“When you repeat a mistake it is not a mistake anymore: it is a decision.” – Paulo Coelho
SEPTEMBER 8, 2016 | BY JOHN SALUSTRI
Do you need to be an expert in technology? No. But you need to know enough.”
NEW YORK CITY—Quick! Who invests in Hightower? How about VTS? Don’t know? You might be cruisin’ for a technological bruisin’. That’s the warning coming from NAI Global CEO Jay Olshonsky (without the cool ’50s homage).
Olshonsky, one of the speakers at CCIM’s upcoming CCIM Thrive conference in Atlanta, says that brokers today need not necessarily be linked in to every software program on the market—the cost, in fact, to do so would be prohibitive.
But, “You can’t ignore it,” he says. “You have to be curious. At some level, if you don’t understand technology, you don’t understand the need for such applications as data centers that support the cloud.”
So what of VTS (View the Space), the growing cloud-based leasing and management site? The answer to the above questions is…Blackstone. And if you knew it, it’s a no-brainer. If you don’t, well, listen to Olshonsky: “If you go to talk to Blackstone about handling one of their properties, and you don’t present correctly to them, you’ve hurt your reputation.” And presenting well in this case means not bragging about your proficiency with VTS-competitor Hightower.
Both disintermediation sites are of relatively new origin, but even older sites, such as online data providers CoStar, Xceligent and LoopNet are redefining themselves and are improving their service offerings. Olshonsky tells of a recent demo he saw from one of the above in which he saw the potential—in just one new application—to put some of the newer emerging firms (Read: up-and-coming competition) out of business.
For that reason, Olshonsky sees a nearly 2001-era shakeup in the tech sector, as newer firms continue to get gobbled up by bigger companies with deeper pockets. “I’ve had brokers ask me why we use CoStar. Well, Costar is worth $7 billion. Maybe that’s one reason we use them. Plus, they are in virtually every city where there is a CCIM or an SIOR.”
Brokers need to know this, even if they pass on signing up. “Do you need to be an expert in technology?” the NAI leader asks. “No. But you need to know enough.”
Olshonsky, of course, adds NAI’s own online platform for investment sales, Real Capital Markets, to the above list. With good reason. “We feel that if you’re a broker and you don’t put a transaction over $10 million on our site, there are owners who might turn to you and say you’re not qualified because RCM has 50% of all properties sold above $10 million in the US.”
So if you as a broker don’t need to sign up for them all, what do you need? Whatever the client wants.
“When an owner says, ‘How are you going to account for my property?’ The answer is, ‘What accounting system would you like me to put it on?’ If he says ‘Yardi,’ you say, ‘OK.’ If he says, ‘MRI,’ you go, ‘No problem.’ And if he says he has a proprietary system that they will teach you to use, your answer is, ‘Bring it on.’ ”
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. 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
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
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