is written is absolute drivel, the remaining 5% is actually useful and will pay dividends forever.
Axiom 3: Translating knowledge into sound decision making is the only thing worth paying for.
How information is used is more important than who has it. Data collection, processing, storing and retrieving facts is easy. Most of the time it can be bought from data vendors and it can also be obtained from those that maintain their own internal data sources.
Value comes from 1) interpreting and controlling the information flow 2) knowing which facts are necessary and useful and then 3) forming action plans around this data, overcoming "paralysis by analysis".
It is no longer enough to be an information provider, a gatekeeper, those days are over. There is too much competition for that. Being a value-added information aggregator and interpreter, an information-broker, these are the skills that will be in high demand.
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