Our half day broker marketing seminar is in the books, or in the cloud to be exact, and we are thrilled with the outcome. We had the support of one the of the most progressive real estate firms, JLL, a full lineup of seven educational speakers, a commercial real estate marketing case study, and a ‘proptech coffee chat.’ We worried at first about the rapid fire pace of so many insight dense presentations, but we are of the belief that time is the most valuable commodity (non-renewable, non-transferable, uncertain depreciation schedule) so we assured ourselves that our readers were up for the challenge. We were not proved wrong.
Famous department store magnate John Wanamaker is credited with the phrase, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” While his sentiment on the difficulties of tracking success on marketing and sales is spot on, technology is starting to make that ratio a lot more favorable. Most speakers had specific data about what types of advertising, prospecting, and selling techniques yielded the best results.
Now, the best brokers will be armed with technology that will give them even more bandwidth, so the bottom of the food-chain should have even more reason to be scared.
A point that was made quite often was the disparity between the top performers and the bottom. The nature of sales means that being good at it, provides increasing returns. The best brokers can handle more deals, close transactions faster, and create value for their clients. Doing this, in turn, creates a greater demand. Technology will only exaggerate this uneven deal distribution. Now, the best brokers will be armed with technology that will give them even more bandwidth, so the bottom of the food-chain should have even more reason to be scared.
This might be one of the most pivotal times in commercial real estate marketing, if not commercial real estate in general. The reason is that a large group of companies is banding together to create a network as powerful as the current data monopolist CoStar. While I completely understand CoStar wanting to differentiate its position as the sole gatekeeper of the information about income generating properties, I am excited to learn the secrets about the commercial real estate industry that lie in the data.
We will be rolling out a series of articles about the insights that were shared at the seminar by our speakers and panelists. We will also have the videos online shortly for those that were not able to make it. We thank all of you for your support and we hope to keep doing these seminars to help commercial real estate professionals utilize the most advanced and successful technology and methods.