Ninety-nine percent of the failures come from people who have the habit of making excuses.
George Washington Carver
Nicole Weinberger Jul 21, 2015 – National Real Estate Investor
We’ve all read about the new Millennial wave that’s going to take over home-buying in residential real estate. The not-so-new story is that Millennials are the next home buyers and we’ve all got to keep up with the technology in order to close those imminent sales. Well, it’s clear that technology is the key to understanding the residential consumer. But how is Gen Y going to use technology to affect the industry’s brokerage side? What’s the impact on commercial real estate?
Today, the millennial generation is in their 20 to 30 somethings. They are fiercely loyal to their cell phones, social media, and technology in general. Ease and efficiency is their top priority to pursuing their ambitious career goals. Their self-motivated, over-achieving mindsets are bringing them into the real estate industry as the next generation of agents. This shift in real estate employment demographics is going to bring a very real change to the industry’s workflow.
Particularly, we’ll see a big impact on the commercial real estate side, which has been a little behind in the times. Yes, commercial real estate has adapted from paper to online listings and a lot of those listing sites even offer apps for your mobile phone. But we still see a fair amount of listings displaying a single exterior image of the property and couple of stats about pricing, size, etc. One thing is for certain: Millennials are going to demand more information. “We want more. We want easy access. And we want it now.” We need more photos, both exterior and interior, to get a better idea of a property. More than just photos, video tours are going to be the new standard. Why waste both the seller’s and the buyer’s time? Simply having more visual cues can answer a majority of our make-or-break questions. Today’s bare-bones listings are wasting both parties’ time as we are forced to tour properties when a simple video would immediately tell us if we’re even interested.
Here’s where the Millennial demand for better, easier technology is going to hit strong. New technology is going to take over. Check out companies like Bubl or Matterport to see just how easy capturing a video of the interior of your property can be. You don’t need to be a professional to have professional quality videos with technology like Bubl, which allows you to put the camera on the floor and sit back as it captures your entire space for you. Or Matterport will build a 3D interactive model that allows consumers to virtually walk through the entire property. Soon, drone technology will give us a cost-efficient method of capturing multi-angle exterior video. As technology like this becomes more widespread, so will the prominence of video tours on commercial real estate listing sites. And you can be sure Millennials will be pushing this adoption.
Along the lines of time-saving, easily accessible information, Millennials will also be pushing easier ways for seemingly small tasks. For example, a text-to-confirm standard for initial property vetting—meaning Millennial agents will confirm smaller listing questions by simply shooting a text to the listing broker. A majority of property tours will move to online and mobile app on-demand scheduling with companies like Showing Suite. Social media will continue to gain popularity as an outlet to share articles and publish property listings or property requests. Online lead generation will exponentially outpace referral-based client acquisitions. iBeacon technology will gain prominence, enabling easier location-based marketing.
Information exchange is another big push from Millennials that has already started. Access to and organization of information must be as simplified yet robust as possible for agents. Companies like CoStar and CompStak already collect and standardize information on comparables via user-friendly interfaces. Companies like CoreLogic integrate the data of millions of properties over decades to try to determine trends. Other companies will need to provide data analytics software to effortlessly determine which property is the right investment, as well as track what brokerage strategies are effective.
Finally, on the consumer side, there are a lot of Millennials that have started to build up some equity and need to know with whom to invest their new, hard earned money. Real estate brokers have long relied on referrals as their client base. And yes, referrals will certainly always be a major part of the business. But Millennials who are first generation investors that don’t know who to trust will immediately turn to the internet as their first source. A platform for online comparison of brokers would be their best friend. I imagine this platform would be like the Yelp for brokers—including reviews, specialties, locations served, price ranges, contact information, etc. Again, this technology would have to be well organized, easy to use, and informative. It would be something similar to Realtor.com’s Find a Realtor search, but for commercial agents and with more complete profiles. Ultimately, agents will learn that investing time in their online profiles on such a search engine would yield valuable client acquisitions.
What does all of the technology have in common? More information: easier, better, faster. Millennials are the last generation to remember a life before the internet. And trust us; we’re not going back to the dark ages. We remember those days as a childish endeavor—one to grow out of and flourish in the ever-expanding potential of a connected world wide web. We’re bringing that potential and user-friendly mindset to everything we touch. Next up: our jobs in commercial real estate. We are ready to make it easier and more efficient to buy and sell those properties. Are you with us?
Nicole Weinberger is an associate with Commercial Brokers International.
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
WHY PHOENIX ARIZONA : ???
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix.
Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
View my listings and my profile at:
a little about me and my expertise – video
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.